How Quality Provider Networks Can Influence Profitability
Many factors can influence profitability for insurance companies administering automobile no-fault and workers’ compensation claims. Though several of those factors may be out of your company’s control, there are many proactive ways to help maintain or even increase your company’s profitability level. One example is having access to a quality provider network.
Access a quality provider network today
Whether you administer auto no-fault claims, work comp claims, or both, having a quality network of medical and durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS) providers can have a significant impact on your insurance company’s bottom line. However, it can be a challenge to build your own provider network from the ground up.
The most efficient way to access a quality provider network is to partner with an experienced DMEPOS, pharmacy and ancillary service provider that has built its own provider network. Once you partner with the provider organization, you will gain immediate access to its network of providers.
Beyond that immediate benefit, which will save both time and dollars, there are myriad other benefits to be realized as well. For instance, partnering with a provider organization that acts as both a pharmacy benefits manager (PBM) and a durable medical equipment benefits manager (DBM) means your company will have access to a provider network that specializes in these two areas, both of which can be incredibly complex.
Furthermore, any provider network you have access to should be thoroughly reviewed for quality of care. These providers need to be credentialed before being allowed into the provider network. Then, once accepted, they must be reviewed and evaluated at least once every three years to ensure they are maintaining a high standard of care for your claimants. Quality care improves claimant outcomes, yet it also enhances claimant satisfaction scores which in turn will increase your company’s overall retention rate.
One further way a quality provider network influences your claimant satisfaction scores pertains to the size and scope of the network. A quality network must be extensive, with multiple providers throughout every state, to maximize convenience and choice for your claimants. In addition, these providers need to agree to contracted rates with the provider organization you partner with, since this is a crucial component in maintaining or improving your company’s profitability.
Northwood is a highly qualified DMEPOS, pharmacy and ancillary service provider. Over more than 30 years in the insurance industry, Northwood has built up an extensive provider network filled with quality providers of durable medical equipment (DME) as well as pharmacy and ancillary serve providers. These providers understand the complexities of auto no-fault and work comp claims and provide quality care for your claimants. Ultimately, the provider network is just one powerful tool that Northwood leverages to improve your company’s profitability.
Improve your profitability
For a more in-depth discussion on the many ways that Northwood can partner with your insurance company to maintain or improve your profitability, please call Rosanne Brugnoni at 586-755-3830 ext. 3771 to schedule a meeting at your convenience.