Strategies To Improve Your Organization’s Payment Recovery Process
There’s no denying just how complicated an industry healthcare truly is. Every aspect of the industry, particularly the healthcare payers such as the countless health insurance companies, will be significantly challenged when it comes to recovering lost money. Often times this irrecoverable capital is a result of unsophisticated and poorly handled internal processes. This can cost these companies a great deal of money.
Just how significant is this issue, though? Recent research indicates that approximately 80% of pharmacy compliance audits will reveal some form of a recovery opportunity. With so many companies identifying lost money, it wouldn’t be shocking to find out that potentially millions of dollars are going unclaimed year after year. Despite these organizations’ inclination to go after these losses, the sophistication of the business makes it particularly challenging to recover all the capital available without simultaneously impacting an organization’s operations in a negative manner. Two important questions are birthed as a result of this: what are some effective methods to maintain accurate tracking of these audits? Followed by: how will these audits then impact the capital recovered?
Identifying The Correct Partner
For many organizations, polling their resources and efforts to solve these tasks can set them back much more than they’d like. Which is why it’s so common for companies in this industry to look to a reliable business process outsourcing (BPO) partner. These providers are capable of offering payers unique opportunities to recover their money in the most efficient way possible. These providers are capable of solving niche, one-of-one issues for companies or can be used more comprehensively for organizations looking for additional payment recovery options.
One of the most applicable examples of these providers comes in the form of their subrogation services. Through these services, providers are able to guarantee that healthcare costs linked to medical and disability expenses are being taken care of by the proper liable party. Which can help any organization reduce the amount of delays and confusion regarding recovering this type of payment. These providers are also capable of comprehensive pharmacy audits which provide real-time monitoring to retail pharmacy operations. Which can keep a tight containment on costs and provide comprehensive strategies to combat against fraud and abuse.
Sometimes finding success in payment recovery is as simple as identifying the correct BPO partner for your organization. Through a sound partnership, more staff members are able to concentrate on fulfilling their responsibilities and can avoid being overwhelmed by these recovery efforts ever again.
Business process outsourcing has never been simpler than with Conduent. Known for providing clients in the healthcare realm with a method to improve their internal processes and payment recovery options, your organization is always in good hands. For more information about how you can improve your payment recovery process and how Conduent can assist, please take a moment to review the resource featured alongside this post.