How Payment Recovery Services Are Saving The Capital Of Healthcare Payers
Many people fail to realize that the healthcare industry consists of more parties than just the healthcare professionals and patients. Healthcare payers, for example, health insurance companies and plan providers, are responsible for making sure that these patients are receiving the best quality care for their money. These organizations are also tasked with recovering lost money, but due to inefficient internal processes, they’re losing countless dollars every day.
Take an average retail pharmacy as an example, recent research indicates 80% of all pharmacy compliance audits will bring some form of recovery potential to light. Some organizations won’t benefit too much from this recovery, while others could be missing out on millions of unclaimed dollars. Developing ways to recover this money often comes at the cost of negatively impacting an organization’s day-to-day operations. Rather than struggling to find ways to keep track of all of their audits and recovery efforts, how can these organizations simplify these processes and remain as efficient as possible?
A Partner’s Helping Hand
These organizations must identify ways to limit their own resources used to solve these problems. For most organizations, this requires a partnership with a business process outsourcing firm. These firms use proprietary technology in connection with recovery techniques to help organizations recoup their lost money at cost-effective prices. No matter the needs of an organization, these partnerships and accompanying services will prove to solve any organization’s woes.
Most often, organizations prioritize services offered by these firms like subrogation services. Through these services, BPO firms are able to ensure that all healthcare costs related to medical and disability expenses in accidents or injuries are being paid by the liable party. As mentioned previously, many organizations also consider a pharmacy audit from these firms. With the help of these audits, retail pharmacy operations are able to be monitored in such a way that costs can be kept under control and can remain defended against new fraud and abuse possibilities. These BPO providers can even stand in as an extension of a payer’s business to help improve relationships with different healthcare providers.
It may seem like the right BPO provider can be impossible to find. However, Conduent has been known as a leader within the BPO space for some time now. They’re capable of helping any organization within the healthcare industry with their payment recovery processes amongst other top tier services. For more information on the services they offer, take a minute to review the infographic featured alongside this post.