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2020 was one of the most challenging years in memory. This year saw the world grappling with a deadly virus while trying to adapt to the new normal of masks, sanitizers and quarantine, besides the economic and health challenges posed by COVID-19.
The pandemic has undoubtedly caused serious implications to people’s lives and health, while adversely impacting the business environment, industrial sector, small businesses and big corporations alike; and the healthcare sector has been right at the centre of all the action.
Many different measures were implemented to stem the spread of the virus and to keep businesses afloat. While some were temporary, others have long term implications. Outsourcing is one such measure. With the increased demand for health care, especially in the home health and hospice sector, and the corresponding increase in clinical back-end processes, more and more healthcare businesses are now partnering with external support to strengthen and expand their capabilities.
Now, more than ever, the healthcare sector needs to stand up and deliver. We believe that outsourcing will play a huge role in this extraordinary time. Here’s why:
Cost Optimization
Running a business entails heavy costs – operational expenses, employee salaries, costs associated with training and development, employee benefits, and other charges. Outsourcing can offer a reliable and affordable medicare-compliant avenue of support while optimizing operational costs, helping it reduce by at least 20% to 30%.
Latest Technology
Businesses need to be up to speed technologically and be flexible in common times, much more so during a crisis like COVID-19. Digitally mature companies are 26% more profitable than those who are not. By outsourcing tasks, businesses can get access to the technology the outsourcing company is using. With access to their digital resources, businesses can adjust and adapt to the changing needs during the pandemic.
Expertise
With outsourcing, business capabilities are bolstered with highly experienced professionals who are proficient in providing top-quality support needed in these times. Quality hires are assured as candidates undergo a rigid selection process to provide high standards of services continuously.
Reduced Risk
Outsourcing helps take care of the complexities of compliance so that healthcare providers can stay focused on providing quality services to their clients. By outsourcing the task of comprehensive documents to a team of highly experienced clinicians, providers can ensure a thorough and accurate end-to-end check. It helps mitigate the threat of non-compliance and reduces any potential risks in audits.
Continuity in Business
Due to COVID- 19, organizations have faced unforeseen challenges. Coronavirus has disrupted the smooth functioning of business processes. Outsourcing enables a business to cope, even in the light of challenges and periods of instability. The COVID-19 pandemic may have impacted the budget and resources of management, but outsourcing can help overcome these hurdles and ensure business continuity.
Walk with Giants
Despite a low budget and capital, small businesses can compete both with other small businesses and large corporations. Outsourcing ensures access to the latest tools, technology, and highly trained professionals. It allows them to compete with large corporations by providing the same knowledge, resources, and services to their potential clients.
Data Security
Outsourcing, contrary to popular belief, is very safe. All valuable hospital and patient information and sensitive information are safe and secure when hiring a reputable medical coding company. Keep an eye out for companies that are HIPAA and GDPR compliant, as they are more suited to keeping valuable patient information secure. Look for companies that exhibit transparency while rendering high-quality medical coding services. Lastly, identify companies with client testimonials, as they are also testimony of safety and security.
COVID-19 has proved to be a considerable disruption, but it has also accelerated change, and caused a major shift in paradigm. In the current context, outsourcing can provide extensive support in effectively dealing with the pandemic, helping businesses stay afloat and continue to grow well beyond expectations in the years to come.
Home health coding services, medical billing, and clinical compliance review are significant services of any medical organization. Managing to complete these tasks consistently, successfully, and to a high standard ensures success in the industry.
If you are a healthcare provider exploring outsourcing options, contact us.
