Healthcare industries today invest in building a stable information management system to store their data and create a group who will extract meaningful insights from the stored healthcare data.
With healthcare analytics, a clearer picture of a trend is seen right away. And once the pattern has been established, a sound analysis follows. With the use of data analytics tools, historical and even real-time trends can be displayed to help a healthcare institution act on an issue in a quicker manner and create risk management plans.
Healthcare analytics and risk management has higher demand for healthcare services, especially the experts in this field require sophisticated licenses and certifications. This makes the hiring pool limited and the cost per hire more expensive.
The influx of patients and changes in the face of healthcare data has led to the demand of these professionals making this limited talent pool even more challenging in the healthcare industry.
Healthcare analytics and risk management is expensive. The highly specialized nature of the analytics and risk management means that your team needs to stay up-to-date on software updates, training, and all changes in data analytics in order to function at all in business.
This requires new certifications every so often, which is usually very expensive and time-consuming.
Slowdown in your healthcare processes can be managed by Healthcare Analytics. A team of healthcare analytics professionals uses software that automates reports and identifies fraudulent invoices that may lead to legal charges, and thus, more unwanted expenses. They can also examine accurate results of patient’s historical data more efficiently.
Human error can happen when handling large amounts of patient information and other data that could lead to decrease in patient satisfaction and directly affects your revenue.
Through data analytics, more than 80% of medical bills errors can be prevented and even fully eliminated using an organized system for denial mapping review and categorization that accounts for a more effective and accurate analysis of patient data.
The end goal of any healthcare business or provider is to serve its patients the best way possible. And with the aid of data analytics, processes are improved and errors are reduced, resulting in better service. Procedures such as setting appointments, processing insurance claims, and issuing medical bills are simplified, which cuts the waiting time for patients and leaves them more satisfied with the service you provided.
In the US wrong medication orders cost about 136 billion dollars of liability as a result of doctor’s handwriting, misreading of orders, poor communication, and poor documentation. An expert equipped with Health Informatics literacy can greatly reduce the costs of healthcare and improve the lives of both patients and caretakers.
With the right outsourcing partner, you can save up to 70% on operation costs as well. Because of their access to world-class talent and A+ recruitment process, your budget can be allocated accordingly yet not compromising skills for your team.
A great outsourcing partner operates 24/7/365. This ensures that more work is being completed as compared to a regular 9 hour shift in-house staff.
Outsourcing health informatics welcomes in the creme de la creme of skilled professionals who can seamlessly perform RCM related tasks and can support cutthroat data analytics softwares and apps. They work round the clock like any other healthcare professionals with a similar 24/7 shift in a hospital.
One of the emerging fears in healthcare data are data breach and general security concerns especially these records are saved online. But with the right outsourcing and trusted partner, you can be assured that they are certified with data privacy compliance (ISO 27001:2013 and ISO 9001:2015 certified and GDPR & HIPAA compliant) and have an in-house security protocol to keep patient’s records safe and secured.
Infinit-O is a trusted global solutions partner that can help you successfully grow your business.
Curious on how to spot a great team? We’ve got you covered! Know these qualities and traits to help you build a great team!
| Job Title | Cost per In-house FTE ($ rate) | Cost per Infinit-O FTE ($ rate) | % Savings per Month |
| Medical Biller | $ 4,626.69 | $ 1,600.00 | 65% |
| Claims Specialist | $ 4,480.26 | $ 1,700.00 | 64% |
| Medical Coder | $ 5,277.18 | $ 2,400.00 | 55% |
| Job Title | No. of team members | Estimated Annual Cost Savings |
| Medical Biller | 1 | $ 36,320.26 |
| Claims Specialist | 1 | $ 33,583.10 |
| Medical Coder | 1 | $ 34,526.21 |
NOTES:
A well-established People, Process, Technology, Security (PPTS) Pillars is one sure way to overcome the limited supply of workforce, improve the healthcare delivery system, innovate care technologies to ease manual labor and fortify patient data security in agreement with clinician-patient confidentiality.
Having 4 pillars of success are key in only building a great and high-performing RCM team.
Know more about Infinit-O’s 4 pillars of success and our secret in building a great, high-performing RCM team.
To successfully grow your business and achieve your goals, it starts with proper planning and investing in the right resources. The following companies in the HC industry were able to identify their unique needs and sought help with the right partner who exactly knows how to address their demands.
We’ve gathered the following success stories so you can learn more about their outsourcing journey and how they were able to achieve their business objectives with the help of the right partner.
Infinit-O has been in the outsourcing industry for 15 years, creating long lasting partnerships and endless opportunities to small and medium businesses across the Healthcare, Finance and Accounting, Research and Development, and Customer Service industries.
Our vision is to help small and medium sized companies to grow and prosper by enabling them to experience the full benefits of partnering with an outsourcing company.
We build great teams for our partners through understanding their unique needs in order to help them achieve their business goals and the vision they have for their company. We have rendered a strong combination of business consultancy, process optimization, and outsourced services; all utilizing the latest technology to provide excellent value for our clients.
Get to know us more through these channels:
We share 15 years of experience in navigating data privacy laws and regulations. We guarantee strict compliance from the best information security practices with up to date cybersecurity certifications because your data is in our care. At Infinit-O, we not only value your business but acknowledge the importance of information security especially in this digital age. To overcome customary challenges and build a better cybersecurity system that ultimately protects and secures data, we are certified and compliant with:
Learn more about the full list of our Information Security bundle in this Whitepaper.
Having an extensive and profound expertise in the finance and accounting industry, we’re here to help you build a great RCM team for your unique needs and promise the following key benefits:
