With the technology available in today’s world, insurance companies have multiple opportunities to measure important statistics within the claims administration process. The sheer amount of data available to be measured can be overwhelming and it is important to ensure that your insurance company is collecting and utilizing all of this data to come up with solutions that improve the claimant experience. Satisfied claimants renew their insurance policies, leading to higher retention rates and increased dollars for your insurance company.
Northwood is a data-savvy third party administrator (TPA) of automobile no-fault and workers’ compensation claims that specializes in collecting the appropriate data and leveraging it for the good of its clients. Our proven processes and procedures have helped clients significantly save on durable medical equipment (DME), pharmacy and ancillary services – including home health, home modifications, infusion and transportation services.
To achieve significant savings for our clients, we focus on collecting data and transforming it into customized solutions to save you both time and money. For instance, we have developed a claimant satisfaction survey to gather information on various aspects of the claimant’s experience. These surveys contain several questions that are specifically designed to highlight areas of opportunity within the claims administration process. We analyze the responses from these surveys to proactively identify any problem areas which allows us to assist you in correcting these areas before they end up costing you additional dollars.
The surveys may show trends that can pinpoint opportunities for improvement or areas where an insurance company excels. If, for example, the claimant survey responses from auto no-fault claims were being returned with low marks on the providers’ customer service this indicates an area that needs to be investigated. We have specially trained personnel that would dig in to the data and spot trends or common themes, ultimately pinpointing an issue with a particular provider. Because of the way we’ve designed our surveys and our process in analyzing the data collected from them, we are able to identify these problem areas and find solutions for them. Ultimately, this proactive approach reduces unnecessary costs and saves you time while increasing claimant satisfaction and retention rates.
If your insurance company isn’t collecting data such as this, you are missing out on opportunities to improve claimant satisfaction and reduce your claims costs. Without properly collecting the data and analyzing it, you will not see potential problem areas in the claims process and therefore will be unable to implement a solution until the problem becomes much larger. Ultimately, this situation leads to excessive claims costs and begins to negatively impact your claimant’s satisfaction with your company. Dissatisfied claimants will leave when it comes time to renew their policies, eventually costing your company additional money.
Let Northwood’s experience work for you and save your company on DMEPOS, pharmacy and ancillary services. Schedule an audit and customized review with Rosanne Brugnoni at 586-755-3830 ext. 3771.Leave a reply →