Are BPO Solution Providers Ready to Meet the Influx of Opportunities from Healthcare Industry?
Healthcare industry has successfully made it to the list of top five biggest industries in the world. The core functionalities of the healthcare is all about diagnosing and treating patients. But in order to attain the optimum results in these core areas, healthcare industry is required to be equipped with assistance that can enhance the efficiency of their staff to deliver best patient care.
However; best patient care is something that needs investment, a lot of it, in tools and technologies, manpower and infrastructure. Also the manpower is supposed to be good at multitasking in a wide plethora of deliverables, which most of the times they are not. This is where the need for drawing a line between the non-care responsibilities such as healthcare form processing & document management; and core healthcare responsibilities like patient care – needs to be set apart. Outsourcing non-core activities enables healthcare professionals to deliver best patient care.
It would not be wrong to say that the implementation of Affordable Care Act has made medical outsourcing forms, one of the most crucial aspects of the American healthcare industry. USA is now considered to be the largest contributor to outsourcing of healthcare services as they made ICD-10 codes and enactment of PPACA mandatory. Second biggest contributor is Europe, as the regional markets there are struggling to minimize healthcare delivery costs, and business process outsourcing is the only and best solution that they can think and implement for prompt results.
All that these countries want is someone who can manage their healthcare documents or medical forms, and who, better than Indian business process outsourcing solution providers, can do it for them?
Business Process Outsourcing (BPO) in the healthcare industry has taken the centre stage in the last decade. Going forward it is projected to grow steadily, reaching more than $9 billion by year 2020. And this growth is not anticipated for any particular segment; instead it covers almost anything and everything under the Healthcare BPO umbrella. Medical billing, medical coding, medical transcription, accounts payable & accounts receivables, form some of the major solutions provided by these BPO partners. On the other hand, healthcare industry seeks active assistance from these BPO partners for outsourcing operations tasks such as claims and forms management, integrated back-office operations, billing and accounts management, Human resources and much more.
So this was all about, how healthcare industry is highly relying on business process outsourcing to assist them for enhancing operational efficiency for healthcare document processing, resulting in best patient care. But the question here is that, are business processes outsourcing solution providers, ready and equipped to meet opportunity influx from healthcare industry?
Are BPO solution providers ready for this opportunity influx?
Ever increasing business & technological requirements have posed challenges for business process outsourcing companies. These outsourcing organizations, in order to keep in tune with concurrent dynamics, are required to be efficient enough when it comes to executional capabilities, delivery experience, project & account management skills, and all this backed up with adaptability and scalability. On top of it they should be led by a solution centric leadership team of best outsourcing professionals. The automation technology for document processing for this business process outsourcing solution providers, should be customizable, cross functional, secure and most importantly – scalable.
Optimizing document workflow
One of the prime needs for these outsourcing solution providers is to optimize their document workflow, and that is the only way they can meet the ever increasing dynamic needs of the healthcare industry. Traditional or conventional document workflows are known for multiple complexities due to varying data types and document layouts. BPO solution providers need today is intelligent tools capable of automating complex documents, even the ones with unstructured & handwritten information, including healthcare forms, customer correspondence, contracts, medical ID documents, proof of residency documents, receipts – payments and check details and much more.
The need of the hour is software that are powered by artificial intelligence and machine learning; to automate larger and complex projects. Healthcare organizations with help of BPO partners equipped with this kind of automation; get insight to data that is critical as it drives customer engagement and the business, holistically. These customizable document workflows should be meant to address business needs including mobile capture, data extraction, document classification, customer authentication and many more activities for every individual outsourcing project.
Optimized document workflow is it seems the only way how BPO solution providers can crack previously out of reach – complex data. This is the only way they can speed up their automation to reduce costs and steer business decisions for themselves as well as the healthcare industry.
What benefits BPOs should consider while automating their workflows?
- The new automated workflow should be apt enough to process documents, handwritten, printed and many more types from a wide plethora available.
- It should be equipped to support documents may it be captured through traditional desktop scanners or a mobile capture – the latest addition.
- The entire automation should focus on enhancing the efficiency and convenient access to critical business information in ready to use formats.
- Final outcome of optimized document workflow automation should reduce operator’s manual task to reduce the cost of document process, ultimately increasing the revenue per project for BPOs. This profit or benefit, the BPO providers can either endow to healthcare industry and also can further use it as capital investments.
Core healthcare industry is not the only one, reaping benefits of BPO partnerships or automated document workflow solutions. Opportunities of the Healthcare BPO market are tapped by the pharmaceutical companies as well. A lot of these companies, from the US, Europe and rest of the world, have started strategically outsourcing market research, non-clinical services, supply chain management and logistics and various other non-financial functions to these BPO service providers mainly in India.
With all these opportunities knocking at the doors of BPO solutions providers, what needs to be assessed is, are they really ready for this influx from healthcare industry?
About Ritesh Sanghani
Ritesh Sanghani is a Director at Hi-Tech BPO for the past 15 years. He has worked with several international clients and has executed BPO projects of varying scales and complexities.
- Pharma Outsourcing Emerges as Leader in Healthcare BPO Sector in India
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