Business Process as a Service (BPaaS)

Business process management solutions for healthcare and finance

Would you like to serve your company, clients, and employees in the best possible manner? Every business wants to, but only a few are able to achieve it. Business process management (BPM) is a way to improve end-to-end business processes to serve the company, clients, and employees by analysing the processes and modelling them according to different scenarios. Once complete, you execute, monitor, and optimise the processes for the best possible results.

BPM is a holistic combination of software and processes to ensure that your business runs efficiently at all levels. As customers become more tech savvy, they seek convenience, speed, and accuracy. In this blog, we discuss the applications and benefits of BPM solutions in the healthcare and finance sectors.

Applications and benefits of Business process management in healthcare and finance

As the two industries grow and provide various services, BPM makes the lives of the businesses and their customers easy.

Healthcare

• Insurance claims processing:

  Today, most patients utilise insurance claims for medical treatments. Delays in claim processing cost the hospital and the patient. A specialised focus on these activities can minimise such costs. With Business process management in financial services , tasks ranging from intimating the insurance company to closing the case can be processed seamlessly and scalably.

• Electronic health record data processing:

  Patient EHR data is massive and requires systems and processes for management. The rapidly growing amount of data has volume, velocity, and variety, and it can help hospitals monitor disease trends, administer medication, and predict patients’ future needs.

• Integrating systems:

  BPM connects different applications in a hospital and captures information quickly to expedite patient care.

Finance

• Loans processing:

  Reduce the cost and time for completing loans. Eliminate repetitive steps and make the process digital to reduce workload. Eliminate tons of paperwork and delays in approvals and verification. Reduce the chances of fraud or multiple unexplained rejections.

• Customer acquisition:

  Banks spend considerable time getting new customers onboard. From filling out paper forms to physical KYC and manual verification, a customer’s woes are endless. BPM compliance practice can make this process smooth and quick, gaining the trust of customers. It collects data from multiple sources, such as the website, mobile app, or other third-party platforms, and performs verification without cumbersome manual intervention.

• Credit card issue and processing:

  Credit cards can be a major source of fraud and defaults, both of which harm the banks financially. Manual verification and issuance of credit cards takes time and is prone to errors, whereas an efficient system and a process can make it accurate and fast.

BPM implementation steps

A data-driven and process-oriented approach reduces inefficiencies and eliminates waste of time and resources to keep costs from spiralling out of control. It is best to implement BPM in stages and monitor the output, irrespective of healthcare or financial sectors.

Identification:

Identify and map the workflow of existing processes. Perform this exercise across systems and departments. Include individual tasks, dependencies, systems, stakeholders, and business rules you want to streamline. It is best to conceptualise it in the form of a flowchart.

Assessment:

After you set up a workflow, assess the inefficiencies and bottlenecks by looking at the turnaround time, complexity, and the number of tasks and systems involved. This will give you a clear picture of repetitive and manual tasks.

Implementation:

Once you identify and shortlist the processes, implement BPM on the smaller ones and go bottom-up. You must implement BPM in one department and then move to other departments for best results.

Review:

Review and analyse key performance indicators (KPIs) such as response and turnaround times. Remove the bottlenecks and improve process efficiency. Compare the outcomes with the pre-implementation values of your systems and processes.

Improvement:

As you implement BPM across teams and departments, it is necessary to improve and align it with your unique business needs.

For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like living organisms will be imperative for business excellence. A comprehensive yet modular suite of services is doing precisely that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.

How can Infosys BPM help?

Infosys BPM helps you eliminate inefficiencies in healthcare (patient admissions, treatment, billing, and insurance) and financial (loans, customer onboarding, and credit card) and other manual processes. Read more about how Infosys BPM can help you in the healthcare and financial sectors.