The average hospital is overwhelmed with medical professionals and healthcare administrators alike constantly doing everything within their power to serve all patients in the best possible manner.
But within that environment, mistakes can be made and processes can be overlooked – more often than anyone with a passion for working in healthcare would want. When errors occur, they can often be attributed in whole or part to overexertion and exhaustion.
"Hospitals can notably benefit from the assistance provided by third-party outsourcing."
While understandable on a human level, hospitals can't afford to jeopardize patient care and experience in any way. Recent research points out in great detail the potential dangers of overextending administrative staff – as well as the possible benefits of outsourcing healthcare revenue cycle management and other functions.
Costs expected to steadily rise
Black Book Market Research found a great deal of compelling evidence that illustrates the value outsourcing can bring in the medical sphere, not least of which is cost reduction. This is particularly relevant given the finding that headlines its survey of leading healthcare management figures: By 2022, it's quite possible that hospitals will have to cut costs by at least 24 percent solely to break even on their expenses, let alone profit.
No matter what services may be cut, it's all but guaranteed that this would lead to a decline in the patient experience, thus potentially limiting the likelihood of patients trusting institutions with their health in the future, or recommending them to friends and family.
Also, with the State of Population Health survey by Numerof & Associates finding that 54 percent of healthcare organizations bring in only 10 percent of their income through risk-based models, there is even more pressure on facilities to lower costs.
Tangible value to outsourcing
Among nearly all of the 709 managers, C-suite company leaders and other respondents to the Black Book survey, the need for outsourcing in healthcare was made perfectly clear, as 98 percent of them said they were either actively considering adopting such services or had already done so. Part of this, as noted by Black Book President Doug Brown, is the good reputation of outsourced services within the field.
"Outsourcing in the healthcare industry doesn't get the same bad rap other sectors experience such as banking, insurance, tech and call centers where negative stereotypes associated with offshoring and/or full functioning outsourcing were largely misinformed," Brown explained. "In hospitals, there is a developed understanding of the broad spectrum of outsourcing options and how to manage vendors."
Because of the cost-reduction potential inherent in outsourcing nonclinical responsibilities such as billing, some hospitals and clinics are adopting it for various clinical purposes as well. Some of these include operation of teleradiology and medical imaging equipment, as well as emergency care and anesthesiology.
PROMEDICAL has been an outsourcing partner with health systems and hospitals since 1995 to provide workers' compensation and motor vehicle accident billing. Leverage PROMEDICAL's technology and expertise to ensure proper reimbursement, timely resolutions, increased cash and a superior patient experience all while giving your staff more time to dedicate to other important responsibilities.