Maintaining financial sustainability in healthcare provider institutions relies heavily on effective revenue cycle management (RCM). Currently, at $155.6 billion, RCM in the U.S. market is predicted to see an exponential increase of the compound annual growth rate of 10.3%, reaching $308.2 billion by 2030. Keeping pace with this accelerated growth and the staffing and work hours required has proven to strain healthcare providers.
To minimize costs and streamline billing and collections, many healthcare organizations outsource RCM services, such as offshore medical coding companies, to take advantage of global talent. The healthcare industry can benefit from using advanced RCM solutions from trusted third-party providers, allowing them to focus on their passion — patient care — while leveraging these solutions’ economic value and efficacy.
Understanding Offshore Revenue Cycle Management Services
Offshore RCM services include outsourcing your revenue cycle processes to teams in another country, such as offshore RCM coding and medical billing. There are numerous advantages, including cost savings due to lower operational costs, coders specializing in HIM coding (health information medical coding), current regulations, and around-the-clock operations. However, it is essential to note that these services may have different cultural nuances, time zones, and business practices than onshore (local) services. Understanding and acknowledging these differences is crucial for successful alignment.
The Importance of Alignment in Outsourcing
When a company chooses to outsource, especially offshore, it’s about more than delegating tasks. It involves entrusting a significant part of your business to an external team. If their values, work ethic, and goals don’t match yours, there can be risks such as miscommunication or operational difficulties. Analyzing organizational and cultural differences is critical in influencing success in relationships between healthcare organizations and offshore RCM companies. To ensure a successful partnership, aligning your purpose and goals with offshore coding and other RCM services is crucial.
Steps to Achieve Alignment
Assessment and Clarity
Before entering into an offshore partnership, reflecting on your organization’s fundamental values, goals, and cultural differences is essential. When engaging with an offshore RCM provider, having a well-defined plan of your expectations and the standards you maintain can ensure clarity, leading to seamless interactions in areas such as RCM coding.
Open Communication
Open channels of communication to bridge the physical and cultural distance between onshore organizations and offshore teams specializing in HIM coding and other RCM tasks. Schedule regular check-ins, encourage questions, and promote open dialogue. Healthcare providers should establish a focal point for day-to-day issues or questions coming from the offshore teams. Feedback channels where both parties can voice concerns or suggestions can also prove invaluable in establishing a familiarity with processes and expectations and fostering a mutual understanding toward a common goal in the relationship.
Setting Performance Metrics
Effective Key Performance Indicators (KPIs) are a guiding light in offshore partnerships. These metrics must align with your organization’s objectives. Setting quantitative numbers-focused KPIs and periodically reviewing them guarantees that the offshore team is working towards your goals and receiving valuable feedback to enhance their work.
Implementing Training Programs
Effective training involves more than just operational onboarding. Tailoring programs that introduce the offshore team to your organization’s values, work culture, and expectations is essential. At the same time, it is beneficial to have programs that enable your in-house team to learn about the offshore team’s best practices, which can foster knowledge exchange in offshore medical billing and other relevant domains.
Challenges and Solutions
Every partnership comes with challenges, and offshore RCM services are no exception. You may encounter obstacles, such as differences in time zones, communication styles, or work methods. Nevertheless, as one of the most significant revenue cycle management sectors, reputable offshore RCM companies offer proactive measures like maintaining clear documentation, and investing in cross-cultural training can help turn these challenges into opportunities for growth and better collaboration.
Technology greatly enhances offshore partnerships by providing real-time communication platforms, collaborative tools for simultaneous work, and analytics software to gain insights into performance. Embracing technology streamlines operations and promotes unity and collaboration across borders, especially in fields like offshore medical coding.
GeBBS Healthcare Solutions’ iAR Technology
GeBBS Healthcare Solutions has been at the forefront of innovation in the offshore RCM, with technologies such as Intelligent Accounts Receivable (iAR) – an automated workflow solution designed to work with existing billing processes, offering advanced reporting, analytics, and sophisticated workflow processes. Designed to cater to the unique challenges of healthcare providers and payers, iAR provides a comprehensive solution that enhances operational efficiency, reduces costs, and maximizes revenue. Utilizing real-time data insights and predictive analytics empowers organizations to make informed decisions, streamline billing processes, and improve patient care outcomes.
Robotic Process Automation
GeBBS Healthcare Solutions has integrated Robotic Process Automation (RPA) into its toolkit of offerings, further solidifying its position as a leader in offshore RCM. This technology is designed to automate data processes, improving operational efficiency and accuracy. By leveraging the capabilities of RPA, GeBBS not only accelerates processes but also eliminates human error, ensuring consistent and high-quality outcomes.
Combined with their industry expertise, this incorporation of automation technology offers healthcare organizations a powerful solution to optimize costs, enhance scalability, and drive innovation in the ever-evolving landscape of healthcare management.
If you are considering an offshore RCM partnership, it is important to evaluate the compatibility of your objectives and values with those of your service provider. By establishing a solid relationship with your RCM partner, you can reap the benefits of enhanced efficiency, productivity, and financial health.
GeBBS Healthcare Solutions is one of the largest healthcare RCM companies specializing in medical billing. They offer a cost-effective and expert blend of solutions and technology, making them popular for healthcare organizations seeking outsourcing options. What sets GeBBS apart is its focus on aligning its services with its clients’ specific goals and cultures.
By utilizing cutting-edge technology platforms and promoting a culture of continuous improvement, GeBBS delivers reliable and high-quality services that seamlessly integrate with your existing operations. Their ability to customize solutions and adapt to client-specific needs makes them a sought-after partner for achieving alignment between offshore RCM services and organizational objectives.
Are you seeking an offshore RCM partner to align your organizational goals and culture? GeBBS has a record of success and continuous improvement, making the company a valuable ally in healthcare. If you’re ready to take the next step in your RCM journey, contact us at gebbs.com today.
