The American healthcare system is a highly regulated industry with strict and complex policies. That being said, healthcare providers have to juggle plenty of tasks. Aside from dealing with patients, there’s also the added pressure of performing complicated procedures, keeping medical records up-to-date, following strict coding and billing guidelines, and not to mention maintaining a stark level of customer care.
With so much at stake, it only makes sense that businesses take advantage of all the technology available to help them become more efficient and effective. That’s why many companies have started using data entry services for their healthcare operations. In fact, as of 2021, North America held the largest revenue share in the industry at 47.5%.
Outsourcing data entry for healthcare is the perfect solution if you need to delegate the bulk of your data processing, billing, and coding tasks. If your firm is a small or growing one, outsourcing can help you scale as needed and evolve according to the needs of your organization. Here are some reasons why:
The cost savings presents great value.
The cost of finding and hiring new employees can reach up to $4,100 per employee. To make sure your business stays competitive, you need to look for ways to streamline operations and reduce costs. Contracting an outsourcing service can help you improve efficiency and productivity while still offering great value for money, as you wouldn’t need to deal with individual hiring costs.
By hiring a reputable outsourcing agency, who can source and bring experienced talent on board, you can scale as needed and pay only the stipulated monthly fees.
Data entry is time-consuming.
Doing data entry manually is extremely taxing and time-consuming. Even with medical record software in place, physicians and staff still need extra time to encode specific procedures, illnesses, and diagnoses to make sure everything is up to code.
Data entry outsourcing is one way to deal with this problem. It allows you to outsource your data entry needs while still being able to control them yourself. If you have an experienced team of professionals working at your disposal, they can ensure that every entry is detailed and accounted for.
Data entry outsourcing has a lower risk profile than data entry in-house.
Inaccurate data can lead to problems in the future, so it’s important that your records are as complete as possible. Healthcare providers often spend up to 40% of their revenue on the billing process — and believe it or not, doctors can lose up to 20% of their income due to problems with billing. This is especially true if you’re working with a large healthcare provider like an insurance company or hospital system.
To combat this, data entry outsourcing has a lower risk profile than data entry in-house. Outsourcing to a company with tried-and-tested processes, QA methods, and highly-experienced professionals means more accurate data entry and less errors. The cost savings of outsourcing this work are significant, as it’s much easier for companies to manage their patients’ medical records with a team of professionals working the back-office.
It’s a good solution if you have a small team or need to outsource only certain tasks.
If you have a small team or need to outsource only certain tasks, outsourcing data entry functions can be a good solution. It’s also effective if your team doesn’t have enough resources to handle certain tasks on their own.
Thus, you can focus on other aspects of your business — such as delivering top-notch patient care, without having to input extra time getting those insurance codes right. Instead, a well-versed team of offshore billing experts can ensure compliance and accuracy for you.
You can scale as your business grows and evolve as needs change.
As your business grows and evolves, you can add new tasks as you need them. New employees can be added to help with an increasing workload, so that you don’t have to hire additional staff in-house in order to keep up with the demands of your project.
You’ll be pleased to know that by having experts on board who are knowledgeable in U.S medical protocol and the different facets of healthcare (such as Medicare and Medicaid) you’ll have a team that’s constantly updated on various changes in insurance codes and policies. You’ll be fine encountering any changes in the national standard, as your team of experts will be in-the-know of these changes before they’re put into place.
Healthcare data entry outsourcing is indeed a top solution for medical practices that need help managing their operations. It can also be a great way for larger firms to save on costs as they expand their business and add new employees.
Working with an outsourcing provider like FGC+ to put together a team of data entry specialists works wonders if your own in-house team doesn’t have enough resources to handle certain tasks on their own. Browse through our website at www.fgcplus.com or contact us to learn more!