Is it Better to Outsource ROI or Keep It In-house?
Every healthcare provider needs a reliable system for managing its Request of Information (ROI) process. As a healthcare organization grows and more medical records are requested, the need for an efficient and compliant ROI process increases.
Since the ROI process can be taxing on staff members’ time, you need to have an organized workflow to optimize this process. Essentially, in the ROI world, there are two appropriate options: to hire an outside ROI vendor or use in-house with office staff to handle incoming requests.
Which is the right solution for your medical practice? To find out, we have compiled a list of benefits for each option. Now the only thing you need to do now is to figure out what fits your needs.
Benefits of Outsourcing ROI
Although it isn’t right for every organization, outsourcing your ROI to a vendor can be a great solution. These are some popular reasons why healthcare businesses choose to outsource:
No need for additional staff: When request volumes increase, it takes a dedicated team of experienced employees to keep up with the demand. Specific compliant processes need to be followed throughout the process, resulting in time-consuming administrative tasks and underutilized staff members. Outsourcing reduces the need to hire, train, and manage staff members. Additionally, the staff members you do hire can maintain their focus on patients rather than requests.
Save money on ROI processing: As noted above, it can be expensive to hire, train, and supervise additional staff. Compare the cost of outsourcing with the fully burdened cost of an employee’s salary, and you’ll find that you can save significant money over time. Outsourced ROI services allow you to operate with less staff since requester communication is often the vendor’s responsibility, not one of your staff members. Another overlooked cost savings is printing – paper and toner costs can add up quickly.
Faster turnaround time: How long does it take to release medical records to a requester? When your staff is busy with multiple job responsibilities, it’s easy to let the requests fall to the backburner and pile up (aka ‘back-log’). An ROI vendor should turn requests around in 24-48 hours with little effort to keep your patients and requesters happy.
Reduce the risk of compliance issues: When you hire an outsourced team for ROI support, you are reducing your risk of compliance problems. Compliance shifts to the responsibility of the ROI vendor.
Benefits of In-House ROI
There are times when outsourcing doesn’t make sense, so some providers choose to handle ROI in-house. The benefits of performing ROI with your current staff include:
Restricted access to PHI: Limiting access to patient data in an EHR is essential to some organizations. When using an outsourced vendor to perform the entire submission, review, and release process, you must provide them access to patient information through your EHR.
Utilize current staff: If you already have an experienced, trained staff, you might want to tap into the existing skills of your team members. Staff members enjoy having a variety of activities and responsibilities in their workday. They can help in the ROI process while still using their skills in other areas of the practice.
Keep more request fees: In-house processing allows you to keep a higher percentage of the fees collected from requests. Since you have the staff doing work, you should be compensated for it.
In-House or Outsourced ROI?
Every healthcare organization has different needs and requirements, so there isn’t a one-size-fits-all solution. Regardless of your choice to outsource your ROI services or keep it in-house, the ultimate goal should be to support each patient’s privacy and needs. You must have a compliant method for submitting, reviewing, and releasing patient Protection Health Information (PHI).
At RecordQuest, we are committed to providing the highest quality service for every client. We understand that each healthcare business is unique, so we offer two service models – Remote ROI Service and Share ROI Service. Learn what option works best for you and schedule a demo to see how easy it is.