It’s no secret that the healthcare sector is undergoing a period of rapid transformation. With rising administrative costs, a labor shortage, changing regulations and increasing pressure to provide high-quality care, healthcare providers are feeling the strain.
In this complex environment, healthcare organizations are turning to Business Process Outsourcing (BPO) to help them optimize their operations, reduce costs and improve patient care.
Uncover the world of healthcare BPO as we outline the benefits, best practices and trends shaping this rapidly evolving industry.
See how a healthcare BPO can help you stop struggling to build your team efficiently by outsourcing non-core functions.
What Is BPO in Healthcare?
BPO (Business Process Outsourcing) in the healthcare industry refers to outsourcing administrative or “back-office” healthcare functions to a third-party provider. These could include services like medical billing, medical coding, medical transcription, claims processing and more.
Many medical practices use a third-party BPO to:
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- Streamline processes
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- Reduce personnel costs
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- Improve productivity and efficiency
By outsourcing functions like appointment scheduling and data entry to specialized providers, healthcare organizations can focus on what matters most—their patients’ care and growing their practice. Overall, healthcare BPO has become an increasingly popular strategy for practices looking to optimize their operations.
What Services Do Medical Practices Outsource?
Medical practices commonly outsource:
Administrative Support
These functions are related to the day-to-day administration and operations of healthcare providers. Examples include:
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- Medical coding: Translating medical procedures and diagnoses into standardized codes for billing and tracking purposes.
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- Claims processing: Processing insurance claims, including verifying patient eligibility, determining coverage and coordinating with payers.
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- Medical transcription: Converting physician notes into electronic medical records.
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- Patient scheduling and registration: Scheduling appointments, registering patients and verifying insurance information.
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- Data entry services: Entering patient data into electronic medical records.
Financial Operations
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- Revenue cycle management: Managing the financial aspects of healthcare operations, including billing, collections, and revenue optimization.
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- Medical billing: Submitting and following up on insurance claims to ensure timely payment from insurance companies.
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- Payment processing: Handling payment processing for healthcare organizations, including credit card and check processing, as well as electronic fund transfers.
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- Accounts receivable management: Helps healthcare organizations manage their accounts receivable, including tracking outstanding balances, following up on unpaid claims, and more.
Related: Outsourcing Medical Billing: The Complete Guide
IT functions
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- Electronic Health Records (EHR) management: Manage and maintain EHR systems for healthcare organizations, including data entry, document scanning, and record updates.
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- Revenue cycle management software: Provides revenue cycle management software to help healthcare organizations manage their financial operations, including medical billing, claims processing, and payment posting.
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- IT infrastructure management: Infrastructure management services for healthcare organizations, including server maintenance, network monitoring, and cybersecurity.
Customer Service
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- Customer experience: Handling patient inquiries and resolving issues related to billing, claims, and other administrative functions.
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- Patient scheduling and registration: Scheduling appointments, registering patients, and verifying insurance information.
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- Call center services: Operating call centers to manage incoming calls from patients, providers, and other stakeholders, including handling inquiries, routing calls, and providing general information.
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- Medical answering services: Medical answering services, including answering calls after hours, handling urgent calls, and providing triage support.
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- Patient support: Support services to help patients with insurance verification and general health-related questions.
Related: Everything You Need To Know About Call Center Outsourcing
Human Resources
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- Recruiting and hiring: Employee assistance, including sourcing and screening candidates, conducting interviews, and making hiring recommendations.
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- Onboarding and training: Assistance with onboarding and training for new hires, including orientation, compliance training, and job-specific training.
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- Performance management: Performance evaluations, coaching, and feedback.
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- Benefits administration: Manage employee benefits programs, including health insurance, retirement plans, and other benefits.
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- Payroll administration: Payroll processing, including calculating wages, processing payments, and managing tax filings.
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- Compliance and risk management: Compliance and risk management related to HR functions, including ensuring compliance with labor laws and regulations, managing worker’s compensation claims, and mitigating risks related to employee relations.
In addition, our AI-powered technology, including Solvo’s Interactive Virtual Agent, can efficiently handle various tasks such as call routing, appointment setting, and answering FAQs.
Contact us to augment your healthcare operations today!
Related: Tackling Healthcare Personnel Shortages: Strategies And Solutions
