5 Factors Influencing Healthcare Industry to Outsource Data Management!

The healthcare industry is one of the most prominent enterprises in the world, and it shall always be, owing to the importance and need for good health for human beings. Every healthcare firm is looking for ways to cut down on costs without disrupting the quality of service and one of the best solutions for meeting such a challenge lies in adopting the healthcare data management outsourcing approach.

Majority of the healthcare firms have already outsourced their medical transcription and healthcare data entry tasks, increasing their efficiency and productivity. However, with increasing customer demands for quality services, firms have started outsourcing data management processes, which include data related to clinical research, management systems, patients’ history, health outcomes, diagnosis, and more.

Top Healthcare Outsourcing Statistics

• As per a report by Statista, $85.6 billion is the overall market value of the outsourcing industry in 2018.
• As per Jonathan Clarke, Assistant Professor of Health Policy and Administration at Penn State University, more than 90% of US hospitals have outsourced at least one of their processes.
• According to a report by Outsourcing Insight, the outsourcing healthcare industry saw a considerable growth of 36% in 2017.
• According to a Tom Lowery article, 80% of medical bills in the US healthcare sector account for $125 billion yearly loss due to errors which can be avoided through outsourcing.

5 Factors Influencing Healthcare Data Management Outsourcing

When it comes to data management, it is not just the healthcare sector that is looking to outsource but a majority of the industries of the world due to the following reasons:-

1. Zero Critical Mistakes

Just as we discussed above, critical mistakes cost healthcare firms not only losses in terms of money but reputation, too. Most healthcare firms do not upgrade themselves with the changing billing regulations and other areas of data management, resulting in wrong billing and penalties. This task of staying updated demands time and effort, which can be outsourced easily, along with gaining the expertise to execute various healthcare firm tasks with perfection.

2. Elevated Patient Care Time

This is the prime benefit of hiring an outsourcing company irrespective of the industry type, as you leave all the unproductive tasks to them and focus only on the core business activities. In the healthcare sector, you get all the time to look after your patients and improve the quality of care, which not only enlightens your health firm’s image but also makes the patients come back whenever they face any health issue, eventually boosting the trust factor.

3. Diminished Costs

Healthcare firms do not need to invest in software, staff education, and training since all these things are handled by the medical record data entry team, who leave no stone unturned when it comes to upgrading their team’s skills as per the latest changes in technology, standards, and regulations. In addition to this, outsourcing saves a substantial amount of cost on the infrastructure needed to fulfill all the aforementioned requirements.

4. Access to Trained and Expert Professionals

With outsourcing, there is no need to waste your precious time trying to find trained healthcare professionals to manage various data types as they are already available to serve you, and you just need to hire them. Also, there is no need to worry about employee retention and acquisition as all these things get managed automatically with outsourcing.

5. Strategic Business Planning

When you outsource data management services, you get an overview of complete data under one platform, which is prepared by outsourcing experts at a cost that is much lower than what you might have spent on an in-house data management team. This helps you gain detailed insights into the data, helping you understand the critical patient and administrative changes. 

This data helps you in adopting personalized approaches towards the patients based on their historical diagnosis in order to serve them better and enrich their experience for the next time. Based on the data overview, you can strategize your business goals as per their needs and eliminate or reduce the processes that lower work productivity and growth, along with adding new business exercises to make your patients happy and your healthcare firm grow.

Checklists Before Hiring Healthcare Outsourcing Experts

• Legal Terms for Contract Drafting
• Business Culture Relatedness
• Market Research for the Best Price
• Governance and Operational Control
• Confidentiality
• Security
• Partial or Complete Outsourcing Requirement
• Work Trial
• And more….

Conclusion

The healthcare industry is surely booming owing to the management of a plethora of tasks at the hands of healthcare data entry companies, enabling healthcare firms to focus on their core operation of patient care and quality service. The above-mentioned factors prove exactly what makes the firms outsource data management services. Yes, cost-cutting is there for sure, but outsourcing aids business growth through enhanced work productivity and efficiency.

In the last 16 years, Cogneesol has created a niche for itself while offering data management services to global business organizations. To get more information, contact us at [email protected] or call us at +1 646-688-2821.

Related: Factors to Considered Before Outsourcing Medical Data Entry Operations