Within the field of claims administration, there are many avenues that insurance companies may choose to take to assist in holding down costs and in lessening the administrative burdens placed on adjusters and examiners. One such avenue that brings a multitude of benefits to an insurance company is to partner with a third-party administrator (TPA) on each claim, whether auto no-fault or workers’ compensation claims.
One major benefit that comes from a partnership between an insurance company and a TPA involves the access that the insurance company will gain to a network of providers that has undergone a thorough credentialing process. Northwood is a TPA that has been in operation since 1992 and has drawn upon its extensive experience to create an expansive network of such providers. Providers within this network must adhere to Northwood’s high standards, including accreditation, applicable licensure and the assurance of liability insurance coverage. Northwood maintains an electronic database of the providers’ insurance expiration dates and requests updated certificates annually. Once providers have been credentialed and become part of this trusted network, they are recredentialed every 2 years.
These credentialed providers then become part of Northwood’s network which spans the entire United States. Claimants will benefit from this broad network since it increases accessibility and allows for a more convenient claims experience. Additionally, claimants filling physician prescriptions will not pay out of pocket for injury-related services which further increases satisfaction with his or her claim. While creating convenience for the claimant, these benefits also mean insurance companies will realize a positive financial impact over time.
Adjusters and examiners will experience a lift in productivity levels because of the network and discounted rates. Simply put, adjusters and examiners will no longer need to research and compare the pricing of a physician prescription for a claimant thanks to the access they will have to this trusted network and its discounted pricing structure. This administrative responsibility is greatly decreased and will allow adjusters and examiners to take on additional claims within their workload.
As outlined here, the partnership between an insurance company and a TPA with a credentialed network of providers offering discounted rates produces several benefits. When adjusters, examiners and claimants all benefit the insurance company realizes a positive impact financially and sees higher levels of claimant satisfaction. The intense credentialing process developed by Northwood allows its clients to securely rely upon a provider network and be assured that they have access to discounted rates along with the highest quality of service.
For information on how your company and your claimants can benefit from accessing Northwood’s credentialed network of providers, please schedule a meeting with Rosanne Brugnoni at 586-755-3830 ext. 3771 today.Leave a reply →