Maximizing Profitability with Integrated Medical and Pharmacy Benefits
Insurance companies administering workers’ compensation and automobile no-fault claims balance myriad priorities. Adjusters and examiners need to work with claimants and medical providers, not to mention handle multiple other tasks within each claim they are assigned to. In addition, your company must bear in mind that maintaining profitability should be a key priority. Partnering with an organization that serves as both your pharmacy benefits manager (PBM) and durable medical equipment benefits manager (DBM) can benefit your company in a variety of ways.
Improve your profitability
Working with one provider acting as a DBM and PBM translates to more efficiency for your examiners and adjusters. Many claims often involve a combination of prescription medications and durable medical equipment, prosthetics, orthotics, and medical supplies (DMEPOS) to assist claimants in their recovery process. Partnering with just one provider means your claims department staff members can work with one company, cutting down on communication time. Furthermore, your claims team members can begin to develop a trusted relationship with that provider, leading to an improved working environment.
In addition, a single provider benefits your claimants. When separate DBMs and PBMs are involved with one claim, it can create added confusion, inconvenience, and potential delays for claimants. When a single provider steps in, those delays and frustrations are greatly reduced, which makes for a better experience for your claimants. This in turn is reflected in higher claimant satisfaction scores, and ultimately increases your retention rates, which has a direct impact on your profitability.
Northwood is a proven, highly qualified DMEPOS, pharmacy and ancillary service provider with over 30 years of experience within the work comp and auto no-fault industries. Northwood serves as a PBM and DBM for multiple insurance companies and works to enhance the claimant experience through proven processes and procedures that increase claimant satisfaction scores and reduce administrative tasks for adjusters and examiners.
In addition, Northwood embraces technology to further improve efficiency and therefore profitability for your company. One example of this is Northwood’s ability to integrate with any claims system for auto no-fault and work comp insurers. This integration eliminates the typical back-and-forth communication of sending and receiving claims records, saving your adjusters and examiners valuable time.
Northwood’s team members also take over the task of comparing prices on physician prescribed services, further reducing administrative burdens for your claims team. This also contributes to enhanced profitability for your company through the elimination of unnecessary payments and contracted medical provider rates that hold down claim costs for your company.
Hold down claim costs
For a personalized review of the many benefits that come with partnering with Northwood as your company’s DBM and PBM, please call Rosanne Brugnoni at 586-755-3830 ext. 3771.