The field of healthcare comes with some inherent challenges. Rising costs of healthcare services and health insurance are two of the more commonly discussed challenges. But the field of healthcare is evolving as well, thanks to the developments in technology and innovation.
One such evolution that is underway in the healthcare field pertains to remote medicine. The COVID-19 pandemic kickstarted a widespread use of telehealth options. That means that patients and claimants can talk with their healthcare providers from the comfort of their own homes, rather than visiting a clinic or healthcare facility in person.
Wearable technology that monitors health statistics has also been something that is popping up more and more. Popular tech or smartphone companies offer watches that can monitor everything from how many steps per day a user takes to what their resting heart rate is per minute. Some wearable health-related tech options can also communicate with medical providers if needed to provide updates on a health condition.
The evolution of healthcare carries many benefits with it, to be sure. The added convenience of visiting a healthcare provider without leaving home can be incredibly beneficial for claimants. This is especially true for claimants who have sustained injuries from an auto accident or work accident who cannot get around as easily while they recover.
Wearable health technology also offers the potential to proactively monitor health conditions. This could help a claimant and his or her medical team prevent further injuries from occurring. This ultimately can help save insurance companies money, which they can then pass on to their claimants in the form of policy rate decreases.
Insurance companies administering workers’ comp and auto no-fault claims would be wise to take note of the changing field of healthcare. By adopting some of the technology when it makes sense to do so, companies can help ensure their claimants have a better experience. This improved claimant experience can come in the form of added convenience, reduced frustration, and potentially faster recovery times as well.
Furthermore, insurance companies will benefit from having delighted their claimants. Satisfied claimants are more likely to renew their insurance policies with the company. That drives up retention rates and can help improve the bottom line over time as well.
Northwood is an industry-leading third-party administrator (TPA) of both work comp and auto no-fault claims. With over two decades of experience in administering claims, Northwood can assist your company in embracing the evolution of healthcare while delighting your claimants, improving retention rates, and helping to hold down the cost of administering claims.
Please call Rosanne Brugnoni at 586-755-3830 ext. 3771 today for more in-depth information about the benefits that Northwood can bring to your insurance company as you partner on your auto no-fault and work comp claims.
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