Arranging The Payment Recovery Plan That’s Right For Your Business
While COVID-19 posed some unique challenges to the healthcare industry at large, many remain negligent regarding some of the behind the scenes troubles that healthcare organizations have to deal with, particularly in regards to payment recovery. Healthcare payers, such as health insurance companies or other plan providers, have one of the most overlooked jobs in the industry: recovering lost capital. The struggle that these healthcare organizations face is that their internal processes are not nearly effective enough to recover this capital without causing issues and hiccups across the rest of the organization. This post will detail the ways in which these organizations handle their payment recovery troubles and maximize their returns.
To understand the scope at which these organizations are impacted, recent statistics coming from pharmacy compliance audits have uncovered that nearly four in every five pharmacies share some form of recovery opportunity. As this industry typically deals in large sums of money, this could mean that a handful of organizations could be missing upwards of millions of unclaimed dollars. Typically organizations will fail to recover this money as it often comes at the price of ruining their day-to-day operations. As these payers continue to struggle to identify ways in which they can keep track of these audits and recovery opportunities, they’re left wondering: what options are there to simplify their efforts without crumbling internally?
Determining Which Plan & Which Partner
As previously mentioned, in hopes to avoid an internal collapse, these healthcare organizations must first prioritize ways in which they can limit their own resources needed 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.
A common service offered by these organizations is known as subrogation services. These services are dedicated to ensuring all healthcare costs related to medical and disability expenses in accidents or injuries are being paid by the liable party. Confidence that these expenses are being paid can help organizations reduce delays and any confusion related to these payments. Another common offering is a pharmacy audit. These audits are meant to monitor retail pharmacy operations to keep costs under control and improve the overall understanding of different fraud and abuse possibilities. These BPO providers can even stand in as an extension of a payer’s business to help improve relationships with different healthcare providers.
While the services mentioned within this post are a great start at recovering lost capital, sometimes a healthcare organization will need a more tailor made offering to solve their issues. There are plenty third-party solutions providers that can offer the necessary payment recovery plans to keep your organization from losing too much of the money they deserve. To learn more about these services offered by one of the premier BPO providers in the world, be sure to continue on and read the infographic pictured alongside this post.
