With increased traffic on the road comes increased automobile accidents. The National Safety Council (NSC) records incidences of traffic accidents and compiles annual reports and the numbers have shown some troubling trends in recent years. According to the Insurance Information Institute, the NSC found that 2016 ended with a total of 40,000 deaths related to traffic incidents. While this number is concerning in and of itself, the NSC also found that the number of deaths in 2016 represented a jump of six percent over the total number of traffic fatalities recorded in 2015.
The National Safety Council (NSC) approximates that the cost of the combined total of 2016 fatalities, injured parties and damage to property adds up to more than 430 billion dollars, representing a 12 percent rise from the year prior. Furthermore, over 4.5 million individuals needed treatment for injuries stemming from a traffic accident which was seven percent more than those requiring medically-related services for an automobile accident in 2015.
In fact, Michigan alone experienced more than 301,000 auto accidents throughout 2016, with just over 1,000 traffic-related deaths, according to the Detroit Free Press. Whether the cause of these increasing traffic accidents is related to inclement weather or other distracted driving factors, the fact remains that insurance companies must proactively seek methods to prevent the cost of automobile no-fault claims from continuing to rise. The most effective way to reduce costs associated with these claims is to partner with a third-party administrator (TPA) such as Northwood.
Northwood is based in Michigan and has more than 25 years of experience assisting its clients with cost reduction in the auto no-fault claims arena. Drawing upon its years of history in the industry, Northwood created an extensive network of medical professionals and providers that spans the entire United States, including Puerto Rico. This fully credentialed network provides discounted pricing on prescription drugs, pharmaceutical services and durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS) services that an insurance company’s claimants can access at any time during their claim.
Pre-authorization processes developed by Northwood and implemented on 100 percent of an insurance company’s auto no-fault claims mean an elimination of non-injury-related costs. Northwood’s network ensures that claimants receive access to the necessary medical services that have all been pre-authorized and approved as injury related. While the use of pre-authorization benefits the insurance company in holding down claims costs, it also greatly benefits the claimant by eliminating out-of-pocket claims expenses.
Northwood has created numerous processes and procedures for the benefit of the insurance companies it works with as a TPA of automobile no-fault claims. For more information on Northwood’s experience managing the costs of these claims for insurance companies, please contact a representative today.
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