Improving Retention Rates

Insurance companies must manage multiple priorities with each and every claim. First and foremost, claimants must be indemnified. In addition, companies must strive to reduce or hold down the cost of claims when possible. Furthermore, improving claimant satisfaction is a goal that has multiple impacts in various areas of your company. And ultimately, improving retention rates should also be a top priority for insurance companies administering automobile no-fault and workers’ compensation claims.

There are multiple ways to begin improving your company’s retention rates. One option is to partner with an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider. Ideally, you will want to consider several factors about potential providers to ensure they can effectively partner with your company in order to improve your retention rates.

First, consider whether the DMEPOS, pharmacy and ancillary service provider has a network of medical providers that they will allow your company to access. This network should be quite extensive to provide the most convenience for your claimants when they need to obtain a physician prescribed service.

You will also want to ascertain whether the providers within that network undergo a credentialing process. This ensures that your claimants are receiving the highest quality of care. Medical providers should be evaluated before being accepted into the network. They should also be reviewed and evaluated once per year after that to ensure they are meeting high standards for quality care

Next, ask whether the DMEPOS, pharmacy and ancillary service provider you’re considering implements pre-authorization for each claim. Pre-authorization is important because the provider’s team members review every physician prescribed service before approving it for your claimants. This brings a number of benefits with it, including the fact that claimants will receive injury-related services rather than unnecessary services that could drive up costs.

Having pre-authorization in place also means additional convenience and decreased frustration points for your claimants. Once their physician prescribed service is approved, it should be sent to a medical provider within the credentialed network. Then, if the DMEPOS, pharmacy and ancillary service provider has streamlined processes in place, your claimant can receive their physician prescribed service without having to pay out of their own pocket. In turn, this eliminates tedious reimbursement paperwork for claimants as well as adjusters and examiners. Ultimately, the added convenience improves claimant satisfaction and boosts your retention rates over time.

Northwood is a DMEPOS, pharmacy and ancillary service provider that can help improve your retention rates. Pleaseschedule a meeting with Rosanne Brugnoni at586-755-3830 ext. 3771.