Keeping track of profitability is a requirement and a responsibility for all insurance companies, especially those administering workers’ compensation and automobile no-fault claims. Costs of administering these types of claims can rise significantly and rather quickly, so insurance companies need to be on the lookout for ways to improve the bottom line. One way that that your company can help improve profitability is to start working with a third-party administrator, or TPA, on all of your workers’ compensation and auto no-fault claims.
Northwood is based in Michigan and is one of the leading TPAs in the industry. With more than 25 years of experience administering claims and improving profitability, Northwood is a top choice for insurance companies that want to increase their profitability. There are a variety of ways that Northwood can help your company do this.
For instance, Northwood has honed in on several key processes and procedures that help to streamline the claims experience for both your adjusters and examiners as well as your claimants. Streamlined claims can contribute to higher profitability over time since your claims staff will spend less time administering claims and become more efficient, leading to a reduction in administrative costs.
Another way Northwood helps improve profitability is by allowing access to its reputable network of providers. The benefit of accessing the network is two-fold for insurance companies. First, the providers within the network are all reviewed and credentialed by Northwood to ensure the highest quality care for your claimants. Second, and perhaps most directly impactful to the bottom line, is the fact that these providers all offer discounted rates on physician prescribed services.
Both of these benefits associated with accessing Northwood’s network can further increase profitability by helping to increase renewal rates for your company. The fact that claims administration becomes more streamlined when working with Northwood as a TPA also has a positive impact on your renewal rates. The quality care that your claimants will receive through Northwood’s network is yet another factor that increases overall claimant satisfaction, and therefore renewal rates. Claimants generally tend to be more satisfied after receiving quality care and when their claims get resolved efficiently and quickly, making it much more likely that your clients will decide to renew their policies with you when it comes time.
Northwood’s goal is to ensure that your claimants are taken care of while helping your company improve profitability. Schedule a call or meeting with Rosanne Brugnoni at 586-755-3830 ext. 3771 for a more customized look at the ways Northwood can help you improve your insurance company’s profitability.