Throughout this pandemic, many different industries across the nation have been challenged. Of the most challenged, healthcare reigns atop the list. Healthcare organizations are made up of many components such as healthcare payers, particularly health insurance companies and other plan providers. These entities are tasked with recovering lost money, which is no easy task. Many organizations experience failure throughout these processes as a result of inefficient strategies, which in turn results in them losing money.
For instance, approximately 80% of pharmacy compliance audits uncover a potential opportunity for recovery. This means there are potentially millions of dollars just sitting on the table going unclaimed. However, the complexity of the business means it can be extremely difficult to recover as much money as possible without negatively impacting your organization’s daily operations. How can payers continue to keep their track of their audits and recovery efforts while ensuring they don’t get bogged down in the process?
Simplifying The Process Through Partnerships
Organizations should consider ways in which they can limit their own resources being used to solve these tasks. This is usually accomplished through a business process outsourcing partnership. These organizations use advanced technology in connection with their proprietary techniques to help recover lost money while remaining as cost-effective as possible. No matter the needs of an organization, these partnerships and accompanying services will prove to solve any organization’s woes.
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.
Choosing a capable BPO partner could be the tool your enterprise needs to cut through the red tape and get more from your recovery efforts. Best of all, this partnership can allow your staff to concentrate on fulfilling your core mission and avoid getting overwhelmed by the recovery efforts.
For any organization searching for the right BPO service provider, Conduent is a safe choice. With a long history of of clients in the healthcare space, they’re sure to improve any organization’s payment recovery efforts. If your organization is still hesitant, take a moment to review the infographic coupled alongside this post for additional information.