While many understand that healthcare is one of the most complicated industries in the world, they often forget that it’s made up of more than just healthcare professionals and patients. One of the most overlooked aspects of the industry are various healthcare payers, such as health insurance companies or other plan providers. These payers often face challenges that many wouldn’t think twice about, for example recovering lost money. Failure to recover this money is often a result of inefficient and poorly optimized internal processes, but this doesn’t always have to be the case.
When considering the organizations that often have trouble recovering this money, look no further than retail pharmacies. Pharmacy compliance audits almost always uncover a form of opportunity for recovery. While the amount may vary between pharmacy, some of the largest sums lost by organizations are in the millions of dollars. As mentioned previously, recovering this money often comes at the cost of internally crumbling, limiting an organization. There is one way to help organizations improve their audit process and recovery efforts and it’s done through a partnership with a business process outsourcing (BPO) provider.
The Perks of Partnership
Rather than businesses focusing so much of their own resources on failing to solve these problems, they often consult with a professional BPO provider to address them. Through these providers’ technologies and tactics, they’re able to offer organizations the payment recovery processes they deserve. These providers offer a collection of unique services, so no matter the needs of your business, they’ll have you covered.
One of the most popular services ranging across the entire healthcare industry is known as subrogation. BPO providers offer this service when their client is hoping to ensure that all expenses related to medical or disability accidents or injuries are billed to the liable party. While it may seem trivial, these types of payment confusions can delay payments and cause major administrational issues.
Another popular service, one that was highlighted earlier in this post, are pharmacy compliance audits. These provider owners the ability to deep dive into their pharmacy’s operations and can help reevaluate certain costs while also serving to protect against fraud or financial threats. In the case of negotiations, these BPO providers can act as a representative of their client’s office in order to communicate effectively toward stronger payment recovery initiatives with different healthcare providers.
Do you believe your organization is currently struggling with its payment recovery efforts? Rather than continuing to stress internal processes and decrease efficiency amongst staff, consider how a partner like Conduent can aid in developing a sound payment recovery strategy for your business. To learn more about what Conduent offers, take a moment to check out the infographic accompanying this post.