How Claims Processing Software Has Transformed the Medical Benefit Industry Over The Years
A decade ago, processing an insurance claim was a labor-intensive task. However, the increase in technology converted the process into a digital and automated phenomenon. Gradually, the majority of medical insurance companies, hospitals, and other related Third Party Administrators (TPA)started relying on claims processing software systems to process their claims.
One question that always arrives in the mind of an individual while signing insurance papers is, will the insurance company pay the claim? To all the sceptical people who doubt if investing in an insurance policy can be helpful, the short answer is yes. According to the studies conducted by ASIC and APRA, more than 90% of claims are paid successfully.
This number further increased to 96% in the year 2018. The unbelievable shift noted in the increase of successful adjudications is due to the software innovation in the health insurance industry. In the medical insurance industry, it wasthe use of healthcare claims management software that skyrocketed the industry’s credibility.
According to the IBISWorld report, the total market share of the claims processing software applications in 2019 is $12 billion, which highlights their large-scale usage. Out of the many reasons that insurance providers gave to justify the requirement of insurance claim software is the option to customize.
Why Do Insurance Companies and TPAs Needed to Automate their Operations?
Insurance companies have found that automation and choosing the right claims processing system for their applications gave them a lot of flexibility. They were able to access analytical data better, prepare reports and make payments more efficiently. The whole claim process became automated and transparent which was beneficial for every party including in the insured. The business process improved and there was a sudden efficiency in the medical claim insurance industry. People started trying the newer claims management software systems and the business model was a success. With the acceptance of technological innovations in the medical insurance industry, changes occurred in the traditional claims processing system.
Claims Got Automated
Healthcare claims management software started providing full automation and reporting. For an entrepreneur starting a TPA , what could be better than tools to analyse his data and run his operation with minimal human resources?Charts graphs, eligibility checks, and all aspects TPA administration are now supportedwith the new generation of claims software.
Safety and Security of Data Increased
Security was the top priority in the insurance industry. The advanced claims processing software apps of today are built on high-speed servers that were both fast and safe. This has made claims secure for the medical insurance industry. Also, because of high-level accuracy in calculation and reporting, there were fewer chances of human error. The level of security and accuracy increased threefold in the insurance industry over the past decade.
Beneficial for Benefits Management
The 2000s have been the era when hundreds of thousands of individuals were attracted to medical and other sorts of insurance. This has increased market shares and premium volume for insurers and has given members the assurance that they are fully covered and insured and any unforeseen health events.
Speed Became the Root of Competition
Seeing the profit in the insurance claims processing software industry,competition has increased, which has been both good and bad for insurance providers. Lighterand easier to use applications have succeeded where the older platforms requiring huge resources have faltered. As a result, even traditional insurance large firms shifted to newer claims management software.
Demand for Remote Access
With workers and offices all over, business have demanded that applications provide built in remote access capability via web browser or remote connection. Any user, whether they process claims or run the company can now view information, reports , and process claims 24/7 from anywhere.
Claims Processing Costs Diminished For Companies
Another important thing that the healthcare claims software automation did for insurance companies, is that it exponentially decreased their annual expenditure.Fewer number of people were required to manage the same tasks that once required a whole team of experts.
Who’s the leader in 2019?
Due to high competition and various kinds of demands of insurance companies, there are only a few prominent applications in the claims software industry that really stand out. Every benefits company or TPA or insurance firm demands custom features in its claims processing software so that they can organize their business the way they want. Choosing an application that provides the option to customize and all the core required built in functions is the best choice Moreover, buying a single package from a single vendor rather than multiple software packages is the goal of the modern insurance company or TPA.
Which Healthcare Claims Management Software Should You Buy?
You should aim for the application that that includes all the industry capabilities in a single package along with speed, security, and the option to customize. The Datagenix ClaimScape software is integrated with features like claims processing, reporting, invoicing, broker management, real-time interfaces, web portals and more. Its combination of speed , security, and ease of use are hard to beat In the end, the we believe that ClaimScape system from DataGenix appears to be a superior option when choosing a claims management and benefits system.Feel free to contact us anytime with any questions
