While outsourcing has been an indispensable component of traditional and enterprise businesses for decades, it has mostly been practiced by companies reliant on quick scalability like consumer goods and services.
However, the COVID-19 pandemic has created a boom within the healthcare industry that requires the ability to both scale, and deliver from a distance that practitioners simply aren’t used to. And this is where the outsourcing and healthcare industries have essentially partnered to become exactly what the market needs.
Below are the latest statistics on healthcare outsourcing services:
The Healthcare BPO Market in North America is expected to reach USD 159.37 billion by 2025, growing at a compound annual growth rate of 8.98 percent.
Significant factors that contribute to the continued increase in the demand for healthcare BPO in the North American market are the following:
Black Book Market Research LLC’s survey stated that in 2017, 81 percent of clients said that outsourced hospital processes meet their demands remarkably.
“In hospitals, there is a developed understanding of the broad spectrum of outsourcing options and how to manage vendors,” states Doug Brown, President of Black Book Research LLC and the author of the 2009 global bestseller “The Black Book of Outsourcing.” He explained that healthcare outsourcing does not receive the negative stereotypes that banking, insurance, tech, and call centers usually experience. Compared to these other industries, healthcare outsourcing involves call center agents with a firm understanding of the medical industry, have undergone out-and-out medical coding training, and possess a keen attention to detail.
The global healthcare revenue cycle management (RCM) outsourcing market is expected to increase significantly by up to $23 billion by the end of 2023.
Healthcare revenue cycle management is the financial system that offices use to operate the administrative and clinical functions. The process includes claims processing, payment, and revenue generation. Outsourcing healthcare RCM continues to attract more medical companies that intend to achieve cost efficiencies, reduce expenses, and focus on value-based care actions.
The facts mentioned above show that healthcare outsourcing is prominent as it brings profitable and promising contributions to the industry. But the question remains: why offshore to a healthcare outsourcing provider?
Like any other business practices, healthcare outsourcing also has its pros and cons. Acknowledging these, though, would also help businesses decide whether they should consider it or not.
Here are the benefits of healthcare outsourcing services:
Employee retention and acquisition are handled automatically with the outsourcing firm. The outsourcing company provides technological equipment and infrastructure, up-to-date programs, and tried and tested strategies. In addition, they shoulder any further training that the staff needs.
The commonly outsourced areas in healthcare are IT administration, electronic health records (EHR) and data management, operations management, asset management, and billing.
On the other hand, these are the disadvantages when outsourcing healthcare services:
Knowing the pros and cons of outsourcing healthcare services is vital for your business. Still, it all comes down to finding the best outsourcing partner.
Here is a checklist in choosing the right healthcare service to outsource:
These tips will help you find the best company to be your healthcare outsourcing provider. Take your time searching until you find a firm that meets your needs and budget.
With or without a crisis or pandemic, outsourcing can always provide you with significant advantages over your contemporaries.
In regular times, it allows businesses to enlarge resources seamlessly from one country to another. With the current economic crisis brought by the pandemic, outsourcing helps firms expand their team as they strive to reduce their expenses. As the new normal affects every type of business operation, cost-effective practices like healthcare outsourcing companies serve as a remedy for the medical sector. Since healthcare is an essential industry, continuous and smooth processes and team expansion will minimize strain on operations.
SuperStaff has more than ten years of experience in giving service to medical outsourcing and other industries. We provide healthcare services on nonclinical roles, back-office support, customer service, programming and development, and more. Furthermore, we guarantee our services will make our clients at ease and satisfied. We achieve this through the following:
Moreover, in response to the pandemic, SuperStaff provided its workforce with the necessary technology and support equipment to shift to a remote setting. And while we feared the worst, our customer support division and other departments even doubled since the lockdown happened.
Know what SuperStaff can offer for your healthcare operations. We are always ready to meet and exceed your expectations through the solutions we offer. Book a consultation with us today.
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