The healthcare industry is met with many challenges, sometimes at a rate unprecedented in other industries. It remains one of the toughest industries to navigate in the world, particularly for healthcare payers and insurance companies providing plans to patients. These organizations struggle internally to the point that they require a third-party to help them recover some of their payment losses. This post will detail the ways in which a third-party solution provider can make all the difference within these healthcare organizations.
These recovery opportunities can be seen throughout recent research. Reports indicate 80% of all pharmacy compliance audits will bring some form of opportunity potential to light. Meaning some organizations could potentially be missing out on millions of unclaimed dollars. Recovering this money often comes at the complexity of negatively impacting your organization’s day-to-day operations. More and more payers are struggling to find ways to keep track of all of their audits and recovery efforts. What can they do to simplify their efforts while remaining efficient in the process?
Evaluating The Partners Available
Rather than devoting their own resources to these often tedious and time-consuming tasks, many companies in the healthcare sector choose to find a reliable business process outsourcing (BPO) partner. Utilizing advanced technology and proven techniques, a BPO provider can help payers recover their money in the most efficient and cost-effective manner possible. There are several services available, and businesses can often take advantage of them individually or as part of a comprehensive suite of 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.
Selecting the right BPO partner for you organization can be a challenge. However, with a sound partnership comes the best recovery efforts. Which means your staff can continue concentrating on their responsibilities rather than becoming distracted with recovery efforts.
Of the leading BPO providers, Conduent is one of the most sought after. Their capabilities within the healthcare realm and beyond ensure the fact that their clients’ internal processes are being optimized to the best of their ability. With the insights they derive, your organization is sure to get the most out of its payment recovery efforts. For more information on the services they offer, be sure to take a moment to consult the infographic paired alongside this post.
