Northwood: Improving Margins and Reducing Costs
Insurance companies and their claims staff members must balance many competing priorities. Each claim is unique, and many claims involve complex or catastrophic injuries. Though your insurance company’s focus is on the claimant, it is also important to keep margins and costs in mind for automobile no-fault and workers’ compensation claims.Northwood is a third-party administrator (TPA) that can bring a variety of benefits to your insurance company, including improved margins and reduced costs.
Improve margins today
One way that Northwood does this is through its expansive network of providers. Over the past 30 years, Northwood has developed relationships with trusted medical providers in its network. These various providers are located throughout the United States and are located in Puerto Rico as well.
A key benefit of this network is the high standard of care each provider must follow. Northwood thoroughly evaluates each provider applying for acceptance into its network. Upon acceptance, the provider is then evaluated every year to ensure that quality of care remains high.
In addition, these providers offer discounted rates to the insurance companies that Northwood partners with. This is a more direct way to impact margins and hold down costs. Yet it also benefits your company in the long run when combined with Northwood’s innovative pre-authorization process.
By reviewing and granting pre-authorization before filling a physician prescribed service, Northwood ensures that these services are all injury related and appropriate for the claimant. This allows providers to offer the services at no cost to the claimant, because providers invoice Northwood directly. This method eliminates reimbursement paperwork as well.
When it comes to provider invoices, Northwood reviews them before paying them to ensure their accuracy. One thing Northwood’s expert team members look for is the proper selection and use of Healthcare Common Procedure Coding System (HCPCS) codes. When needed, Northwood works with the providers to make the appropriate changes to more accurately reflect the physician prescribed service.
The combination of network access, pre-authorization, high quality care and the elimination of reimbursement paperwork adds up to improved margins for your company. Claimants will be more satisfied and thus more likely to stay with your company, raising retention rates. The discounted rates help hold down the cost of claims for your company as a whole.
Hold down claim costs now
With over 30 years of experience as a TPA, Northwood has proven processes and procedures that all add up to benefits for your insurance company. Please call Rosanne Brugnoniat 586-755-3830 ext. 3771to schedule a review of the personalized ways that Northwood can improve margins and help your insurance company hold down your costs.