Collecting and analyzing data, though it isn’t always top of mind, is one very important priority for insurance companies administering automobile no-fault and workers’ compensation claims. Compiling the data into transparent, accurate reports can significantly improve areas within your claims department. It can also help improve your company’s bottom line overall.
Indemnifying your claimants is most certainly one of your company’s top priorities when it comes to administering auto no-fault and workers’ comp claims. Yet focusing on transparency and measuring the correct data makes all the difference in whether reports can help your company improve.
Your company can begin measuring your data and collecting reports on that data in a variety of ways. One of the best ways, however, to measure data in a transparent way is to work with an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider.
Specifically, a proven, highly qualified DMEPOS, pharmacy and ancillary service provider will assist your company in understanding what data would be most helpful to your company. They will then help you measure that data and create accurate reports which will guide you in taking actionable steps toward improving the bottom line.
For instance, if your company does not already administer claimant satisfaction surveys, it is a wise idea to begin doing so. Measuring your claimant’s level of satisfaction will help you pinpoint where your claims department is doing well. It will also help you identify any areas of opportunity to change processes and procedures to increase how satisfied your claimants feel.
Increasing claimant satisfaction levels means that you are taking care of your claimants. However, having reports on claimant satisfaction levels will guide you in further increasing your scores. That is a bonus for your claimants, but it will also help boost your retention scores. Ultimately, those higher retention rates are going to translate into an improved bottom line for your insurance company.
Along with claimant satisfaction scores, you may want to consider measuring several other key indicators throughout your claims process. Keeping tabs on your company’s performance via reports on these key indicators can help you hold down the cost of claims and further boost retention rates via other avenues.
Northwood is an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider that will partner with your company to help you collect and measure information transparently to compile actionable reports to proactively improve your insurance company in a variety of ways.