Northwood offers comprehensive and cost-effective claims and benefit management for automobile no-fault insurers through its unique Durable Medical Equipment Benefits Management (DBM) model.
For auto no-fault insurers handling injury claims, contracting with a DBM third party administrator (TPA) provides them with a comprehensive solution to the many potential issues surrounding these coverage areas. Insurers must strictly adhere to regulations in the state of Michigan concerning no-fault claims, including timeliness of paperwork and claim payments. Insurers must also assist claimants in obtaining access to quality medical equipment and medical services regardless of whether the injury is minor or catastrophic.
Northwood has taken the initiative to build a better option for insurers administering auto related medical claims by incorporating techniques from its Pharmacy Benefit Management (PBM) model. Northwood’s total solution solves the challenges arising from no-fault benefit administration when handling durable medical equipment services and claims. Within the past 20 years, Northwood has evolved its DBM/PBM model and built up its network of medical equipment and pharmacy providers to benefit insurers they work with. Northwood’s network of high-quality providers offer discounted rates to Northwood, which they in turn bring to their clients in the insurance industry who then provide the necessary medical treatment to the injured party with no out-of-pocket cost to the claimants.
In addition to the significant savings an insurer will realize with Northwood, its adjusters and claimants will also benefit. An insurer’s adjusters are tasked with completing claims forms and obtaining home health care products and medical services for their claimants which is time consuming and can result in unintentional errors. With the DBM/PBM model, Northwood brings its vast network of contracted providers to the insurance company’s adjusters in addition to a streamlined process for completing claims paperwork in a highly efficient manner. Claimants will benefit from Northwood’s streamlined payment process, which requires no out-of-pocket payments and allows for shipments of medical devices directly to a their home when necessary. Furthermore, reimbursement requests are eliminated, allowing for higher claimant satisfaction rates for the insurer’s claims process. A claimant who experiences greater efficiency throughout an insurer’s claims process and is satisfied with the resolution of the claim also has a much higher likelihood of continuing on as a customer with that insurer.
By utilizing its network of contracted providers and ensuring a streamlined no-fault claims process, Northwood lowers its insurers’ costs, allowing them to significantly reduce their claims expenses without reducing adjuster or claimant satisfaction. Insurers will be able to track and observe their return on investment under Northwood’s DBM/PBM model through the comprehensive cost management reports we provide.
Please contact Northwood if your company is interested in obtaining more information regarding their innovative approach to DBM/PBM auto no-fault claims administration.
Leave a reply →