Claims Processing Software Makes Automation the Future of Claims Processing
Automation is the term businesses look for to reduce capital costs. It assures them the completion of work without any hassle. Less paperwork needed and almost no storage troubles. However, is the claims processing software that offer complete automation to TPAs and insurance provider even beneficial for customers? In this article, we are going to analyze the need and usefulness of automation in the claims processing industry for TPA and claimants.
Automation Claims Processing Software: The Need in the Future?
According to a survey conducted by the renowned risk management firm LexisNexis in 2019, 57% of consumers state that they are happier with automated claims processing that is evidently more comfortable than the traditional claims processing methods. Also, a significant drop in customer satisfaction was visible in the survey when a consumer had to speak with more than one person for claims processing.
How automation in some claims processing software solves this problem is by performing eligibility checks and comparing the submitted documents, which can either be medical reports, industrial pricing bills, etc. itself. With a plethora of insurance plans in its database and the feature to upload documents, using any smartphone or computer, automation software simplifies claims and document submission, without the need of any interaction between the claimant and the TPA. These software solutions promote self-service, which is highly demanded by the younger generation.
Another way automation increases the value of a TPA for consumers is by ensuring fast claims processing. From eligibility check and adjudication to preparing EOB and payment, the entire work when done manually takes between 14 to 60 days. In some suspicious cases, it can also take up to six months. But, with automation, when the entire process is rarely labor-intensive, even the most complicated claims can be processed within two months with little to no supervision for accuracy.
What Else Does Automation Claims Processing Software Offer the Future?
With the fast processing speed and reduced costs, claims processing software is also useful for TPAs, as it provides correspondence tracking and fraud detection features. Whoever logs in the portal, uploads or deletes a document, whether the TPA, claimant or the broker, is marked on the software. This way, a TPA can ensure safe and secure claims processing. It can also check and compare industrial prices and costs of treatment on the software to counter any tempering with the medical bills to increase reimbursement.
In which Claims Automation Software Should You Invest?
While there are several claims processing software available in the industry, if your goal is complete automation and control over the claims process, you can go for DataGenix ClaimScape. Along with eligibility check, correspondence tracking, custom reports, multiple currency support, fraud detection, and online dashboard, it is one of the most reliable claims processing software in 2020. Visit www.datagenix.com to know more.
