The clock is always ticking on workers’ compensation claims. Delays at any point in the claim lifecycle can contribute to claims remaining open longer and compound their cost. Taking a close look at the procedures and best practices used by adjusters—to determine where the potential for delays can be significantly reduced, if not eliminated altogether—is essential to reducing the cost of claims and improving outcomes.
In a recent post, we looked at how the Origami Compliance Forms & Correspondence solution contributes to a more efficient and accurate approach to workers’ compensation reporting. Realizing improved efficiency and accuracy in the processing of state forms is a major step in the right direction. Answers to the following questions should also be factored in: …
In recent posts, we looked at the Origami Compliance forms solution contributes to a more efficient and accurate approach to workers’ compensation reporting. Given the fact that reporting workers’ compensation claims is a requirement that carries the threat of penalties and fines and security of systems and data is a growing concern, we’ve also addressed the importance of choosing a proven technology partner you can trust to provide claim reporting accurately and take the security of your data as serious as you do.
“Protecting Data in Motion”, a March 2018 Risk & Insurance article, points to the fact that during the first half of 2017 alone, at least 2200 breaches—totaling over 6 billion records—were publicly disclosed. And those were the numbers prior to the reporting of the Equifax data breach.
As claims organizations improve operational efficiencies by using technology designed to eliminate paper-intensive, inefficient, and error-prone processes, it’s critical that the vendors they work with monitor and address security vulnerabilities. …
A recently published, comprehensive workers’ compensation benchmarking study, found that claim costs make up around 80 percent of most claims organizations’ expenses. According to the study’s authors, budget reductions and heightened scrutiny of operational expenses that come as a result mean that claims organizations should “take a close look at what claim activities and best practices drive optimal outcomes.”
Ensuring that paper-intensive, inefficient, and error-prone processes are eliminated is critical. For many claims organizations, this means scrutinizing their workers’ compensation compliance and reporting processes. More specifically, it means finding a solution that reduces the amount of time adjusters spend:
- Tracking down the correct version of state forms
- Rekeying data previously entered in the claims management system into forms
- Correcting errors that result from manual entry of claim details
To be sure that you’re selecting the right workers’ compensation claims compliance and reporting partner, a vendor’s track record is the closest thing to a “crystal ball” that exists.
“To stay competitive in today’s marketplace, companies need complex and multi-faceted digital capabilities,” writes Rashmi Dalia in The Economist. “However, no one company can easily possess all the resources needed to develop robust technology systems, and trying to do it alone can prove difficult and costly.”
For insurers and TPAs, choosing to work with a technology partner has increasingly become a critical strategic decision. 76% of respondents to a 2017 Accenture survey agree that “competitive advantage will not be determined by their organization alone, but by the strength of the partners and ecosystems they choose.”
Identifying gaps and areas in core systems where it makes the most sense to integrate third-party technology is one part of the challenge. Equally important to finding the right technology solution is having confidence in the people behind the technology. …