Health is an important factor for all individuals, which is why we have physicians, doctors, healthcare institutions and healthcare insurance companies to help us in handling our health-related needs. However, with so many patients being attended to, it is quite difficult for these healthcare key players to monitor their billing processes especially if the influx of papers to be processed is quite high. A problem like this is something that can be resolved by outsourcing your billing process to a healthcare BPO service provider that is trusted and preferred by many.
The healthcare outsourcing industry has been predicted annually to continue growing or to maintain its current position. The said branch of outsourcing did not disappoint industry spectators and experts as growth for the global healthcare outsourcing business is growing at a pace of 21.4%. The developments in this particular branch of outsourcing are already sufficient to drive companies to outsource their healthcare processes such as medical billing and medical coding to outsourcing solutions providers. The developments available in the industry have always been able to ease the companies’ troubles of handling a tremendous amount of paperwork and data entry tasks, allowing them to focus on their company’s core activities.
The medical billing and coding processes started as tasks that can be done manually and in-house. But with the growing demand for healthcare solutions, companies see outsourcing such tasks as more practical and sensible because it allows them to do more and it has proven to be more efficient. However, outsourcing companies’ developments are not limited to improving their software but they also seek improvement in their service offerings and manpower capabilities.
Few days after the month of January began, medical billing outsourcing firm Dynasty Healthcare announced that it has formed a partnership with Triton Value Partners. The latter was said to advise the former on the expansion of Dynasty Healthcare’s current business, including growth initiatives, developing new strategies and capital formation. The areas being targeted in this partnership is important especially when a particular company is aiming to further expand its reach in terms of the type of client they wish to tap.
Another partnership that has been sealed in the month of January was that one that involves Winchester Radiologists, PC. The said radiology company based in Winchester, Virginia announced that it has selected HealthPro Medical Billing, Inc. to be their partner to assist them in their medical billing processes. It mentions in their press release that to be able to be able to handle the impact of the healthcare reform, they needed a strong and reliable outsourcing partner.
An outsourcing partnership between companies does not necessarily mean that a company is already lacking in budget. In addition to the usual reasons that drive companies to outsource a part of their processes, one of which is to establish efficiency in their operational tasks, it could also mean that they are exploring new ways on how to provide better service to their clients or that they are looking to venture into new areas (e.g. medical transcription services) and they need assistance in doing so.