10 Jun Why Insurance Companies Should Outsource Their Medical Record Retrieval
Managing insurance companies means wearing many hats. Whether it’s determining coverages, managing legal liabilities, or settling crucial claims — insurance teams are busy. For some insurance companies, medical record retrieval is another essential function of managing the claims process. However, this process is time-consuming, detail-oriented, and potentially costly for the company.
So, what are the options? Well, some insurance teams choose to handle medical record retrieval in-house. While this may seem like a cost-efficient method on the surface, once we pull back the curtain, it becomes increasingly clearer that outsourcing is not only more affordable — but a safer and smarter way to manage the process.
It’s nothing new. Many insurance companies have discovered that outsourcing their medical record retrieval has its benefits. Document retrieval requires a lot of knowledge about the components of a medical record, HIPAA compliance standards, and security safeguards to keep sensitive patient information out of the wrong hands.
Additionally, medical record retrieval companies that specialize in the industry have incredibly powerful tools and software that can make processes faster and more accurate. Not only does this cut down on the time that medical record retrieval takes, but also the painstaking process of having to re-request records due to errors.
If You’re Looking for Speed
Managing medical record retrieval in-house can have its benefits, but speed is typically not one of them. Unless your team has a ton of experience handling medical record retrieval, there will be a learning curve. Training not only takes up time but money as well.
But the time issue doesn’t stop there. Your insurance team will need to establish relationships with providers and maintain those relationships with constant follow-ups regarding medical record retrieval. This is where the process can become a long and painstaking endeavor.
Outsourcing medical record retrieval mitigates a good majority of these issues. Designated medical record retrieval services have established relationships with countless providers, and they also understand how to navigate the world of medical record retrieval. From understanding how to request the exact information needed for a particular claim to in-place digital portals that allow for lightning-fast processes — medical record retrieval services are prepared for your workload.
If You Want Accuracy
Although we briefly touched on accurate medical record retrieval, it’s important enough to deserve its own section. We’re not saying that your insurance team can’t precisely manage the process. However, it’s unlikely that they can juggle the detail-oriented nature of medical record retrieval with their core competencies.
Outsourcing to a dedicated medical record retrieval company saves your team the trouble. Medical record retrieval for insurance companies is simply a smarter option because it’s their specialty. Every medical record is inherently unique, and your insurance claims do not typically require the entirety of an individual’s medical records. Therefore, being able to accurately request the exact information not only cuts down on time it takes to receive the medical records, along with the costs — but also ensures that your team is receiving the exact information they requested.
If You Want to Save Money
When weighing out your options regarding medical record retrieval, you’re probably wondering how outsourcing saves money. Well, it’s true. We’ve mentioned how time-consuming medical record retrieval can be for your in-house team. It’s time and energy that they could be focusing on core competencies. All of the benefits of outsourcing start to become apparent when we begin talking about costs.
Slow processes and errors on behalf of medical record retrieval are both subtle and oftentimes hidden costs. It’s hard to see the dollar signs when they’re hidden behind what you’re familiar with. Freeing up your staff so that they can work harder and smarter on their core competencies is a hidden cost boost over time. Additionally, the speed and accuracy that dedicated medical record retrieval companies boast will also save money down the road.
The final cost is an “insurance policy” in of itself. HIPAA guidelines and compliance standards are strict and extremely harsh. Failing to abide by these, whether on purpose, through negligence, or unknowingly, can rack up major penalties or time dealing with the investigation process. Outsourcing to experienced and dedicated services cuts down these risks, as they have safeguards in place both in their digital portals and through training that will save your insurance company from the consequences of a possible breach.
If You Want to Be in the Loop
One of the most significant upsides for outsourcing medical record retrieval for your insurance company is that you’ll always be in the loop regarding its status. Medical record retrieval portals give complete convenience and transparency, allowing you to search, order, track, and receive your records in one simplified location.
It’s here that you can stay up-to-date on the status of the medical records you’ve requested so that you can better plan your claims process. Also, medical record retrieval companies have established relationships with providers, which means they will be able to stay diligent when it comes to requesting and speeding up the process. You know the saying, “the squeaky wheel gets the grease.”
There You Have It
There are so many benefits to outsourcing your medical record retrieval process, but we understand that change can be difficult. It’s all about looking at the long-term effects of outsourcing and how you can take advantage of a specialized service.
The medical record retrieval process plays a crucial role in how you manage your claims, so why not give it the love it deserves? Having the right tools, experience, and understanding on-hand can make a huge difference for your company. While in-house teams may seem like the best possible solution, there are alternative routes that will get you to your destination faster — and cheaper.