Working with a Single TPA Improves the Bottom Line
It’s well-known across the world of insurance that the industry as a whole is rather complex. This is especially true when it comes to insurance companies that administer workers’ compensation and automobile no-fault claims, as each type of claim can carry with it intricate details and, at times, catastrophic injuries for multiple claimants. Partnering with a single third-party administrator, or TPA, can help to drastically reduce complications on these types of claims which will help in improving your company’s bottom line over time.
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Put simply, working with one TPA on all of your claims, whether they are work comp or auto no-fault, will bring a variety of benefits to your insurance company. Perhaps the most prominent example of how working with one TPA can help your company involves claims that necessitate the use of bothdurable medical equipment, prosthetics/orthotics and medical supplies (DMEPOS) as well as prescription medicines.
Both of these physician prescribed services carry their own inherent challenges, but when both are involved in one claim, those challenges can multiply. If these details are not handled efficiently and with care, they can quickly create problems for your claimants which will result in dissatisfied claimants. If your claimants are not satisfied because these complexities were not addressed before they became complications, that will negatively impact your company’s claimant satisfaction levels as well as your overall retention rate.
The same can be said of the time burden placed on your examiners and adjusters. Adjusters and examiners working on claims with DMEPOS and prescription medicines can quickly become overwhelmed by the intricacies of these claims. This can lead to less time available for working directly with claimants who have questions or need a bit of extra assistance from your claims staff. This, too, can have a negative impact on your satisfaction scores and your retention rates over time.
Your company can avoid placing these additional burdens on adjusters and examiners and ensure an excellent claimant experience by choosing to work with one TPA that functions as a durable medical equipment benefits manager (DBM) and a pharmacy benefit manager (PBM).
Northwood, an industry leader with over 25 years of experience, is one example of a single TPA that can assist your company as a DBM and PBM. As an example, Northwood’s expertise translates to reduced workload for your adjusters and examiners because Northwood’s staff takes over the task of comparing prices on physician prescribed services. This allows your adjusters and examiners more time to focus on all other aspects of their claim duties.
Northwood also provides access to a quality network of providers and eliminates the need for your claimants to pay out of pocket for physician prescribed services. This reduces inconvenience for your claimants, ensuring a smoother experience for them which in turn benefits your company.
Increase claimant satisfaction and retention
Schedule a call with Rosanne Brugnoni at 586-755-3830 ext. 3771 to review how working with a single TPA like Northwood will help improve your insurance company’s bottom line.