The end of the year is a critical time for many reasons. One important task to prioritize before a new year begins is taking a look at ways to improve your insurance company’s profitability. There are many things to consider, including the option of working with an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy, and ancillary service provider like Northwood.
Northwood is able to improve profitability for your company through the implementation of a variety of proven processes and procedures. Over three decades, Northwood has fine-tuned these processes to more efficiently and effectively increase profitability for the insurance companies it partners with.
One way Northwood boosts profitability is by removing administrative burdens from your examiners and adjusters. These staff members have multiple priorities and work with multiple claimants on a daily basis, so freeing up time for them by removing administrative tasks when possible will assist in improving profitability.
One example of an administrative task that takes up significant amounts of time for adjusters and examiners is the need to compare pricing on DMEPOS and physician prescribed services. Northwood takes this burden from the adjusters and examiners by providing your company and your claimants access to its network of providers.
These providers offer a negotiated rate, so there is no need for adjusters and examiners to research various providers’ pricing options. That directly improves your company’s profitability by reducing your cost for physician prescribed services, yet it also improves profitability indirectly by reducing the time adjusters and examiners need to spend on this area of each of their claims.
Furthermore, the providers within the network are evaluated by Northwood’s experienced team before being accepted. This ensures your claimants receive high quality care, which drives up claimant satisfaction scores and ultimately, your company’s retention rates.
By obtaining physician prescribed services from Northwood’s network, your claimants will enjoy a more convenient experience as well. Using a provider in the network means your claimants will not have to pay out of their own pocket for prescriptions or DMEPOS related to their injuries. This means a more convenient experience for your claimants, further driving up claimant satisfaction scores as well as retention rates over time.
The elimination of out-of-pocket expenses also means reimbursement paperwork is eliminated, further boosting your claimants’ experience. However, that also saves your adjusters and examiners time they might otherwise spend on tracking down missing receipts or incorrectly completed reimbursement requests from claimants.
Finding ways to improve profitability is just as important for your company as indemnifying your claimants. Northwood is a proven, highly qualified DMEPOS, pharmacy, and ancillary service provider with over 30 years of experience in the workers’ compensation and automobile insurance industry. Please contact Rosanne Brugnoni at 586-755-3830 ext. 3771 for a personalized review of how your insurance company can improve profitability.
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