Should You Outsource Your ROI or Do It Yourself?
There’s no question that the COVID pandemic has changed the healthcare industry – forever.
As the ongoing effects continue to impact healthcare clinics and hospitals, medical providers are forced to adjust their systems in an ever-changing environment.
How have the high levels of stress affected the healthcare industry in recent years? One of the most notable results is the “Great Resignation” – healthcare experts and supporting staff members choosing to leave the industry for other career opportunities. As a result, offices and hospitals are short-staffed, making it more challenging than ever to keep up with the ongoing demands of caring for patients.
If you feel the effects of the Great Resignation, outsourcing some of your internal processes (like ROI) may be a viable solution. Is it better to find an outsourced solution, or will you be better served by focusing on the hiring process to find more staff members? Here are a few important considerations to help with this decision:
Benefits of In-House ROI
You might prefer to keep processing requests in-house and decide to hire office staff to manage these tasks. Below are some of the benefits you might expect from your staff employees:
- Controlling PHI Access: Some healthcare providers want to limit access to patient data. Processing requests with your trained staff eliminates the need to share patient records with an outsourced vendor.
- Customized Training: You have the flexibility to design the ideal system that works for your healthcare organization. Customize these systems as desired and train your staff members accordingly.
- Income Source: The ROI requester pays a fee, which is cash into your bank account. You get to keep these fees, but it’s essential to make sure that the fees cover your overhead expenses and staff costs.
Of course, there are potential drawbacks to in-house ROI management. You must make sure you have the staffing and data security systems to manage each request that comes through – which adds to the administrative burden in your office.
Benefits of Outsourced ROI
On the other hand, you can outsource ROI to a vendor specializing in these services. The benefits are undeniable – it’s easy to see why many healthcare organizations are choosing this approach:
- Manage Payroll Expenses: Since the administrative functions associated with ROI can be extensive, healthcare organizations need a dedicated team of medical record professionals to keep up with the volume and demand. Outsourced ROI services decrease payroll costs since you no longer need staff to perform ROI tasks.
- Other Financial Benefits: In addition to reducing your overall payroll expenses, outsourced ROI processing reduces additional costs such as printing, toner, paper, and postage.
- Optimize Compliance: A proper ROI service ensures patient privacy and data security. An outside vendor includes these security checks and balances with their service, providing a renewed confidence in your organization’s compliance requirements.
- Keep Up with the Demand: There is no need to scale your team when trying to meet increasing request volume. Outsourced ROI services can review and process requests quicker, ensuring the requests are quickly delivered.
- Minimize Staff Management: Not only do costs increase when growing your internal team, but there are also requirements to manage and train these staff members. With a trusted vendor, training and managing ROI specialists is their responsibility.
- In-Office Priorities: When staff members perform administrative activities, it takes their attention away from the most crucial area – patient care. Outsourcing enables your team to refocus their time to improve patient satisfaction and quality of care.
The benefits of outsourcing ROI services are clear, and it’s easy to see why many healthcare organizations invest in these services, especially since COVID began.
Outsourced ROI is More Popular Than Ever
If you are looking for ROI solutions, then RecordQuest is here to help you and your patients. Contact us at your convenience when you are ready to schedule a demo.