In today’s world, technology is advancing at a rapid pace across most, if not all, industries. The field of healthcare is no different and perhaps is one of those industries with some of the most rapidly developing technology. Closely tied in with the healthcare industry are insurance companies that administer both workers’ compensation and automobile no-fault claims. These insurance companies can also hold down claims costs by partnering with a third-party administrator (TPA) such as Northwood who leverages similar technology to improve the bottom line.
There are a myriad of examples on new and developing technological advances when considering the industry as a whole. The use of mobile technologyfor example has the potential toimprove costs.and encompasses quite a range of things. One of the most relevant categories involves telemedicine, or the ability for medical providers to communicate directly with claimants remotely. When telemedicine is offered to claimants by a provider, it can bring with it an array of benefits. In the case of severely injured claimants who are unable to drive themselves to and from medical appointments, it removes a large barrier to treatment. Telemedicine is also much more convenient than in-person provider visits.
Another bit of mobile technology that can help reduce industry costs is the personal fitness tracker. For example, part of a claimant’s recovery plan may be to aim for a certain number of steps in a day under the care of a physical therapist.
In traditional medicine it would be quite easy for a claimant to falsify these numbers through self-reporting to the medical provider. When personal fitness devices are used however, the provider is able to more accurately track the claimant’s activity, ensuring higher levels of claimant compliance. This will lead to shorter recovery times which has a direct impact on costs.
While the entire industry benefits from using technology such as in the above examples, your insurance company can leverage the benefits of partnering with Northwood as a TPA. Northwood employs technology to help streamline the claims administration process in a variety of ways. For instance, Northwood offers 24/7 access to online referrals as well as the electronic submission of claims and attachments. This use of technology expedites claims administration time which ultimately plays a role in helping your insurance company hold down the cost of claims.
Northwood, a trusted third-party administrator of both workers’ compensation and auto no-fault claims, has an eye toward helping insurance companies reduce their claims costs. For a personalized look at how Northwood can partner with your company in holding down these costs, Schedule a call with Rosanne Brugnoni at Call