ClaimTECH Blog - MVA Claims Resolution & Beyond

Revenue Cycle Solutions: How to Settle Claims and Decrease Litigation

Posted by ClaimTECH on Apr 17, 2017 9:39:26 AM

 


Settling MVA claims often requires unnecessary litigation and involvement of plaintiff attorneys and revenue cycle management companies; ultimately creating a lengthy, expensive, litigious collections process. But why? With the exorbitant amount of cloud-based technology we have at our disposal, why isn’t there a platform for healthcare providers to skip the middlemen and settle claims directly with insurance carriers, saving time and money in the process? The following outlines how a revenue cycle solution can be aimed at doing just that.

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Topics: MVA Claims, Revenue Cycle Solutions

7 Insurance Industry Trends to Watch For

Posted by ClaimTECH on Feb 23, 2017 11:37:10 AM

New insurance industry trends will be affecting millions of people as we move deeper into the digital era. From economic and labor tendencies to innovative technology, new insurance industry trends are something to keep an eye on. Here’s 7 trends in the insurance industry to watch for:

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Topics: Insurance Carriers, MVA Claims, Insurance Industry Trends

How to Increase Your Medical Claims Processing Reimbursement Rates

Posted by ClaimTECH on Feb 16, 2017 12:18:17 PM

The current medical claims processing rate rarely allows for healthcare providers to receive 100% reimbursement for their services from the insurance carrier. That means the doctors and hospitals that provide the medical treatments to care for injured motor vehicle patients will never receive their full payment.

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Topics: MVA Claims, Healthcare Providers, Medical Claims, Reimbursement Rates

The Value of Automation in Third Party MVA Claims Management

Posted by ClaimTECH on Jan 12, 2017 5:28:13 PM

Claims automation sounds fast. It sounds worthy of 2017. But it sounds like a fantasy when you think of the current third party MVA claims resolution process.

Today, most third party MVA claims are settled manually. They begin with a motor vehicle accident patient’s information being either typed into a computer or scribbled onto a sheet somewhere. Then Risk Managers in the healthcare industry begin the exhausting process of trying to track down the responsible party, file liens and negotiate reimbursements for their hospital’s medical services.

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Topics: MVA Claims, Relationships, Communications, Automation

Dollars and Sense: Motor Vehicle Accident Medical Claims in a State of Confusion

Posted by ClaimTECH on Jan 9, 2017 11:01:11 AM

Why third party liability MVA medical claims are financially eating hospitals and auto insurance carriers alive.

No one saw it coming...Who could have guessed that third party liability MVA medical claims would become increasingly problematic and woefully expensive for the hospitals that treat accident victims and the national auto insurers that pay for it?

Medical costs are rising significantly, and this is particularly true for hospital trauma centers. MVA medical claims range from $500 to $50,000, even for simple, low impact accidents, a.k.a “fender-benders.”

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Topics: Insurance Carriers, MVA Claims, Healthcare Providers

How to Settle Higher Reimbursements: The Missing Link Is to Leverage Relationships

Posted by ClaimTECH on Dec 22, 2016 9:54:55 AM

In our experience, the claims industry lacks a crucial aspect of business: Relationships. Healthcare providers rarely speak directly with insurance carriers, and when they do, a sense of cooperation seems to be missing. There is simply too much ‘distance’ in between healthcare providers and insurance carriers.

To imagine providers and carriers building a relationship together is a bit farfetched. At the core of the exchange is a negotiation. Both sides try to settle the claim to the benefit of their respective employers, so from the beginning there is a barrier. Plus, due to size of the industry, rarely does the same adjuster work with the same claims representative on more than one claims resolution.
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Topics: MVA Claims, Relationships

Steps To Reinvent Your Hospital Cash Flow Management

Posted by ClaimTECH on Dec 15, 2016 5:07:42 PM

 

Hospital Administrators, it’s time to roll up your sleeves and address the elephant in the room: How do I improve hospital cash flow management? Where is there money to be saved? And where do I even start?

First, you start with a revenue stream that often gets riddled with inaccuracies, inefficiencies and opportunities: third party MVA claims. It may not the biggest chunk of revenue for your hospital, but optimizing the third party MVA claims process can free up cash immediately, not to mention increase your reimbursement rate going forward.

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Topics: MVA Claims, Relationships

What is the “Rule of Thirds” and Why Does It Hurt Hospitals?

Posted by ClaimTECH on Dec 8, 2016 2:29:19 PM

 


There is never a “normal” situation when referring to the third party MVA claims settlement process today. The industry is so incredibly complex and the costs and reimbursements are so incredible large, that each MVA claim is a unique case. Every claim has the potential to result in a time-consuming mess that could take hundreds of days to settle while only reimbursing hospitals pennies on the dollar for their services.

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Topics: MVA Claims

New MVA Claims Technology Is Changing Society for the Better

Posted by ClaimTECH on Dec 2, 2016 12:52:45 PM


We know what you’re thinking: How could a cloud-based, MVA claims technology platform truly improve society? Well, here’s your answer:

By infusing modern claims technology into an outdated claims settlement process, millions of people every year in the insurance and healthcare industries will be given the tools to provide more efficient settlements, higher reimbursements for doctors and hospitals, and ultimately, lower insurance premiums for the public.

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Topics: MVA Claims, Society

Attention Insurance Adjusters: Learn How to Settle MVA Claims More Efficiently

Posted by ClaimTECH on Nov 15, 2016 8:27:11 AM

If you’re an adjuster or a manager of adjusters, and you’re looking for greater efficiency in the MVA claims process, this blog is for you.

We’ve spoken to your colleagues to discover what a “day in the life” of a claims adjuster looks like and we’ve interviewed industry experts and healthcare providers to try to better understand what pain points you’re experiencing, all in the hopes of optimizing the claims settlement process for you.

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Topics: Insurance Carriers, MVA Claims