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
Origami Risk provides a forms solution that seamlessly and securely integrates with any claims management system to give adjusters immediate access to an extensive and up-to-date library of state and federal workers’ compensation claim forms. Additionally, the need to rekey claims information is eliminated, as form fields are populated by data from the claims management system. …
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. …
A major study by Accenture spanning 15 years of research compiled across more than 70,000 claims reached a troubling conclusion. Nearly half of an adjuster’s day is lost to low value, non-core administrative work. What makes up a large portion of that waste? In a word, paperwork.
Managing the completion and submission of required forms for each claim—from locating the latest version of a required document, to rekeying claim data into multiple forms and letters—is a key driver. To make matters worse, submitting the wrong forms (or omitting required data) can lead to substantial fines. These fines, however, are not the only costs created by relying on a manual claims reporting process.
The Hidden Costs of a Manual Process
There are three financial impacts from a manual process that are often overlooked:
- The cost of finding data
- The cost of bad data
- The cost of data silos
Together, these hidden costs can be a substantial hit on any claims operation. …