By: Santosh Kesari, Country Manager of Omega Healthcare Philippines
Healthcare organizations continue to face a wide array of challenges,including staffing shortages, increasing operational costs, and the need to improve patient experience. To address these issues, healthcare providers are increasingly outsourcing both administrative andclinical tasks to enhance operational efficiency and patient care.
One of the most common outsourced services in healthcare is revenue cycle management (RCM). This revolutionary solution encompasses processes from patient scheduling and registration up to billing and payment collection, allowing healthcare providers to concentrate on direct patient care while ensuring accurate and on-time compensation for services rendered.
With its efficiency, the healthcare RCM’s global outsourcing market is expected to increase at a compound annual growth rate (CAGR) of 14.7% from 2024 to 2030, growing from USD3.1 billion in 2023 to USD8.7 billion in 2030, as revealed by theVerified Market Reports 2024 study.This growth is expected to create more jobs, especially in leading countries for business process outsourcing(BPO) like the Philippines, which ranked 12thas the most compelling offshore business service location in the2023 Kearney Global Services Location Index.
As healthcare providers explore viable solutions to address their challenges, discover why outsourcing RCM proves to be a game changer in this sector.
Minimizes operating costs
Cost efficiency is one of the many benefits of outsourcing RCM as this approach reduces operating expenses associated withstaff training, investment in technology, and maintaining an in-house team. Outsourcing RCM enables companies to instantly have access tothe right technology, expertise, andmanpower while paying only for the services they use.
Enhances patient care
Administrative tasks require significant time and effort, which can divert healthcare staff’s attention from providing quality care. With such workload being outsourced—from patient scheduling to billing, healthcare providers can focus more on delivering improved patient care.
Additionally, this approach enables healthcare providers to deliver fast services for patients in terms of appointment scheduling, eligibilityverification, and more. As a result, patients receive necessary checkups and treatments on time, increasing overall satisfaction with the healthcare provider.
Provides access to expertise
RCM service providers are equipped with highly trained professionals specializing in medical billing, coding, compliance, and reimbursement processes. When healthcare providers partner with RCM companies, they gain access to these experts with up-to-date knowledge of the industry's best practices and standards. This minimizes errors, ensuring accurate and timely processing of claims to avoid delayed or denied payments.
Healthcare providers can also leverage advanced technologies and tools utilized by RCM service providers, further improving their revenue cycle processes without the burden of management and maintenance. Aside from expertise and technology, RCM companies provide the flexibility to adjust services depending on demand, eliminating the need for healthcare providers to hire or lay off employees.
Improves revenues
Outsourcing RCM allows healthcare providers to benefit from a dedicated and expert workforce focused solely on administrative tasks. This ensures that coding, billing, and other processes are handled efficiently and accurately, resulting in timely reimbursements.This improves the cash flow and financial stability of healthcare providers, leading to increased revenues.
Unlock the potential of healthcare with Omega Healthcare
As the demand for outsourced RCM continues to grow, Omega Healthcare remains committed to providing exceptional service, driven by unmatched domain expertise and technology-led solutions. In line with this commitment, the company has made significant efforts to createan empowered ecosystem that unlocks the potential of healthcare.
Omega Healthcare’s delivery centers in the Philippines, located in Manila and Cebu, are great examples of this dedication. These centers are consistently expanding, hiring over 200 employees per month, empowering thecompany’s workforce to further assist healthcare providers in improving administrative processes, patient care, and operational efficiency. This is supported by the company’s Omega Digital Platform, a proprietary technology equipped with automation capabilities and analytics solutions that help alleviate healthcare challenges.
In addition to end-to-end RCM, Omega Healthcareoffers a wide array of solutions and services for the healthcare industry, such as payer risk and administrative solutions, care coordination and virtual nursing solutions, pharmaceutical market access, registry data management, and real-world data curation.
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About Omega Healthcare
Founded in 2003, Omega Healthcare empowers healthcare organizations to deliver exceptional care while enhancing financial performance. We help clients increase revenues, decrease costs, and improve the overall patient-provider-payer experience through our comprehensive technology portfolio and clinically enabled solutions. Omega Healthcare has 30,000 employees across 14 delivery centers in the United States, India, Colombia, and the Philippines. For more information, visit www.omegahms.com.
About the Author
Santosh Kesari, Country Manager – Philippines
Santosh Kesari is an accomplished business leader with nearly 27 years of extensive experience in managing contact center operations. As the Country Manager for Omega Healthcare Philippines, he has successfully overseen operations, revenue, and profitability while driving business growth and development. Santosh is a certified Six Sigma Green Belt professional, recognized for his strategic planning, leadership, and ability to deliver superior customer service, optimize costs, and enhance performance across large, multi-functional teams