Exercise Your Core: How Outsourcing Helps Businesses Get to Work

In healthcare, we often see certain segments of the business attempting to do more with less. Less expertise. Fewer resources.

This is especially true when organizations move from a core product or service capability to an area in which they’re less familiar. For hospitals and stand-alone healthcare providers, it’s all about delivering top-quality care. Not submitting claims or battling denials.

Collecting payment is crucial to success. But chances are it’s not a core competency of a health system or practice. It’s not why they got into healthcare. Nevertheless, it must be done. So why not outsource to a company whose core competency is submitting claims and battling denials?

While most companies outsource to save money, I’d argue it’s more important to take this route because it allows an organization to focus on its core competencies. (In time, savings likely will follow.)

In fact, 57 percent of businesses outsource because it allows them to concentrate on what they’re good at, according to Deloitte. Focusing on the core business is the second most popular reason to outsource, just two points behind cost-cutting.

Among other business functions, according to a Deloitte survey, these are typically outsourced:
  • IT;
  • HR;
  • Finance; and
  • Procurement.
An interesting benefit of outsourcing is the business’ ability to take advantage of novel approaches to a task. Companies that offer outsourced support have the benefit of development budgets and staff charged with making the service faster, more user-friendly and more secure.

With outsourcing, businesses can improve core competencies, save resources (human and financial) and use the most up-to-date services.

So get out there and exercise your core. You and your bottom line will be glad you did.
 
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