The market for IT practices in healthcare is booming, and demand for highly skilled services such as clinical information technology and administrative services have made now, more than ever, an important time for companies to consider healthcare outsourcing.
The healthcare market in North America has been forecasted to grow by 7.4 percent in each of the next four years, rising from its current value of $21.9 billion to more than $31 billion by 2017. This is almost $10 billion in growth over a short period, according to RnR Market Research.
Rising costs associated with many healthcare IT needs, such as various information systems, electronic medical records, archiving, radiology information, physician order entry, cardiovascular systems, cost accounting and administrative systems will continue to expand in coming years. These spikes in price – combined with other current issues in the healthcare community such as the effects of the Affordable Care Act – will make it more difficult for businesses to afford vital services.
Turning to a BPO company to assist with healthcare financing and revenue cycle management, though, is an important and effective way to ensure these rising costs will not create unnecessary risk to continued financial success. Instead of hiring a large team to cover these vital tasks, using outside resources, including workers with intricate knowledge of current healthcare systems, can create drastic and effective improvements.
Best practices for managing resources
Five important aspects of a revenue cycle should be observed to protect costs, according to the Texas Health Physicians Group, and if a practice falls behind using these metrics they may want to consider outsourcing to improve their financial performance.
Watching the entry dates of claims is one piece of advice, which they recommend be entered two or less days after service. Keeping levels of unpaid visits, rejection rates, denial rates and rates of patients passing through systems below certain percentages can make it possible to observe how effective current healthcare revenue models are at a given time.
If it is found that these rates are higher than expected, outsourcing is a smart idea, not only to lower costs. Efforts can be refocused on the most pressing matters concerning a company instead of wasted on factors that simply take up resources. Confident and competent service teams ready to perform these tasks can pick up the slack, reducing the need to hire extensive and expensive in-house teams who may require pricey training, saving time as well as money.