How Northwood Can Help Improve Profitability
Maintaining and even increasing profitability is a critical piece of the puzzle for insurance companies administering workers’ compensation and automobile no-fault insurance. Working with an industry-leading third-party administrator (TPA) can significantly improve profitability. Northwood is a TPA that partners with numerous insurance companies to improve profitability in a variety of ways.
Improve profitability today
Working with Northwood provides many benefits to insurance companies as well as their claimants. For example, in the thirty years that Northwood has been a TPA, multiple processes and procedures have been developed that can enhance profitability for insurance companies.
Specifically, Northwood implements a pre-authorization process for every claim it administers, whether for work comp or auto no-fault. This particular process brings about a multitude of benefits that all point to increase profitability.
First, pre-authorization means that every physician prescribed service is evaluated by Northwood’s trusted team of professionals. The team checks for injury-relatedness to be sure the service is appropriate for the claimant and his or her needs.
Once the physician prescribed service is authorized, the claimant can receive it from one of the many providers in Northwood’s network. The providers are thoroughly reviewed before being allowed to become part of the network, which means they provide quality care for claimants. Furthermore, because of pre-authorization, the claimant can then receive the service without having to pay out of their own pocket.
Clearly, this is more convenient for your claimants. However, having pre-authorization in place also eliminates a significant administrative burden from examiners and adjusters. They can focus on other important aspects of the claim, knowing the claimant is receiving appropriate and quality care. Plus, examiners and adjusters no longer have to chase after reimbursement paperwork because of pre-authorization.
This one example of pre-authorization presents multiple benefits for your insurance company. It makes for more satisfied claimants, so it drives up claims satisfaction scores which, over time, leads to higher retention rates.
The elimination of reimbursement paperwork frees up examiners’ and adjusters’ time, which translates to more efficient processes that will hold down costs in the long run. Furthermore, the access Northwood provides to its credentialed network offers discounted rates which add up to an improvement in the bottom line.
Learn how Northwood can improve your company’s profitability
To learn more about how Northwood can help your insurance company improve your profitability, please schedule a callwith Rosanne Brugnoniat 586-755-3830 ext. 3771.Ultimately, the improvement in profitability will translate to satisfied claimants as well as a better bottom line.