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Learn more about outsourcing services for Phoenix businesses. Watch the video below.
A high return on investment (ROI) might be one of your healthcare practice’s goals. However, you must employ innovative strategies to achieve a better ROI in the Valley of the Sun’s highly competitive medical landscape.
One possible approach is to hire virtual assistants in Phoenix to help with your non-core processes. Another is to partner with a business process outsourcing (BPO) company with international operations, offering various third-party medical services.
If you seek to enhance your healthcare practice’s ROI through outsourcing, this article is for you. It discusses how outsourcing can improve patient service and profitability.
Keep reading to learn more.
Why Enhancing Healthcare ROI Through Outsourcing Is Crucial
Phoenix’s healthcare industry is highly competitive and constantly evolving. It is characterized by numerous medical providers competing to corner a market share and meet the diverse needs of the local population. These organizations include hospitals, clinics, specialty centers, telehealth services, pharmaceutical firms, and insurance companies.
The healthcare industry is a vital part of Phoenix’s economy. The demand for patient care and treatment increases as the population grows. Based on a Phoenix Chamber survey, three out of every five individuals in the Valley of the Sun work in healthcare. The sector employs over 60,000 people and generates $8 billion for the local economy.
Amid fierce competition, maximizing ROI for Phoenix healthcare providers is more significant than before. Better profitability supports financial security, cost-effective procedures, and high-quality patient care, enabling medical providers to remain stable in an increasingly crowded sector.
One proven way to enhance healthcare ROI is through outsourcing. Continue reading to understand how BPO is a tried-and-tested strategy that suits medical practices.
Ways Outsourcing Can Improve Healthcare ROI for Phoenix Practices
Delegating processes to a healthcare BPO provider with overseas operations can raise the ROI of your Phoenix medical practice. The functions you can outsource include:
- Administrative tasks
- Medical coding and billing
- Information technology (IT) services
- Revenue cycle management (RCM)
- Telehealth support
- Accounting
- Medical answering services
- Human resources (HR)
Many BPO providers offer healthcare process outsourcing services using two cost-effective models. These are:
- Offshoring. The service provider’s activities are on a different continent from the Phoenix medical organization. For example, a cardiology and oncology center outsources bookkeeping and accounting tasks to a BPO firm in the Philippines.
- Nearshoring. The third-party provider oversees the outsourced healthcare processes in a nearby country. The best example is outsourcing medical coding and telemedicine services to a BPO company in Mexico.
Organizations can enhance healthcare ROI through outsourcing because the strategy offers reduced costs, higher efficiency, and better patient satisfaction. Healthcare BPO services employ relevant technologies and competent virtual assistants, remote medical specialists, and other work-from-home (WFH) professionals to help you with different back-office duties.
Consider the ways Phoenix practices can enhance healthcare ROI through outsourcing.
Improved Cybersecurity Measures for Higher Data Protection
Organizations can enhance healthcare ROI through outsourcing advanced technical expertise. Data security and IT systems are likely not areas of expertise for many practitioners and clinicians.
However, information security is a significant issue in Arizona. From 2020 to 2022, about 600,000 medical records in the state were exposed to threat actors. The Office for Civil Rights database shows that the private data of 20 organizations was breached, and the incidents remain under investigation. Sixteen incidents were caused by hacking or other IT issues.
With the following capabilities, established third-party vendors can protect confidential medical data from intrusion and illegal use:
- Better-qualified experts. With their broad experience and knowledge, third-party IT professionals can deal with data theft, hacks, and scams more effectively than internal IT staff.
- Continuous data security monitoring. Due to inadequate online security, eight out of ten small company websites in Phoenix have unknown hazards. BPO firms with the latest technologies implement cybersecurity measures around the clock to protect client companies from threats.
Lower Medical Coding and Billing Errors for More Collections
Another way to enhance healthcare ROI is by outsourcing tasks to a team of experienced and thorough medical coders and billers. These specialists handle lengthy and intricate insurance claims and related processes.
Third-party medical coders and billers can conduct and finish claims transactions promptly and correctly. They work hard to eliminate insurance claim denials so that healthcare providers can get paid on time.
Outsourcing medical coding and billing leads to the following benefits:
- More patient payments. Precise billing satisfies patients, motivating them to agree to service prices. As their satisfaction increases, payment defaults or late reimbursements tend to decrease.
- Swifter growth. With additional resources, your healthcare practice can upgrade physical infrastructure and strengthen patient fulfillment, care, treatment, and service.
- Fewer employee resignations. Outsourcing can handle most of your payment collection process, leaving fewer tasks for your in-house staff. Reasonable workloads plus bonuses due to more revenue and lower staff turnover.
Reduce Operating Expenses to Raise the Bottom Line
Phoenix practices can enhance healthcare ROI through outsourcing by minimizing the operating costs they incur. In particular, managing an in-house back-office team can be tedious, stressful, and expensive.
Check how outsourcing can reduce recurring expenses, allowing the extra funds to be shifted to more important projects:
- Office areas, physical resources, and digital infrastructures. Establishing and supervising an internal back-office unit means acquiring new equipment and incurring fees for maintenance and enhancements. Additionally, you must expand the workspace to accommodate the growing team.
- Recruitment. Leveraging BPO services for healthcare reduces hiring expenses. The service provider addresses time-consuming and costly hiring operations such as posting vacancies, screening and testing candidates, and orienting and training new staff members.
- Salary and other payroll spending. Permanent in-house staff are paid an agreed-upon wage, notwithstanding the healthcare practice’s financial situation. The medical provider is also responsible for additional payments, including overtime and holiday pay, income tax, maternity leave, and sick leave.
Strengthen Compliance With Laws and Standards to Avoid Severe Fines
Many Phoenix-based organizations enhance healthcare ROI by outsourcing compliance functions, such as monitoring government rules and industry norms influencing medical organizations. If a regulation is violated, your medical practice might face sanctions, lawsuits, and reputational harm.
A BPO vendor will monitor and adhere to the following policies and standards for your medical practice:
- The Health Insurance Portability and Accountability Act of 1996 (HIPAA) governs medical facilities and practitioners. Its purpose is to avoid the unauthorized disclosure of patient health information. Patients can keep their details confidential. Phoenix has recently experienced its fair share of HIPAA infractions.
- The General Data Protection Regulation (GDPR) applies to organizations operating within the European Union and is one of the world’s strictest privacy regulations. It mandates that companies ensure the protection of customer data for up to five years.
Improve Revenue With Economical, Responsible WFH Professionals
Offshore providers can help enhance healthcare ROI by assigning your outsourced processes to cost-effective and reliable virtual assistants and other remote workers. The healthcare process in BPO allows you to access WFH staff with the necessary training, characteristics, and technological skills to take on medical services.
To illustrate, here is a comparison of medical assistant wages in the Philippines and Phoenix (Arizona, U.S.) to highlight the considerable cost advantages of offshoring:
| Country | Average Salary of Medical Assistant (in U.S. dollars) |
|---|---|
| The Philippines | $410.77 |
| Phoenix, Arizona (U.S.) | $3,295 |
Note: Salary Explorer provided the Philippines amount, while Indeed supplied the Phoenix, Arizona (U.S.) value. For easy comparison, the Salary Explorer value was changed from Philippine pesos (PHP) to U.S. dollars.
Compare the salaries in the Philippines and Phoenix. According to the preceding data, hiring a medical assistant from an offshore provider in the Philippines can save you $2,884.23 monthly. Please keep in mind that the values and calculations above are merely estimates. For specific cost breakdowns and pricing arrangements, ask a BPO company.
Concentrate on Core Competencies for Long-term Profitability
A BPO partner can enhance your healthcare practice’s ROI by enabling your staff to focus on core competencies. Outsourcing lets you pay more attention to medical specialties, patient-centered service and treatment, clinical judgment, ethical conduct, and continuous learning.
Focusing on core competencies ensures first-rate care, exceptional patient satisfaction, effective teamwork, adaptable operations, high ethical standards, and constant knowledge improvement. All these result in excellent healthcare delivery and outcomes.
Delivering top-notch medical service consistently with the help of outsourcing leads to better revenue. Improved income enables your Phoenix healthcare practice to:
- Invest in sophisticated technology to simplify operations and improve efficiency, output, and reliability
- Expand your organization by building additional facilities and creating new income sources, reducing dependence on the existing patient base
- Reward staff members, including third-party specialists, with extra incentives, bonuses, and training to raise morale and reduce churn
Scale Healthcare Operations Easily to Optimize Budget
Third-party providers can help enhance the healthcare practice’s ROI through scalable outsourced functions. They can readily change or adapt the range of features or quantity of outsourced procedures to fulfill operational requirements without jeopardizing current operations. It allows you to expand without overpaying or losing too many assets.
Outsourcing allows your practice to become scalable, bringing about the following advantages:
- Agility. The third-party vendor aids your medical practice in disaster preparedness by limiting the impact of delays on operations and patient care and assistance.
- Cost-effectiveness. Outsourcing firms can help your medical organization minimize operating costs. BPO groups can adjust their workforce as required. They can assist healthcare organizations in determining the extent of measures necessary to optimize their resources.
- Flexibility. Outsourced procedures allow your healthcare enterprise to respond quickly to shifting patient, client, or organizational demands and conditions. Given their tailored services, offshore and nearshore providers can benefit your operations in the long run.
Gain 24/7 Operations for Continuous Patient and Client Support
BPO organizations deliver patient-centric services, which is one way to enhance healthcare ROI through outsourcing. Their remote teams can work anytime—holidays, weekends, or late hours.
Hiring a remote workforce from a service provider allows your healthcare practice to offer round-the-clock services to advance ROI. For instance, your in-house team in downtown Phoenix can manage the telemedicine and diagnostic imaging facilities during the day while the offshore team takes over at night.
Check the benefits of 24/7 support in enhancing healthcare ROI through outsourcing:
- Increased market image. 24/7 patient service and treatment can boost your reputation, enabling you to attain a business edge. Like large healthcare and pharmaceutical companies, you can provide constant support and stay ahead of industry competitors.
- More patients. Operating a healthcare organization nonstop improves accessibility and convenience. It entices patients by accommodating their diverse schedules and providing immediate care when needed, which can raise patient satisfaction and trust.
Acquire Expertise to Deliver First-rate Services
Enhance your healthcare practice’s ROI by learning tried-and-tested business strategies from your outsourcing partner. These best practices can help you achieve higher efficiency and productivity for improved profitability.
Consider some best practices that third-party contractors use to drive revenue:
- Concentrating on critical metrics. Service providers track and improve healthcare key performance indicators (KPIs). These may include medical equipment utilization, operating cash flow, patient follow-up rate, patient satisfaction, claims denial rate, staff-to-patient ratio, and costs by payer.
- Harnessing the latest technologies and systems. Third-party providers leverage cloud, omnichannel, and artificial intelligence (AI) to enhance efficiency and communication, boosting ROI in Phoenix outsourcing.
- Prioritizing personalized service. Outsourced experts can provide customized service using technology. BPO providers train courteous, empathetic, and patient-engagement agents to build trust, boost sales, and foster loyalty.
Tips to Find the Ideal Outsourcing Partner
At this point, you might be wondering how to choose the BPO provider best suited for your business. You seek a business partner to enhance healthcare ROI and help your medical practice elevate productivity, decrease expenses, and raise revenues through outsourcing.
Follow these five helpful tips to find the best BPO partner:
- Superior performance. Select a client-focused offshore outsourcing partner with a proven track record, regardless of your size or expertise. They should prioritize your needs, delivering prompt and precise services.
- Transparent service costs. Engage with a BPO company that discloses all service costs. Transparency in business fosters trust. Request quotations from each possible partner and design the most cost-effective plan for maximizing the ROI of outsourcing for your Phoenix healthcare operations.
- Proven results. Begin with a pilot project before establishing a long-term partnership. Examine how the prospect matches your criteria and objectives. Check its output and service quality quantitatively with KPIs and qualitatively with soft skills and knowledge assessments.
- High data protection. Your healthcare practice likely sensitive and confidential information such as patient financial and personal details. Work with a BPO firm that provides advanced cybersecurity solutions and policies against data intrusion and unauthorized access.
- Efficient management oversight. Choose a BPO provider willing to adhere to some of your internal procedures to maintain control over the outsourced functions.
The Bottom Line
For your medical practice in Phoenix, enhancing healthcare ROI through outsourcing can be a necessity rather than a choice.
Due to an expanding population and changing patient demands, Phoenix’s healthcare industry is extremely competitive and dynamic. Healthcare services are vital for the domestic economy and the city’s residents.
Adopting outsourcing as a strategy can help you realize your healthcare practice’s full potential. It assures financial success and the ongoing provision of high-quality services to your community.
Let’s connect if you want to learn more about enhancing healthcare ROI through outsourcing!
