Healthcare Services Outsourcing
The US healthcare industry is still grappling with enormous changes brought about by the recent reforms. The health industry is now moving over to electronic records and new transaction systems and will include an additional 32 million consumers by 2014 together with changes in 100 million existing policies. The impact of these large-scale changes will be on delivery and support requirements of the insurance industry, as well as changes in risk management and pricing systems. To retain the competitive edge, providers need to invest in developing more complex CRM systems, advanced web capabilities and analytical tools to track and predict market trends. With the market in recovery mode, the industry cannot afford to shift focus from its core business activities to implement the new statutory requirements. Outsourcing may just be the panacea the industry is looking for – it can provide a clear advantage by creating bandwidth while containing costs to support these functions.
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In 2010, the Census Bureau pegged the number of uninsured people in the US at 50 million (almost 1 in 6 US residents). Reasons for the increase in uninsured individuals are many. But with the healthcare law designed to take effect from 2014, healthcare insurance companies must prepare for increased volumes. With regulatory changes, rising costs, increased disease incidence and an aging workforce, health insurance providers are increasingly looking at reducing processing costs and handling increased volume pressures. Health insurance firms can profit from partnering with experienced BPO providers who work with business process management workflows and a service-oriented architecture that is ingrained in leading outsourcing specialists.
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You can make a point in a thousand words or just let a few pictures speak. That’s how the November 9th issue of Business Week issue portrayed America’s rising healthcare costs. The pie charts and horizontal bars indicated that healthcare costs are zooming even though overall inflation has come down by 1.3 per cent.
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