COVID-19 placed a heavy burden on an already struggling healthcare industry. It’s no surprise that the internal processes of this industry are challenging. Perhaps one of the most complicated processes of the industry comes in the form of healthcare payers, such as health insurance companies, that are tasked with recovering lost money. More often than naught, this irrecoverable capital is lost due to internal processes that were mishandled. A loss of such massive amounts of money can cause a real strain on these companies.
To put this lost capital into perspective, recent research indicates that 80% of pharmacy compliance audits reveal some chance or opportunity for recovery. This indicates that potentially millions of dollars are being lost as a result of this. The issue is that retrieving this money often comes at the cost of negatively impacting an organization’s daily operations. The question then becomes, how can these businesses continue to stay on top of their audits and recovery efforts while ensuring internal processes aren’t impacted too greatly?
How The Right Partner Can Help
As previously mentioned, many organizations attempt solving these tasks and end up being set back further than where they began. This is one of the reasons that partnerships with business process outsourcing partners become so common. With the services offered by these providers, businesses are able recover their money in a much more effective manner. Some of the most niche and unique issues for companies can be solved, thus allowing organizations to focus more on their critical internal processes.
Most typically, healthcare organizations look to subrogation services from these providers. Through these services, these providers are able to ensure healthcare costs related to medical and disability expenses (covering accidents and injuries) are being paid by the liable party. This in turn reduces the amount of payment delays possible, in addition to reducing the amount of confusion that businesses have to deal with.
While payment recovery may seem difficult, many organizations just need to identify the correct BPO partner for their needs. With these partnerships, staff members are less focused on external responsibilities and can instead fully concentrate on their actual jobs. This can reduce overwhelming feelings and burnout in employees significantly.
If your organization is currently on the hunt for the right BPO service provider, look no further. Conduent has served clients in the healthcare space for a very long time. Through their partnerships, countless organizations’ payment recovery efforts have been improved dramatically. For more information on what Conduent provides, be sure to review the information included within the infographic coupled alongside this post.