Business process management is the need of time for businesses around the world. There are various industries that always have a high demand for BPM, however, let’s understand the top two industries with greater demand.
The healthcare industry has been facing new challenges and demands from the communities they serve. Societal pressure, tight budgets, and finding the balance between maximizing efficiency and meeting patient needs can be difficult. However, healthcare outsourcing has many advantages that can benefit your organization. Using BPO for healthcare support and administration has become more common over the years.
Now here are a few significant advantages BPO brings to the healthcare industry.
A) Efficient Medical billing and coding
Medical billing and coding is an important component of revenue cycle management. It involves the whole process from submitting the claims to follow-up on the denials. By collaborating with healthcare BPO, it acquires less investment. Medical billers will be associated with updates on medical code changes, modifiers, and subsets. BPO helps to Improve patient engagement and satisfaction rates.
B) Maintain Constant Revenue Flow
Hospitals or healthcare providers would not find it easy to make payments feasibly and assistance for post payments. The healthcare BPO is streamlined to submit the claims faster and receive payments without any difficulty. It also maintains a constant and seamless flow of payments and promises the hospitals better revenue growth.
C) Maintain Low Average accounts receivable days
Optimizing the claim submission process is one of the crucial ways to improve healthcare revenue cycle management. BPO helps to lower the A/R days and faster the payments.
Banking and Financial services BPO
Today’s banks are challenged to develop a customer-first operating model, reinvent payment and credit models, and adapt to growing market disruptions— all while driving profitable growth
The past decade has seen frequent advancements in technology and it has had an exceptional impact on everyone. The banking and finance industry has also observed some of the massive transformations due to these advancements. With each passing day, the expectations of customers are increasing and so is the competition between the companies dealing in financial technology. As the finance and banking industry is advancing rapidly it is becoming difficult for the companies to survive with the increasing regulatory challenges.
To thrive in this constantly evolving marketplace, banks, lenders, and payment companies must develop and manage intelligent, agile, and
adaptable operations. Financial institutions must redesign processes to be customer-centric and ensure their services are always on, their customer
support is intelligent and personalized, and their products and services are innovative.
So the major BPO services offered to the Finance industry are Accounts payable and accounts receivable:-
A) Account Payable
Now in accounts payable, BPO services are capable of processing a diverse nature of invoices, which include trade invoices, non-trade invoices, employee expenses, telephone bills, and credit memos, etc. It also includes Posting invoices in the relevant SAP module; researching problematic invoices, and maintaining an audit trail of documents.
B) Accounts Receivable
When it comes to accounts receivable, a timely and effective order-to-cash cycle is vital for improved cash flow, and it plays a critical role in optimizing business performance. However, for many organizations, the paper-based, time-intensive processes of accounts receivable (AR) are often a drain on limited resources. Leveraging best practices, industry expertise, and automation, BPO delivers less expensive and more efficient accounts receivable services. It includes Customer set-up and maintenance, Set-up AR follow-up mechanism, Invoice chasing escalation and resolution, Debt collections, Monthly MIS reports and AR aging reports.