Compliance Monitoring Services for Hospitals

Robust Response Mechanisms Help Cope with Regulatory Requirements

U.S. hospitals are under constant scrutiny for compliance regarding privacy of a patient's medical information. An increasing volume of sensitive information about patients is stored and accessed electronically. Upholding the privacy, security, and integrity of these medical records is a financial drain. Add to this the federal penalties and financial liability entailed by HIPAA breaches and the result could well wreak havoc on a hospital system. What makes things so difficult is that HIPAA compliance regulations necessitate hospitals and healthcare providers to adopt IT aggressively. However, in a contradictory turn of affairs, the high degree of security and privacy mandated by HIPAA comes in the face of tight IT budgets and a limited human resource pool. While robust response mechanisms are needed to keep pace with the regulatory requirements, upgrading the existing systems is far too expensive given the already escalating costs of the healthcare industry.

Outsourcing to Low Cost Destinations Helps the U.S. Healthcare Industry to Curb their

High Spending

A research from Frost & Sullivan shows that as healthcare administrations look for ways to cut costs and increase operational efficiency, outsourcing of IT services may be the most viable option to spur profits and boost the bottom-line. The US healthcare industry has been struggling with high spending for the last four years. Complying with regulations like HIPAA only create more financial drain as it demands better IT support. As of now, almost 4.0 to 6.0 percent of total revenues within healthcare organizations are dedicated to IT spending. And yet, the colossal expenses posed by escalating capital expenditure, staffing shortages, and larger patient volumes, necessitate an even larger allocation of funds.

Why Outsourcing is a Good Option:

Cost effectiveness The savings on training and real estate is almost 60% cheaper than keeping the information in-house. By incorporating third-party services, healthcare organizations immediately save on the time and capital associated with the hiring and continual training of in-house IT professionals. On Par with International Standards Contractors and professionals in India are now asked to maintain mandatory standards at par with the US. Indian coders are skilled in international coding practices. Most of them are certified by the AAPC (American Association of Professional Coders) and have a minimum of 4 years experience. However, it is necessary to ensure that the company you are signing up with is certified and has a HIPAA compliant network. If the company you are signing up with is a subscribed member of coding bodies like the AAPC and AHIMA, you can rest assured that your Indian coders are constantly updated. Greater Focus on Core Competencies The scale and error-free productivity of IT applications will allow U.S. healthcare professionals to concentrate on clinical care, workflow efficiency, and business productivity. Increased Workflow Efficiency Additionally, outsourcing IT functions to experts will increase the organization‘s efficiency by decreasing extraneous costs and improving workflow efficiency of healthcare workers. TA has experience in handling compliance monitoring outsourcing. Our partnership with parent company Stylus, Inc. specializing in customized software and IT solutions ensures that we are able to design solutions that exactly match your needs.