When it comes to managing claims, medical providers have always worked in the dark. A fundamental lack of transparency into the claims management process has limited what providers can see into the process. It’s meant that providers haven’t been able to identify claims for payment that they should be getting paid on. However, the status quo is changing fast with the rise of insurtech. New claims management platforms are changing the future of insurance and providing providers with insights they’ve never had in the past.
What Is a Claims Management Platform?
A claims management platform is a disruptive insurance tool that’s changing the way claims are managed. They can be highly technology based, heavily people-based, or a combination of both. For example, our platform, ClaimTECH, is an innovative claims resolution technology that facilitates better lines of communication between provider and carrier.
The Disruption of an Industry
Insurance is an industry that’s ripe for disruption. It’s an industry that’s plagued with errors due to the sheer number of claims that need to be processed every day. In fact, errors are so common that there’s an entire segment of the industry that’s dedicated to insuring adjusters against the errors that they make. It’s not the adjusters fault, either. As we wrote in a recent blog post:
In insurance, revenue is heavily dependent on the speed at which adjusters can process claims. However, with increased speed comes mistakes. If adjusters are measured solely on numbers, it’s inevitable that corners will be cut in order to meet deadlines and hit quotas. Cutting corners means overworked employees leading to reduced retention rates, an incomplete claims process, and suboptimal results. Finding the balance that allows you to maximize both the amount of claims being processed and the quality of the work your adjusters are doing is vital in ensuring the profitability and success of your claims processing system.
This outdated industry model is why insurtech is growing so quickly. Companies are rushing to capitalize on what is clearly an industry in need of disruption.
Seeing What Providers Could Never See
Claims management platforms are lighting the future of the industry by providing never-before-seen insights to providers as they manage their claims. By leveraging artificial intelligence to work in tandem with existing systems they can make data-driven decisions that we previously out of reach. Providers and even insurance payers now able to make decisions based on data. This increases the speed of payments significantly while getting a higher reimbursement - all through connected knowledge and analytics.
Integrate without Replacing
Claims management platforms can enhance existing processes without displacing them. This is a key point that is helping drive the continued success of claims management platforms. Think of claims management platforms like ClaimTECH as another seat at the table while you work through difficult claims. It’s your “first line of defense” that puts you in a better position at the beginning of the claims process. Displacing an entire industry is difficult. Working with the industry isn’t as difficult.
Your New Claims Management Platform
ClaimTECH is leading the way in the claims management industry. Providers turn to ClaimTECH to increase payouts and settle directly with the carrier in just 3-5 days. Carriers eliminate errors, get through more claims faster, and empower their adjusters to succeed. To learn more about how you can leverage ClaimTECH at your organization, request a demo below.