Reducing costs and maximizing efficiency are priorities that generally stay top of mind for most insurance companies throughout the year. However, to improve the bottom line becomes even more critical when faced with additional challenges that are occurring at this time. It can be extremely helpful to partner with a company that can assist you in improving the bottom line.
Northwood is one such company with the experience to help you hold down the cost of claims while increasing your efficiency. As a trusted third-party administrator (TPA) of both automobile no-fault and workers’ compensation claims, Northwood helps your insurance company improve your bottom line through a variety of proven processes and procedures.
With more than 25 years of experience as a TPA, Northwood has developed and implemented several methods that help insurance companies hold down costs. Some of these methods are designed to have a more direct impact on the bottom line while others create a more indirect impact through improving the efficiency of claims administration.
When it comes to having an impact on efficiency, Northwood partners with your company to offer resources to your examiners and adjusters. For example, your adjusters and examiners have a multitude of tasks to carry out within each claim. Northwood helps lessen the administrative burdens on them by assisting with many aspects of each claim and servicing your claimant. This reduction in administrative time for your examiners and adjusters translates to an overall reduction in administrative overhead.
For a more direct impact on improving the bottom line, Northwood offers access to its network of providers to those insurance companies it partners with. This network is vast and contains providers throughout the United States. Those providers contract with Northwood to offer prescribed services at a reduced rate which your company and your claimants can access as a Northwood partner.
Furthermore, this network of providers undergoes a thorough credentialing process via Northwood. This review ensures that not only are your claimants accessing discounted rates but that they are receiving quality care that leaves them satisfied with the way their claim was handled. This ensures a more indirect impact on the bottom line through increased claimant satisfaction levels that help raise retention rates.
As illustrated in the above examples, Northwood takes a claimant-focused approach to its work as a TPA. This approach, combined with Northwood’s extensive experience, translates to both direct and indirect impacts to your insurance company that ultimately help improve its bottom line.
Learn how to improve the bottom line for your insurance company with a customized look at how Northwood can help hold down costs. Schedule a call with Rosanne Brugnoni at 586-755-3830 ext. 3771 today.
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