Reports and data are vital components of the insurance industry. Insurance companies need to ensure they are staying up to date on what’s happening within their company in order to make decisions that are informed and educated. When it comes to the data surrounding claims administration, reporting can help your company make informed decisions that ultimately impact multiple areas.
The most obvious challenge on data and reports typically comes in the form of an overwhelming amount of information to collect and analyze. However, an easy and efficient solution to this challenge is for your company to work with a third-party administrator (TPA).
A knowledgeable TPA such as Northwood will partner with your company to administer both workers’ compensation and automobile no-fault claims. Each type of claim involves complexities that are multiplied when a claimant sustains extensive or catastrophic injuries. Partnering with a TPA can be invaluable for both the claimant as well as your company since Northwood is customer-focused and takes pride in delighting claimants. Northwood also understands the importance of tracking the impact this has on your company.
For instance, Northwood removes frustrations within the claim that can negatively impact your claimants’ opinions of your company. As a TPA with an expansive network of providers, Northwood grants your claimants access to quality providers that will ensure the best care possible as your claimants recover from their injuries.
In addition, these providers agree to offer discounted rates on physician prescribed services. These rates impact the bottom line of your company by helping to hold down the cost of claims. Rates that are agreed upon ahead of time also means increased convenience for your claimants because they will no longer need to pay out of pocket for physician prescribed services related to their claims.
Ensuring a satisfying experience for claimants and helping hold down costs is only part of the impact that Northwood brings to the table, however. It is vital that these satisfaction levels be measured and tracked so progress and improvements can be made and weaker areas can be improved.
If claimant satisfaction scores are not taken at your company right now, it will be impossible to know whether satisfaction levels are improving. Without this knowledge, your company will be unable to make informed decisions that can have significant impacts in the short and long term, since satisfaction levels impact retention rates.
With this important fact to consider, the best practice is to implement data collection if your company has not done so already. Consistently measuring data such as claimant satisfaction levels will help guide your company in making the best and most sound decisions possible.
Northwood has more than two decades of experience as a TPA which translates to refined and effective data collection and reporting. Northwood’s proactive approach to data and reporting will benefit your company in multiple ways, including increasing claimant satisfaction levels and helping hold down the cost of claims.