We have written a few articles about the broken claims settling system and occasionally we’ve put the blame on the “middlemen.” We’ve found that one solution to the MVA claims process is not to disregard the current industry, it’s to find ways to work Revenue Cycle Management (RCM) technology into the process!
The Current Claims System Lacks RCM Technology
Currently, a hospital provides medical care to an injured party and then attempts to collect a reimbursement from their insurance carrier. It sounds simple enough, however, there are too many ways this process can become inundated with inefficiencies, resulting in lengthy settlements, low reimbursements and financial waste.
In an attempt to speed up the process and increase reimbursements while reducing resources spent tracking down records, identifying responsible parties and dealing with litigation, healthcare providers use Revenue Cycle Management companies. These companies are tasked with collecting payment on hospital claims. Their reward? A percentage (usually 10-30%) of the total reimbursement as a fee for their services.
Revenue Cycle Management companies improve the system for hospitals, but they are not the perfect solution for every claim. Even RCMs can’t settle a claim without an unreasonable amount of time spent on a heavily reduced reimbursement. For these instances, new RCM technology can enhance the system.
Some third party insurance claims require another type of solution, and it’s within these claims that a real opportunity to collaborate using recent advancements in new RCM technology is offered.
Third Party MVA Claims and RCM Technology
Third party Motor Vehicle Accident (MVA) claims are a different kind of claim altogether and they require a different type of revenue cycle management to correctly identify responsibility. In an effort to circumvent a lengthy and expensive claims process that may result in plaintiff’s attorneys becoming involved and eventually move to litigation, RCM technology is required.
The Power of ClaimTECH
These difficult-to-settle MVA claims are ClaimTECH’s bread and butter.
ClaimTECH fills a specific niche in the complex insurance claims resolution process. When a third party MVA claim can’t be settled without plaintiff’s attorneys, expensive litigation and low reimbursements, ClaimTECH can collaborate with RCMs by leveraging new RCM technology to settle the claim at 50% savings and within 5 days or less.
How does ClaimTECH do it? Simply, an avenue of communication is created directly between healthcare providers and insurance carriers on a secure, HIPAA compliant cloud-based platform. This solution skips the middlemen, often preventing litigation and promising higher reimbursements for hospitals with shorter returns on funds.
For a free product tour of this incredible technology, schedule a meeting with a ClaimTECH expert today: