Any insurance company administering workers’ compensation or automobile no-fault claims understands the many layers of complexities associated with each claim. Balancing the obligation to indemnify your claimants while also keeping retention rates and, ultimately, financial health top of mind can be a challenging thing to do. However, keeping an eye on retention rates is a key priority for any insurance company.
If a claimant experiences excessive delays, frustrations or challenges throughout their claims journey, that can lead to their dissatisfaction. This will show up in your claimant satisfaction surveys and, if enough claimants are dissatisfied with the way their claims were handled, your retention rates as well.
On the other hand, a satisfied claimant will produce higher claims satisfaction scores. Generally speaking, they are much more likely to stay insured with your company as well, which will help maintain or increase your retention rates.
One important way that insurance companies can ensure an excellent experience for their claimants is to partner with a third-party administrator (TPA) such as Northwood. With more than two decades of experience in the work comp and auto no-fault fields, Northwood has leveraged this experience to implement effective and efficient processes and procedures that help improve retention, among many other benefits.
An example of Northwood’s expertise can be found in its extensive network of providers. The network spans the entire United States as well as Puerto Rico, which means easier accessibility for your claimants who are injured or need physician prescribed services. This large network makes finding high quality care much more convenient for your claimants and removes the hassle of trying to find a nearby provider.
In addition, these providers are thoroughly credentialed before being allowed to join Northwood’s network. Once per year, all of the providers are again reviewed to ensure the highest quality of care for your claimants.
Part of acceptance into Northwood’s network requires that providers offer discounted rates. This saves your insurance company money as well as time. With such an extensive network in place, your examiners and adjusters won’t have to spend valuable time checking prices among multiple providers. Instead, they can rely on Northwood’s network to provide a fair price along with quality care.
Furthermore, your claimants will no longer have to pay out of their own pocket for physician prescribed services. Northwood implements a pre-authorization process for each claim, therefore ensuring that all services are injury related. This eliminates any cost to the claimant, which in turn eliminates tedious reimbursement paperwork for your claimants as well as your examiners and adjusters.
To learn more about Northwood’s role as a TPA and how it can help your insurance company improve your retention rates, please call Rosanne Brugnoni at 586-755-3830 ext. 3771.
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