Insurance companies administering automobile no-fault and workers’ compensation claims must ensure they fulfill their obligations to each claimant through indemnification. However, it is critical that insurance companies also maintain a consistent focus on staying profitable and, when possible, improving their profitability. The best way to improve your company’s profitability is to partner with an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider such as Northwood.
Northwood has spent over three decades partnering with insurance companies to serve as their DMEPOS, pharmacy and ancillary service provider. Within this partnership, Northwood can serve as a pharmacy benefit manager (PBM) and durable medical benefit manager (DBM). These partnerships offer a multitude of benefits for insurance companies as well as their claimants.
One important way Northwood improves profitability for its partners is via its unique use of pre-authorization on all claims. As a PBM and DBM, Northwood leverages the pre-authorization process to ensure that all physician prescribed services are appropriate for each claimant. This process also determines whether physician prescribed services are injury related.
If pre-authorization shows that a prescription medication or durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS) is not directly related to a claimant’s injury, it will not be approved. This eliminates unnecessary costs for your insurance company, driving up profitability numbers over time.
Northwood’s use of pre-authorization is designed to prevent any delays with your claimants obtaining their physician prescribed services. Furthermore, Northwood’s provider network combined with the use of pre-authorization eliminates the need for claimants to pay out of pocket for physician prescribed services. This enhances convenience while removing common frustration points like reimbursement paperwork for your claimants as well as your examiners and adjusters.
In addition, leveraging technology appropriately is another way to improve profitability. Northwood’s ability to integrate with any claims system means a reduction in administrative burdens for your adjusters and examiners, which frees up their time to work on other aspects of their claim duties. It also results in a smoother, more efficient adjudication process overall, saving additional time and expenses.
Despite embracing technology, Northwood also focuses on providing a human element throughout the claims process. Prioritizing compassionate claimant care and focusing on improving your claimants’ experience overall results in more satisfied claimants. In turn, that impact will be seen on your company’s retention rates, leading to higher profitability.
Northwood has many additional processes and procedures designed to improve profitability levels for insurance companies administering auto no-fault and work comp claims. To review how those processes and procedures will benefit your insurance company and your claimants, please call Rosanne Brugnoni at 586-755-3830 ext. 3771.
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