A Bird’s Eye View: View of the Growing KPO Opportunity in the Healthcare Domain
As the BPO industry grows, expands and begins to see the growth plateau plane, it also creates more room for the KPO segment. The workforce has matured, increased accessibility to higher education, infrastructure, technology and technical awareness; and industries that previously outsourced only their call center or data entry-related functions have now begun to outsource their other high-end processes.
The industry has seen the trend in IT, M&A, travel, legal documentation, banking and so on. And the last area that is now exposed to KPO leverage is healthcare. The fact that the health care industry has second-guessed the whole outsourcing mentality is that healthcare is one of those areas where a minor mistake could cost a life. And so the experience required is far greater than any other business segment.
However, the latest HR countries where offshore solutions are offered have many doctors and paramedics who are well qualified and capable of further certifications etc. in order to meet the demand for expertise required by the health care industry. Add to that the ability to blend this medical experience with business experience and Six Sigma KPO certifications; It’s not just about medical transcription anymore.
potential clients
The three main types of clients that will outsource your services can be:
- Vendors (drug manufacturers and clinical research companies)
- Payers (third party alliances, health insurance companies)
- Service providers (doctors, hospitals, health groups, laboratory groups, etc.)
leverage service
KPOs have a variety of end-to-end services to offer their clients in the health and fitness segment. Some of them are –
- Medical billing
- medical coding
- medical transcription
- electronic learning.
- Juridical services.
- Knowledge management in health.
- Patient investigation.
- Training and health consulting.
- electronic marketing.
- Health insurance verification.
Skill Set Leverage
KPOs can benefit the healthcare sector with the help of the following skills that their employees have:
- Data mining and data analysis to generate meaningful insights
- investigation skills
- Documentation and presentation of data and generation of reports. The various types of reports KPOs can handle are: progress notes, operative notes, discharge summaries, phone and web chat inquiries, inquiry history, independent medical evaluation, physical exam note, etc.
- Conceptual and theoretical bastion
- Specialization in applicative use of theory
- Hardware and software proficiency
- Workflow Management
- Regulated efficiency term
- QA
cost arbitration
One of the main advantages of any offshore service provider, be it a BPO or a KPO, is that they give you the advantage of reduced costs. This means that this money can be used in the main business area. Cost arbitrage not only includes reducing overhead, but also helps shift a bit from a CAPEX model to an OPEX model. Furthermore, margins and profits increase dramatically as costs are reduced.
Outsourcing Leverage
It’s not just about the type of services and skill set that outsourcing has to offer the health care industry. Nor is it just about cost arbitration. This is multiple benefits all together. These are the benefits:
- trained professionals
- operational efficiency
- Cost, time and energy savings
- Recruitment and management ease and comfort
- Standards and quality work.
- Strict timelines and service level standards
- business continuity
- High accuracy and guaranteed compliance
- Innovative and experienced approach to business and management.
- Regular and fluid feedback, evaluation and response time benefits
- Better cash flow and collections
- Expandability when needed
- Loss minimization
- trained professionals
challenges
- Setting expectations
- Investment in case of constituting a captive unit
- high stakes
- Relatively lower level of administrative control
- Privacy concerns
- Risk management issues
- head crunch