5 Recommendations For Increasing Patient Retention From Healthcare BPO Companies

Without the ability to retain patients and collect strong revenue, hospitals face many financial struggles. Higher levels of patient retention are a direct impact of the good quality of the care, besides ensuring that your patients receive exceptional service and have a good overall experience when paying for that care.

As such, revenue cycle management is an important part of your hospital management and an area that consumes a higher level of internal resources.

Due to the stress caused by the rapid changes in the healthcare landscape and the desire to reduce the number of in-house services, many hospitals are planning to outsource their solutions to healthcare BPO companies.

Given below are 5 best recommendations offered by the healthcare BPO companies to help increase patient retention.

1. Get Help to Protect The Name Of Your Brand

Hospitals, just like any other organizations, have brands that patients recognize. Maintaining the trust of your patients is very important, and a BPO company can help provide stronger levels of trust. This is done by:

• Contacting and educating your patients in a professional manner
• Being clear in the desire to retain the patient
• Facilitating agreements between patients and the hospital
• Providing a high level of value for the patient

By using a BPO company that protects your brand, hospitals can retain their patients at a higher and a better rate. With outsourced revenue cycle solutions, a hospital has more time and focus on delivering proper patient care.

2. Honor HIPAA Compliance

By outsourcing to the best healthcare BPO companies, a hospital allows a separate entity to provide and request information when it comes to patients. Make sure your BPO company has a reputation and will do the following:

• Take great care to follow HIPAA standards
• Make sure compliance is the main focus
• Convey any concerns to the hospital right away

That way, your hospital can leave all the revenue cycle problems to the BPO company without any worries about the compliance.

3. Rely on the Bridge an Outsourced Revenue Cycle Solution Provides

Patients understand that they must pay their bills. Hospitals too, understand that their patients may not always have the required amount of money for the same. When the accounting is done through a third party, the company can become an excellent bridge between the hospital and its patient.

This, in turn, allows the three entities (patient, hospital, and BPO company) to:

• Work together for a viable solution
• Create a payment plan
• Consider a hardship waiver
• Handle the issue with patient retention in mind

4. Processed Insurance Information Meticulously

Any insurance the patient has will do no good to that patient if it is not processed in the right manner. Handling insurances is not as simple as it seems to be:

• Insurances can come from a number of companies
• The patient may have more than one insurance provider
• Money, often, is a tricky and a touchy subject; especially for patients who may not have much for their medical requirements. By choosing the right BPO company, insurance and other financial concerns will be handled in the best possible way to ensure patient retention. 
• Outsourced revenue cycle solutions will reflect the hospital's policy and reputation for helping people.

5. Give Yourself a Break

No matter how stressful a hospital becomes, one area where the stress can be mitigated to is the revenue cycle department.

Joining hands with the right outsourced company, CFOs and other keys healthcare Executives can finally get relief from the stress on their shoulders.  A successful BPO company ensures the following:

• Revenue cycle solutions will be executed efficiently, with your brand, goal and needs in mind
• Patient retention will increase
• There will be fewer worries over these issues
• Maximize Your Collections Rates while Improving Patient Satisfaction

A healthcare BPO company is the right choice for any hospital that wants to handle revenue cycle solutions in a more effective and cost-efficient way. Because patient retention is such an important part of the hospital’s growth and development. By focusing on it completely, we can keep the hospital moving in the right direction. This also means outsourcing parts of the revenue cycle, to focus more on the best possible patient care.