Insurance companies in the automobile no-fault and workers’ compensation industries face numerous challenges on a daily basis. When it comes to administering claims, adjusters and examiners are tasked with indemnifying claimants while also managing administrative items such as reviewing invoices for accuracy and ensuring physician prescribed services are appropriate for each claimant.
To improve efficiency, reduce administrative burdens on claims teams, and provide a quality claimant experience, many insurance companies are choosing to partner with an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider. This synergistic partnership brings a multitude of advantages to insurance companies.
For instance, Northwood has over 30 years of experience in the auto no-fault and work comp insurance industries and partners with several insurance companies to administer their claims. This wealth of experience translates into improved claims adjudication because Northwood brings its proven processes and procedures to each company to improve efficiency and hold down costs.
One way insurance companies realize benefits from this partnership is through their access to Northwood’s medical provider network. Each provider is thoroughly credentialed before being admitted into the network. Among many factors that influence acceptance into the network, providing quality care for claimants is an important priority. If a provider fails to meet Northwood’s high standards for care, they will not be accepted into the network.
Furthermore, once a provider joins the network, they undergo re-credentialing every three years. This ensures they are continuing to meet or exceed Northwood’s standards, which translates into better care and improved outcomes for your claimants. Ultimately, that can drive up claimant satisfaction scores and lead to increased retention rates, which both impact your company’s financial results.
In addition, these providers must agree to offer contracted rates, which directly impact your company by holding down claim costs. As an added benefit, your claimants are able to obtain physician prescribed services from a network provider of their choosing and they will not have to pay out of pocket for injury related services. This further drives satisfaction scores up because it drastically reduces common frustration points for your claimants.
It also eliminates reimbursement paperwork for your examiners and adjusters, who are then free to work on the other aspects of their claims. Furthermore, because all physician prescribed services are pre-authorized by Northwood, your claims team members no longer need to review provider invoices to ensure services are injury related and coded appropriately, further reducing administrative burdens.
Entering a partnership with Northwood means your insurance company realizes many benefits, from improved claimant satisfaction scores to time savings for adjusters and examiners. Ultimately, these benefits lead to improved financial results over time. For a more thorough look at the benefits of this partnership, please call Rosanne Brugnoni at 586-755-3830 ext. 3771.
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