All we really want is to worry a little less about stuff. In times of crisis, like being hospitalized after an automobile accident, a little less pressure can go a long way to improving customer satisfaction. Recognizing this, insurers and healthcare providers alike have been relying on new claims resolution technology to become heroes to their claimants and patients, respectively.
Why? Insurance retention and patient retention mean a lot for both businesses.
According to the J.D. Power 2016 U.S. Auto Claims Satisfaction Study SM, claimants satisfaction scores are higher when a trusted agent can file a claim on their behalf, and 83-84% of satisfied customers report that they’re likely to refer a peer to their insurer.
For healthcare providers, patients are about five times more likely to make referrals if they’re satisfied with billing processes. The results of the 2014 Connance Consumer Impact Study showed that 35% of patients gave positive scores for their hospital’s billing process, and that 82% of those patients would be willing to refer another peer to that healthcare provider.
In both cases, that means insurance companies and healthcare providers can improve their retention, too.
Although the exact numbers vary by industry, it’s generally held that customer acquisition is about five times more costly than retention. Anything that would give insurers and healthcare providers an edge in the fight for retaining their customers has enormous value. One easy area for both businesses to save customers some pain is in the billing process.
When MVA claims are filed, patients are typically caught in limbo as their insurer and their healthcare provider negotiate settlement. This process drags on for a variety of reasons, including instances of litigation and the coordination with third-party revenue cycle management companies. On average, hospitals end up receiving their final reimbursement 209 days after the incident.
During that 209-day window, the patient/claimant, has to hear about pending payments from their healthcare provider and make regular check-ins with their insurance agent to make sure things are moving along. This hassle and responsibility is added to the stress and discomfort that naturally comes with being involved in a car accident.
That doesn’t sound like it would make the customer too happy, does it? Patient and insurance retention goes down, churn happens, and then the carrier or provider isn’t too happy, either.
How Claims Resolution Technology Boosts Customer Satisfaction
At the start of this article we mentioned that claims resolution software is playing a role in helping insurers and healthcare providers take the burden off of their customers. That’s because the claims resolution tool helps reduce the settlement period from 209 days to five days or less.
Here’s how it works:
The claims resolution tool, ClaimTECH, is an online portal that allows for seamless, automated communication between the healthcare providers and insurance carriers. With a direct line between the two parties, claims agents and revenue cycle staff can set their respective target margins and reimbursement rates to find common ground. In the end, claims get settled in record time at agreeable rates, ultimately saving both organizations thousands from expedience alone.
And the best part, of course, is that it relieves the burden from the patient/claimant, helps them focus on recovery, and strengthens trust in their provider and insurer.
If you’re interested in seeing all of the benefits that ClaimTECH has to offer, click here to request a call and demo from our team of claims resolution experts.