Not only are patients that enter into the healthcare systems challenged, but so are the many organizations that contribute to the healthcare industry at large. For example, the healthcare payers typically made up by the countless health insurance companies and plan providers throughout the country, are tasked with some of the most challenging tasks to ensure the industry doesn’t collapse. Of the most difficult challenges, payment recovery in particular is what a number of these organizations struggle the most with, from ineffective internal processes bottlenecking them.
How impacted are these organizations, though? With nearly 80% of all pharmacy compliance audits uncovering some form of opportunity of monetary recovery, it’s clear that these organizations are struggling. In some cases, there could be millions of dollars remaining unclaimed by these organizations. 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?
A Partnership To Alleviate The Stress
The way most organizations go about solving these recovery issues is by limiting the use of their own resources and instead investing into a business process outsourcing partnership. These third-party 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.
The most common offering from these third-party organizations are what is known as subrogation services. These services offer healthcare organizations the ability to ensure that the healthcare costs linked to medical and disability expenses are attributed to and paid by the proper liable party. Being able to identify these payers with ease is what allows organizations to reduce the amount of delays and confusion regarding the recovery of these payments. These providers are also capable of offering comprehensive pharmacy audits which provide real-time monitoring to retail pharmacy operations. These can help keep a tight containment on costs and provide comprehensive strategies to combat against fraud and abuse.
Though many of these healthcare organizations wish they could handle this recovery internally, it often does come down to selecting the best business process outsourcing provider for their needs to truly make a difference. The right partnership can lead your organization in the right track when it comes to payment recovery, all while keeping your internal resources intact. TO learn more about the many different payment recovery options that these business process outsourcing providers offer, be sure to take a moment to read on to the infographic paired alongside this post.
