Nothing comes easy in the realm of healthcare. To this day it’s one of the toughest industries in the world, not only for essential healthcare workers but also the healthcare payers and insurance companies providing plans to patients. One of the toughest issues within this industry is the amount of capital that is sacrificed despite being recoverable. This is primarily caused by an organization’s flawed or tarnished internal processes, which results in grand amounts of money being lost.
This is an industry-wide problem, as nearly 4 in every 5 pharmaceutical compliance audits will find generous amounts of money capable of being recovered. For some organizations, upwards of millions of dollars can be recovered with the right strategy. However, it can be difficult for organizations to balance both internal processes and these recovery efforts effectively. Meaning in order to recover all of the lost capital, they’ll likely need to find a business process outsourcing partner to work with.
Determining Which Partner Is Right For You
As mentioned previously, a much better use of a healthcare organization’s resources is focusing on their internal processes rather than recovery efforts. Through the right partnership and the right set of advanced technologies, a business process outsourcing partner can ensure the recovery of any lost capital in the most efficient manner. Even healthcare organizations with the most unique needs will be able to be assisted through these services.
For example, one of the most common services offered by these BPO organizations are subrogation services. This service specializes in ensuring that the healthcare costs incurred by patients of accidents and injuries remain being paid by the liable party. When this service is utilized, healthcare organizations no longer have the burden of determining whether the payment was made on time or made at all, reducing internal confusion.
Another effective service offered by these BPO organizations are pharmacy compliance audits. These complete breakdowns of a pharmacy’s operations are capable of monitoring total costs and identifiying possible cases of fraud within an organization’s dealings. BPO providers even offer services that allow them to represent their client’s organization in dealings with other healthcare providers to ensure maximized payment recovery.
The right BPO partner can be the difference between your organization recovering some of its lost capital or all of it. Not having to worry about the outcome as your organization would have a guarantee from a BPO partner can lead to less stress on both management and employees. One of the most effective BPO providers in the industry, Conduent, remains a safe pick. If you’re looking for more information on how Conduent can improve your organization’s payment recovery process, be sure to take some time to view the infographic featured with this post.