In the healthcare space, navigating today’s cutthroat and regulation-heavy landscape is no small feat. Yet one pioneering health information management company has managed to not only stay afloat but also dramatically cut costs — recording a remarkable $4.5 million in savings for the year.

How did this company manage to save multi-million dollars? Through a strategic alliance with iFive, an outsourcing powerhouse. This partnership not only curbed the company’s labor costs but also ramped up operational efficiency — all while ensuring top-notch service quality.

The partnership with iFive actually came about more by chance than by design. Back in 2020, the company acquired a smaller firm, which happened to be already collaborating with iFive. Up to that point, the larger health information management company had been somewhat hesitant to venture into global partnerships.

“We were old-school,” said Chad, a vice president for the company. “We had a domestic focus and needed to shift our mindset to even consider a global partnership like iFive.”

Still, the company adapted quickly, beginning by informing existing clients about the outsourcing component of their services. The feedback was positive, even encouraging. That led the company to talk to additional legacy clients to see if they too would be open to outsourcing.

Fast forward to today: The company now boasts an iFive team of 300 members — making up a substantial and irreplaceable part of the company’s operations.

In an economic landscape where labor costs are continually rising, iFive has proved to be a financial lifesaver. “The regulatory landscape is such that the fees we’re allowed to charge are state-controlled,” Chad said. “This puts a lot of pressure on the company when labor costs are skyrocketing. iFive has been invaluable in helping us navigate through these economic challenges and maintain our financial health.”

One of the standout aspects of the company’s partnership with iFive is the depth and breadth of specialized outsourcing services available. For starters, iFive brings a strong customer service team to the table, even catering to Spanish-speaking clients. Then there’s the account services team that handles the crucial task of releasing medical information upon request, a cornerstone in healthcare management.

iFive also provides specialized teams for redaction, making sure sensitive information stays that way, while iFive’s e-filing team efficiently handles inbound document management. On the accounting end, iFive team members tackle the nitty-gritty details often overlooked, such as capturing missing information that could otherwise make invoice collection a nightmare. In addition, iFive quality review representatives act as HIPAA experts, ensuring compliance with all legal requirements. Finally, iFive offers client specialists for data activities and virtual assistants who make the day-to-day operations smoother.

Achieving or going beyond set goals is a priority for any staff member or team at iFive, and the data proves it. Key Performance Indicators (KPIs) indicate Productivity levels are above 100% and CSR’s have an accuracy rate of 93%. In essence, iFive is not just an outsourcing firm. It’s a multi-faceted partner that adds layers of efficiency, quality, and specialized skill sets to the company’s operations.

While the dollar savings alone are impressive, iFive brings more than just cost advantages to the company. For one, the offshoring team’s location in the Philippines allows continuous work around the clock. “With iFive, we’re able to let their team take over during what would be nighttime in the U.S.,” Chad said. “This has noticeably improved our turnaround times.”

iFive also supports the company’s leadership. “iFive’s team is not just responsive but proactive,” Chad said. “They let us know when we might benefit from adding a team lead or manager to the Philippines team. This frees up our stateside managers and VPs, allowing them to focus more on strategic tasks like new customer onboarding.”

The company has also seen greater efficiencies through the partnership with iFive. “If one of iFive’s service lines experiences a low workload, they proactively transition people to other departments where they’re needed most,” Chad said. “They are self-sufficient, requiring little to no guidance from us, which is extremely beneficial for our domestic management team.”

Chad said he recommends iFive without reservation. “iFive has been a cornerstone of our success. They are accountable, adaptive, and incredibly easy to work with, and their meticulous, structured approach has been instrumental in our growth. Plus, their capability to autonomously shift between departments and cross-train is remarkable. To me, that’s the hallmark of an impressive partner.”