Research suggests that the global hospital outsourcing market size is expected to grow at a CAGR of 10.4% from 2020 to 2027. This clearly indicates that an increasing number of healthcare organizations are searching for seamless outsourcing strategies that free their time and resources to refocus on business development and patient care.
Your organization could leverage outsourcing solutions to reduce operational costs, have a flexible workforce, minimize billing errors and reduce turnaround time. If your medical staff is also handling medical billing, coding, auditing and other administrative operations, they could be heading towards burnout. Outsourcing these processes to a third-party organization could help you prevent it.
While most organizations would prefer a smooth outsourcing migration of functions, they often face challenges that can render it inefficient in some cases. When searching for an outsourcing partner, you need to ensure that the solutions offered are tailored to your needs. Through meticulous planning and the right approach, an organization can reap the benefits of outsourcing.
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Research suggests that the global hospital outsourcing market size is expected to grow at a CAGR of 10.4% from 2020 to 2027. This clearly indicates that an increasing number of healthcare organizations are searching for seamless outsourcing strategies that free their time and resources to refocus on business development and patient care.
Your organization could leverage outsourcing solutions to reduce operational costs, have a flexible workforce, minimize billing errors and reduce turnaround time. If your medical staff is also handling medical billing, coding, auditing and other administrative operations, they could be heading towards burnout. Outsourcing these processes to a third-party organization could help you prevent it.
While most organizations would prefer a smooth outsourcing migration of functions, they often face challenges that can render it inefficient in some cases. When searching for an outsourcing partner, you need to ensure that the solutions offered are tailored to your needs. Through meticulous planning and the right approach, an organization can reap the benefits of outsourcing.
Benefits of Well-Planned Outsourcing Transition
Here is a closer look at the benefits of a well-planned outsourcing process
- Improved Efficiency Outsourcing functions like medical billing and coding can help improve efficiency and boost productivity
- Cost Saving Contrary to popular opinion, outsourcing can help reduce overall expenditure. According to the International Organization for Standardization (ISO), outsourcing can help organizations cut costs by roughly 15%
- Access to Expertise When you outsource a process to the right healthcare partner, your organization can access a team of professionals who can help tackle complicated tasks like coding
- Focus on Core Competencies Outsourcing allows your healthcare organization to focus on patient care by ensuring that your administrative processes are efficiently managed
- Scalability Collaborating with a competent outsourcing partner helps your organization seamlessly adapt to changing market demands
- Risk Mitigation Working with a trusted partner allows you to identify and address gaps. This puts you a step ahead in the face of challenges so you’re able to minimize the impact of potential risks
Prepare for the Healthcare Outsourcing Transition
If you are ready to outsource your business functions to a third-party organization, consider these steps for successful outsourcing transitions.
Assess current processes and needs
- Conduct a thorough internal audit to determine the functions that need to be outsourced. Processes like medical billing and coding are usually outsourced as they are time-consuming, complicated and require precision.
Set clear objectives and expectations
- It is essential to define clear expectations for a successful collaboration with an outsourcing firm. Your service-level agreements (SLAs) should include crucial factors like performance measurement, methods of measurement and escalation procedures.
Select the right outsourcing partner
- Carefully assess your outsourcing partner’s capabilities and ensure that their solutions align with your requirements. Look into their cultural values to determine whether they can tailor solutions to your needs.
Develop a Transition Plan
Detailed Project Timeline
- A successful transition requires coordination and collaboration. A well-structured timeline will help guide the team to transition the operations systematically
- Here’s a great outsourcing transition tip: Be prepared with a clear outline of necessary steps, allocate resources and distribute tasks in the transition plan. Speak with our experts to learn how we can help you with this.
Ensure Clear Communication
- Maintain clear and transparent channels of communication with all stakeholders for a smooth transition. Provide your employees with proper resources for a seamless transition to new roles.
Risk Assessment and Mitigation Strategies
- An experienced outsourcing partner like Valerion Health will help you effectively identify any potential challenges so you can make informed decisions. Carefully review audit reports to build your risk management strategies to be better prepared for challenges
Execute the Transition Plan
Documents and resources
- For an impactful collaboration, provide your outsourcing partner with access to all required and relevant documents and resources. This will help them develop a thorough understanding of how your organization functions and what its goals are. Your partner should facilitate regular meetings, check-ins and feedback sessions to keep you updated on the progress
Monitor progress
- Regularly monitor your organization’s progress to help sustain growth and leave no room for miscommunication or error
Review plans to avoid delays
- Your organization’s objectives may change over time and updating them is crucial to prevent setbacks. Regularly reviewing the plan can help prevent such unnecessary delays.
Post-transition Evaluation
- Analyze the key performance metrics to objectively assess the outsourced team’s performance
- Assess the outsourcing partner’s research into potential areas of improvement. Oversee plans to implement changes that ensure continued growth
- Transparency is key in maintaining healthy relationships with the outsourcing partner and collaborating successfully for long-term benefits.
Growing Trend of Healthcare Outsourcing
Given the rising healthcare costs in the US, more healthcare providers are turning to outsourcing to cut expenses and reduce workloads. This approach will also address the alarming statistic of more than 88% of health systems reporting a year-to-date net loss in 2022, in contrast to the mere 2% observed in 2021.
At Valerion Health, we have a team of expert and skilled professionals who can empower your organization. Backed by decades of experience, we understand your challenges and provide customized solutions to suit your requirements. From medical coding and billing to auditing, educational solutions and more, benefit your organization by outsourcing with us. Contact us to know more.
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