Boosting the Bottom Line: The Power of Integrated Benefits
One key way for insurance companies administering automobile no-fault and workers’ compensation claims to boost their bottom line is to become more efficient. Enhanced efficiency can be achieved via multiple methods, but one of the best options is for insurance companies to partner with an organization that serves as their pharmacy benefits manager (PBM) as well as their durable medical equipment benefits manager (DBM).
Improve your company’s bottom line
Because auto no-fault and work comp claims often involve a combination of prescription medications and durable medical equipment, prosthetics, orthotics, and medical supplies (DMEPOS), it is logical to partner with one organization that can act as a PBM and DBM. One major benefit to insurance companies in this case is that its adjusters and examiners can simply work with one provider organization, which will reduce the time they need to spend communicating back and forth with multiple providers.
Claimants will also experience positive impacts from integrated benefits. When a claimant is injured and requires both prescription medication as well as DMEPOS, working with a separate PBM and a separate DBM can make the claim feel more overwhelming. This often leads to increased frustration that will in turn be reflected in your company’s claimant satisfaction scores. Low claimant satisfaction scores will eventually lead to a drop in your company’s retention rate and, therefore, your bottom line.
Instead, your company can take a more efficient approach that comes with multiple benefits for all parties. Partnering with Northwood, a proven, highly qualified DMEPOS, pharmacy and ancillary service provider, will streamline your claims adjudication process. Northwood’s 30 years of experience in the work comp and auto-no fault industries and its ability to act as your company’s PBM and DBM will significantly enhance claimant satisfaction scores.
For example, Northwood implements pre-authorization on all physician prescribed services to ensure injury relatedness. When a claimant receives their prescribed services at a credentialed provider within Northwood’s extensive network, the claimant will not have to pay out of pocket because of Northwood’s proactive pre-authorization process. This improves the claimant experience, driving up claimant satisfaction scores as well as your company’s retention rate.
In addition, your examiners and adjusters can shift the task of comparing prices for physician prescribed services to Northwood’s experienced team members. This frees up their time by removing a time-consuming task from all of their claims. Yet it also eliminates unnecessary payments to providers that can drive up your overall claim costs. Ultimately, Northwood’s role as a PBM and DBM reduces administrative burdens for your claims team members and helps hold down claim costs overall.
Hold down claim costs
For more information about the advantages of Northwood’s integrated benefits and proactive processes, please reach out to Rosanne Brugnoni at 586-755-3830 ext. 3771.