Optimized Payment Recovery Strategies For Your Business

Both patients and professionals alike agree that the healthcare industry is a complicated one to navigate through. Particularly for the many healthcare payers, such as health insurance companies and other plan providers, as they’re more likely to face difficulty when recovering money. Without internal recovery processes that are fully realized, many of these healthcare organizations are losing out on massive amounts of money. This post will detail the ways in which these organizations can perfect these processes.

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?

Choosing The Right Partner & Plan

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 of the most premier services offered by these firms are their subrogation services. These services take an in-depth look at the healthcare costs associated with medical and disability expenses resulting from accidents or injuries and ensure they are being paid by the liable party. Guaranteeing that these expenses are being paid by the correct party can make all the difference in organizations being capable of reducing internal delays and confusion. These services don’t stop there, though. An additional offering known as pharmacy audits are also available. Through these audits, retail pharmacy operations are able to be closely monitored and overseen. These audits help reduce costs and highlight some of the potential causes of fraud and abuse in the pharmaceutical industry. These partnership providers are even capable of standing in during negotiations with various healthcare providers.

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.

Many organizations are in need of the help that business process outsourcing companies such as Conduent provide. With the help of the right partner, any healthcare organization can become better prepared for perfecting their internal processes and payment recovery strategies. Hoping to learn more about payment recovery and business process outsourcing partners? Be sure to check out the infographic paired alongside this post, courtesy of Conduent.