Healthcare organizations and hospital systems are already overwhelmed to maintain their own IT services as they have a limited budget and are looking for different ways to outsource healthcare IT services to control the rising costs. When a practice outsources its clinical or medical billing operations the specialist can offer a particular service more efficiently and economically.
An Increase in Healthcare Outsourcing
A recent Black Book poll of 1,600 hospital executives revealed that 34% of these healthcare organizations anticipated increasing their existing level of outsourcing healthcare IT services in the next two years. Furthermore, 81% of hospitals that had outsourced IT services were already witnessing a return on their investment.
Why should your practice consider outsourcing?
By outsourcing operations, practices can experience two obvious benefits of reduced costs and an increase in efficiency levels. By outsourcing medical practices don’t have to maintain staff members and also avoid the investment in equipment that can turn out to be expensive. Outsourcing is a sustainable strategy to enhance both patient care and ROI. Practices can also focus on patient care easily as they don’t have to keep up with the ever-changing technology and the complex privacy and security laws. The competent and fully trained experts from the outsourced team members help to provide unsurpassed services.
4 Major Benefits from Outsourcing
- Opportunity for Greater Scalability – Managed services can help to improve the scalability of the services that are offered. IT leaders should plan capacity to meet future needs. When practices have in-house services the capacity is usually idle in the hope to be used shortly. On the other hand, when healthcare IT services are outsourced they have access to increased capacity which helps to meet on-going demand and practice requirements without having to invest more.
- Efficient Data Collection – When practices outsource they are provided with the latest technology to facilitate data collection and analysis without extra capital investment. By outsourcing services practices have greater access to professionals who know how to handle management tasks such as clinical research, billing, and health outcomes.
- Seamless Medical Billing – Medical coding and billing procedures are complicated and complex and healthcare professionals can’t focus on financial procedures. By outsourcing your medical billing tasks practices can ensure error-free billing as financial experts are dealing with end-to-end procedures. Accurate medical claims can be provided to insurers for unified claims processing. This way hospitals can avoid critical and costly billing issues and can reduce the issue of denied claims.
- Improved Security – The healthcare sector is threatened by cyber-attacks in the form of ransomware attacks and malware attacks. Outsourcing can turn out to be beneficial to protect data from potential hackers as they take all emergency measures on time to prevent a mishap. The outsourcing software vendor or party ensures to secure patient data while complying with HIPAA regulations.
How to Select your Outsource Partner?
When practices and hospitals have decided to outsource a particular service they should look for reliable vendors, have a good history and reputation. The third-party company should take patient privacy and security seriously and should offer a HIPAA compliant platform and should update their software systems to offer regular back-ups. Our experts at EMRfinder have shortlisted the best vendors that can be outsourced to help medical practices run smoothly and efficiently. They have a great track record and offer services such as Revenue Cycle Management (RCM), billing services, practice management software solutions, patient engagement, and electronic record management.
