Technology

Recovery Potential – How Your Healthcare Organization Can Regain Lost Capital

adminApril 28, 2022

Healthcare continues to be one of the most challenging industries seen worldwide. Patients, healthcare professionals and even the organizations supporting these operations from behind the curtains all struggle with these challenges. Those organizations behind the curtain, such as healthcare payers and the insurance companies offering coverage to patients, are met with tremendous trouble when considering payment recovery. So much capital is lost each year as a result of poorly optimized recovery plans, but this doesn’t have to be the norm.

For some perspective, however, nearly 80% of all pharmacy compliance audits uncover potential recovery for many businesses, sometimes in the millions of dollars. The act of recovering this money is what troubles most organizations as their internal capabilities limit them. What can organizations do to get more out of these audits and in turn recover the most capital possible? This post will detail just how these healthcare businesses can go about doing just that.

What The Helping Hand Of A Partner Can Do For Your Business

Internally being unable to effectively recover this lost capital, leaves organizations with the option of outsourcing their recovery so that their employees aren’t burdened with the task.  Partnerships with a business process outsourcing firms are birthed and with the skills of these firms, they’re able to leverage the use of advanced technology coupled with their proprietary strategies in order to recover the capital lost by these healthcare organizations. These firms are capable of meeting the most unique needs of an organization, meaning they’re able to provide immense value to any organization in the industry.

Building off of these unique needs, many businesses may need additional services from BPO organizations. One of the most common in the healthcare industry are known as pharmacy compliance audits. These are breakdons of a pharmacy’s operations which provide insight into the total costs of a pharmacy with intent to identify possible cases of fraud. 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 in these cases.

Many businesses will feel hopeless in their payment recovery efforts. The truth is, finding the right partner can make all the difference in how your organization goes about recovering this lost capital. To learn more about the ways in which a leading BPO provider can help your organization’s payment recovery process, spend a minute reading over the infographic featured alongside this post.