With the beginning of a new year comes the opportunity to review and analyze your insurance company’s claims administration process. During this review it is important to focus not only on reducing costs or improving the bottom line for the company, but it is also extremely important to take a look at improving the experience your claimants have with your company. Northwood is an experienced third-party administrator (TPA) of automobile no-fault and workers’ compensation claims and offers many benefits to insurance companies.
In terms of improving the bottom line for your insurance company, Northwood’s years of experience as a TPA come into play. With over 25 years in the TPA field Northwood has built up successful processes and procedures that are implemented for all of the insurance companies it partners with. These processes are meant to streamline the administration of claims which in and of itself offers an improvement to the bottom line. Streamlined claims administration translates into less time spent on claims and therefore a reduction in administrative overhead.
In addition, Northwood has built up a network of providers throughout the United States. These providers offer discounted rates on prescribed services for your claimants which is a major help in holding down costs associated with claims administration. These providers are also thoroughly reviewed by Northwood through a rigorous credentialing process which ensures that your claimants will receive high quality care. This is not only something that helps keep costs down for your company, but it also ensures that your claimants are satisfied with the prescribed services they require.
Taking this even further, Northwood implements a pre-authorization process on all claims for every prescribed service. This process means that your adjusters and examiners will spend less time verifying prescribed services since Northwood has taken this task over as your TPA of choice. The pre-authorization process means that your claimants no longer need to pay out of pocket and submit reimbursement requests to your company. This is a major time saver for your claimants, not to mention it takes the hassle out of the claims process for them.
Northwood wants to ensure that your claimants have the most convenient and satisfying experience possible within their claim. The pre-authorization process is a big part of this, but Northwood also stays in regular communication with the claimant to address any concerns or questions that might come up. This proactive approach to checking in with claimants can prevent potential issues that can end up costing your company more money. Additionally, your claimants will appreciate being included in their care plans.
Satisfied claimants are a critical piece to improving your bottom line. Schedule a call with Rosanne Brugnoni at Call for a review of ways that Northwood can help you reduce costs and delight your claimants, turning them into renewing insureds.