There was a time when offshoring was opted only as a last resort when healthcare brands and Revenue Cycle Management companies really wanted to cut back on costs. When brands offshored some or most of their business processes to developing countries, they saved on workforce costs, business sustenance costs, and other expenses related to running a company.
Right now, though, the ‘savings’ tag behind offshoring medical billing and coding is outdated. There is so much that you can gain, as a client or an RCM brand, by offshoring business processes. This blog will take you through the different benefits of offshoring and why brands have to start considering this seriously as a strategic advantage for their growth.
1. Getting access to talent
You would be amazed at the talent pool in other countries, especially the developing ones. With the quality of education and opportunities increasing globally, you need to look at what the younger minds in countries other than yours are capable of achieving.
Many brands these days offshore just to be able to dip into the local labor force. Revenue Cycle Management companies in countries around have the opportunity to work with different clients. As a result, their exposure is better, and the billers and coders here get more efficient and smart with their billing and coding. They may be able to perform equally, if not better, than your in-house billing and coding team.
Quintessence invests extensively in picking and training employees. Our talent-building programs are at par with international training platforms, and all our employees go through periodical training sessions throughout their careers. Our junior and middle leaders are homegrown; hence, they come with abundant experience and knowledge in what we do. They are also made to work across domains to ensure they understand the industry completely.
2. Ability to use the latest technology
Most people assume that only the most developed nations have the technological expertise needed to do tasks well. This is not true at all. Most times, technical strength depends on creativity, human expertise, and the urge to grow, and countries like India have proven this time and again.
Revenue Cycle Management companies in offshore countries can surprise you with the kind of technology they create and use. The great thing about this is that you will be able to use these tools affordably when you partner with these brands.
Quintessence’s Reimburssence tool is AI-based, and it automates most of the reimbursement processes and helps you improve reimbursement rates almost instantly. The tool helps your team know what’s the next best action to take on a claim and helps remove wasteful AR steps. Our Codessence tool is ML-based and fine-tunes codes to ensure there are lesser human errors and more precision to the codes created. Codessence is known to bring down costs by up to 40% and can help move from encounter to claim in less than 24 hours.
3. Being able to focus on your core competencies
As a healthcare provider, your main priority is your patient’s health. By having to handle backend tasks, you may get overwhelmed and unable to focus on your core competency. Offshoring is a way of separating your core focus from the rest of the necessary but tiresome processes and still doing great as a brand.
So many Revenue Cycle Management companies can take over your RCM processes and do such a great job of them. All you need to do is identify them and give this change a try. Quintessence is always ready to talk to you and explain the kind of difference we would make to your practice. Get in touch with us right away.
4. Cost saving
The fact that you would save money running your business from a specific country or outsourcing processes to Revenue Cycle Management companies in other countries is common knowledge. Apart from this, here are other cost-saving measures offshoring can help you achieve.
1. Save on recurrent workforce costs. You don’t have to retain employees and pay for them every month when you outsource billing and coding to another company.
2. Stay away from the hassles of attrition, hiring costs, and training costs.
3. Stay fuss-free about unpredictable workloads.
When brands think about offshoring, there are a few concerns they may have. These concerns may have been true a decade back. Right now, though, Revenue Cycle Management companies offshore have tightened their processes and bought about immense safety and security compliance and assurances. As a result, here are a few factors you can take for granted when you offshore medical billing and coding these days.
Almost all good Revenue Cycle Management companies offshore have stringent safety compliance policies. Take Quintessence, for instance. We have two data centers in the United States. These are both SOC2 Type II compliant. All our processes are HIPAA compliant, and we take PHI very seriously.
We are a 100% paperless firm, and you don’t have to worry about your data going outside our secure workspace. None of our computing resources have file-sharing or storage capabilities.
If you have been pushing away thoughts of offshoring owing to safety issues, then it is time to trust and let us take over.
Just because you save money by offshoring business processes, you shouldn’t have to compromise on quality. This is not a win at all. Choose to work with Revenue Cycle Management companies like Quintessence that promise quality and adhere to SLAs from day one. Quintessence has always remained a partner for our clients.
Therefore, we are worried more than just about payments. We take a genuine interest in making a difference and partake in your risks. Our solutions and services are molded to match your business needs and always exceed expectations.
There was a time when offshoring companies worked on a fixed-fee model only. It meant that you had to pay them in full for even unsatisfactory outcomes or errors. They may not have met the SLAs but still fully claim the bill. Times have changed now.
Most offshore Revenue Cycle Management companies have flexible contracts that work great for you. In fact, more than 75% of Quintessence’s clients work on a contingency-fee model with us because it works great for them. As a result, they know they get their money’s worth when they offshore processes to Quintessence.
As a healthcare brand, are you worried that you may not be able to control billing and coding processes if they happen outside your premises? Thanks to virtual technology, your offshoring partner could be sitting at the other end of the world and still manage to be in sync with you, connect whenever needed, and work like a team next door. You can put forward your expectations clearly to the Revenue Cycle Management companies offshore and enjoy all the benefits you get from offshoring without worrying about giving them free rein.
Conclusion
Revenue Cycle Management is definitely not just about cost savings anymore. It offers such a strategic advantage to healthcare companies, giving them an edge over others in the market. Transferring your billing and coding processes to Revenue Cycle Management companies offshore could leave you being able to do everything else that you are good at with more focus.
By working with brands like Quintessence, you get to hire the industry’s top talents and let them take over your RCM processes without spending money on wooing and hiring them. You get to learn from industry leaders and pick brains.
Some of our clients have marked up to a 55% CAGR in the last five years after choosing to let us handle their RCM. More than 90% of our new clients are referred by our existing ones, thanks to our commitment and quality of work.
It is time to stop relating offshoring only to cost savings. While you definitely save on costs, there is so much more you can achieve by letting experts handle backend tasks. Offshoring also facilitates economic expansion globally and helps identify, nurture, and use talent, whichever part of the world it is in.
