Ever since early 2020, it seems many industries have been experiencing major upheavals. From stay-at-home orders to mask mandates, nearly every facet of everyday life has been impacted by COVID-19, the novel coronavirus. Insurance companies administering workers’ compensation and automobile no-fault claims are definitely not an exception to this rule. Now is a critical time for insurance companies to review what healthcare and claimant care will look like beyond COVID-19 and how it may impact the company overall.
While no one knows exactly what the future will bring with healthcare or the insurance industry, there are some important considerations for insurance companies to bear in mind. As always, the cost of claims is generally top of mind for your claims department. This is still true and will likely continue to be the case as we look at moving past the pandemic.
As your insurance company examines ways to be more efficient and help hold down your claim costs, Northwood can help. Northwood is an industry leader with the experience to assist your company in holding down claim costs while also taking good care of your claimants.
One way that Northwood can help with claim costs is by implementing a pre-authorization process for all of your work comp and auto no-fault claims. This essentially means that all physician prescribed services would be reviewed first by Northwood before the orders are filled for your claimants.
This process serves to help eliminate unnecessary or non-claim-related prescriptions for your claimants. Eventually, pre-authorization will help hold down the cost of your claims which will have an impact on your bottom line.
Beyond helping reduce costs, pre-authorization will also benefit your claimants when combined with Northwood’s trusted network of providers. When the prescribed service or medication is found to be claim-related and approved by Northwood, this adds convenience for your claimants. Your claimant will be able to obtain their prescription at one of Northwood’s network members with no need to pay out of their own pocket. This saves your claimant time as well since it eliminates the need for filing for reimbursement. Furthermore, the elimination of this step reduces the chance of claims being delayed because of missing receipts or incorrectly completed paperwork.
It is unclear what healthcare may look like going forward. However, your insurance can take several steps to be in a position to better assist claimants with their claim-related healthcare needs as the pandemic recedes. Northwood’s services as a third-party administrator (TPA) will help your company in a variety of ways, from holding down costs to taking good care of your claimants and improving satisfaction scores as well as your company’s retention rates.