The United States health care industry contributes over 17% of the GDP of the country, making it the second largest sector of the country’s spend and it is projected for further increase. President Barak Obama’s new healthcare reforms are aimed at making healthcare in the US more affordable and sustainable, reaching out to all citizens while making health insurers more accountable. This new impetus is expected to have a significant impact on the healthcare industry’s transformation and growth.
Healthcare organizations would need to improve the quality of the services to their patients by streamlining processes from patient care and revenue cycle management to procurement systems. The U.S. healthcare industry is now heavily emphasizing on technology enabled business process which can reduce costs and improve the quality of healthcare.
Business Process Management (BPM) is an effective management tool aligning an organization’s business operations to structured processes. BPM is now considered critical for an organization’s sustainability, agility and growth. For years, commercial enterprises have successfully adopted business process management practices. Only recently have systems for implementing BPM gained acceptance in healthcare industry.
Implementing an efficient BPM platform would typically involve a four-step process:
BPM can provide an enterprise view of the processes across all systems of a healthcare provider, including billing, accounting, patient care and other backend systems. BPM gives the healthcare provider the ability to respond to changing markets and regulatory demands, much faster.
Business process management platforms comprise of proprietary technologies and specialized workflow applications which are process specific. Healthcare payment process solutions for example, include a front-end claims processing system to manage claims receipt and related activities. A fully integrated payment processing platform would also enable the healthcare provider to effectively outsource major components of the process to healthcare outsource service providers, thereby reducing costs.
Many healthcare providers outsource their revenue cycle management processes to healthcare process outsource service provides like TaurusQuest who can provide technology driven outsource services such as charge entry, payment posting, accounts receivable management, eligibility verification and denial management.
TaurusQuest (www.taurusquest.com) provides Financial & Accounting process outsourcing , Legal Process Outsourcing and Healthcare Process outsourcing services. TaurusQuest understands the criticality of secure practices and quality of information handling in providing outsourced services. TaurusQuest is ISO 27001:2013 certified enterprise for security management and ISO 9001:2015 certified enterprise for quality management practices.
To find more about TaurusQuest, visit www.taurusquest.com or send an email to us at enquiry@taurusquest.com
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