Among some of the most complicated industries in the world is healthcare. Different healthcare payers, particularly health insurance companies and other plan providers, face some unique challenges in regards to recovering lost money. What often causes the most failure in these organizations are their inefficient and poorly optimized internal processes, which can cause plenty of money to slip through these organizations’ fingers.
Just to put it into perspective, 80% of all pharmacy compliance audits will uncover some form of opportunity for monetary recovery. Meaning, in some cases, there could be millions of dollars remaining unclaimed. While recovering this money is most ideal, it is often impossible to accomplish as most organizations will internally crumble trying to do so. The question becomes, how can organizations maintain their audits and recovery efforts while making sure their business doesn’t fail in the process?
A Sound Partnership
Instead of businesses focusing their resources on these matters, a more sound approach is finding a business process outsourcing partner that meets their needs. These partners, with the help of advanced technologies and sound tactics, can ensure that organizations are able to recover their money in both a time and cost-effective manner. These partners offer a wide variety of services, so meeting your organizations’ unique needs will always be possible.
One service for healthcare organizations in particular is subrogation services. These services are developed in such a way to ensure that healthcare costs related to medical and disability expenses (covering accidents and injuries) are being paid by the liable party; reducing payment delays or confusion.
As mentioned previously, pharmacy compliance audits are also a great service for receiving an overarching look into a pharmacy’s operations. This service can monitor costs and deter against different types of fraud of financial abuse. When necessary, these BPO providers can stand in and serve as a representative of their client’s office in order to maximize payment recoveries and further strengthen relationships with different healthcare providers.
Deciding on the best BPO partner can make all the difference for your organization. Improvement of your organization’s recovery efforts in addition to less stress on employees can result in higher efficiency.
Conduent remains as one of the leading BPO providers in the healthcare industry. For more information on how they can help improve your organization’s internal processes and evolve your payment recovery process, be sure to review the infographic coupled alongside this post.