India Emerging as a Major Hub for Outsourcing Healthcare services
The healthcare revenue cycle management companies in India stand a better chance over the other countries when it comes to providing outsourced services. It is the most sought-after destination for outsourcing because of the updated technology and healthcare know-how which is on par with the global healthcare standards. The census in the US has projected a boom in the number of hospitals and hospital care accounting, where the primary services outsourced will be RCM services.
The healthcare industry in the United States has gradually eradicated backbreaking paperwork and labor-intensive jobs for automated processes. In the succeeding years, technology led processes turned out to be very complicated and time-consuming, where the primary focus on providing healthcare services to patients took a back seat. Naturally, this paved the way for outsourcing non-core tasks like coding, receivables management, generating health records, otherwise known as the Revenue Cycle Management.
India - Ultimate destination for outsourcing
India is the most preferred outsourcing destination for various industries and healthcare is no exception. Let us explore the reasons why healthcare service providers prefer to outsource their RCM to Indian companies.
Professionals with skill sets are in abundance
Outsourcing to India ensures that your business is done by highly educated, skilled professionals, who are proficient in English. The medium of education is primarily in English. Indians possess better communication skills in English than their counterparts in other countries. This results in a swift and easy escalation in resolving problems, thereby increasing productivity.
Priority to core competencies in business
Healthcare providers and physicians outsource their non-core functions like RCM and health care administration processes to devote more time to patient care. Your clinic and hospitals can guarantee the best patient care by the healthcare staff and this would invariably increase your efficiency and productivity.
Achieving more work at less cost
Outsourcing your services like medical coding, medical transcription, medical animation and claims adjudication can be very economical to your healthcare expenditure. Indian companies not only minimize the costs but also save expenses involved in hiring manpower, time and healthcare infrastructure.
India is located in a favorable time zone
The geographical location of the US and India makes the workflow process very favorable. In India, offshore healthcare billing companies complete and update all the tasks and are ready for their US clients when they arrive, first thing in the morning. The providers are glad to outsource business to India as this results in a faster submission of claims and cash flow.
Maintaining appropriate staff levels
Outsourcing healthcare revenue cycle management companies in India can help regulate the staff requirement of your hospitals. The healthcare industry fluctuates between peak and low seasons. Outsourcing would give you access to trained staff and can handle situations when you need more support staff or less. Your RCM processes and other outsourced work will be completed uninterrupted.
Due to the Affordable Healthcare Act in the US, billing volumes and patients are on the rise, whereas the Medicare payments are declining. Adding to this problem, coupled with lower revenue and a stagnant economic growth has urged the healthcare services to outsource RCM services. A significant increase in the aging population and chronic lifestyle ailments are the main cause for an increase in patients heading towards hospitals for treatment.
Whether you are outsourcing at this moment to healthcare revenue cycle management companies in India or intending to outsource your RCM workflow in the future, make sure you have a long-term partnership with the company. Look for ISO 27001 and 9001 certification and HIPAA, HITECH compliance as a prerequisite before signing up.
Call us to have a discussion on ways to rev up your RCM operations.