How Advances in Technology Help Reduce Claim Costs
Ultimately, your priority as an insurance company administering automobile no-fault and workers’ compensation claims is your claimant. However, your company must also be aware of a multitude of other priorities within each claim. Among those priorities is proactively working to contain the cost of claims while harnessing the power of technology. Over its 30 years of experience in the insurance industry, Northwood has leveraged advances in technology to help with cost containment for its insurance company partners.
Hold down claim costs
One way that technology can be harnessed to hold down claim costs involves reporting and data. It is critical that your company collects the appropriate data in order to be able to analyze your claims processes. Northwood partners with insurance companies to measure claimant satisfaction data, for instance. When appropriate, Northwood’s team members draw upon technology to assist in collecting and analyzing this data. This can improve efficiency while freeing up time for your adjusters and examiners.
As technology continues to advance, Northwood employs it when appropriate to assist in automating certain processes as its team members administer auto no-fault and work comp claims. Leveraging technology this way ultimately streamlines the way claims are administered, which eventually will translate to an impact on the bottom line.
However, Northwood also understands how important it is to balance the use of technology with a personal touch. The appropriate balance of technology and a personal touch within each claim means adjuster and examiners can spend less time on certain administrative tasks. It also ensures your claimants feel cared for. Ultimately, this balance improves claimant satisfaction scores as well as your company’s bottom line over time.
In addition, Northwood has the ability to integrate with your insurance company’s claims system. This integration allows Northwood to retrieve data from and send data to your claims system. This eliminates the need for manual entry of claimant data, which saves your adjusters and examiners time. It also streamlines the overall process of adjudicating claims, which adds up to an impact on your company’s bottom line.
Over more than three decades as an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider, Northwood has developed multiple processes that are designed to streamline claims and hold down the cost of administering claims for insurance companies.
Streamline your claims processes
Please schedule a call with Rosanne Brugnoni by calling 586-755-3830 ext. 3771 for a closer look at how technology advances, when used appropriately, can benefit your insurance company by helping with cost containment.