In this day and age technology is forever evolving, so, that claim management system you have implemented more than a year ago is now outdated. It may still be functional and process claims in an efficient manner, but there are adjustments that could have been made to improve the system. If your system has been implemented more than five years ago there is a vast range of changes that could enhance your overall claim processing system.
Now what if I told you that new technology could pull reports together more quickly, automatically flag high risk claims, process low risk claims more quickly, and streamline the entire claims process? By implementing updated technology this can become a reality, and can also save you money.
Existing technology can actually hinder claims processing, and create additional hidden costs. With enhanced technology and business processes, claims teams can be more efficient with their time, automatically assigning or processing low risk claims, leaving them with more time to spend on more meaningful work.
Gathering data and generating reports can take minutes, rather than hours or days with an outdated, or worse, manual system. Integration of data is an important element of modern claim management systems to ensure there is no data duplication, and all data is kept together.
Legacy systems traditionally require internal IT staff to maintain and improve the system. Did you know that simply maintaining a system can take up to 80% of developer’s time? This leaves little time for improving the existing system and even less time for innovation. Implementing a cloud-based system takes the responsibility away from your internal IT developers, leaving them to focus on innovating the new system and integrating multiple platforms.
Automating workflows is one of the most basic but important elements of new technology. Workflows can be created based on the experience of your claim administrators to flag high risk claims that need to be further investigated, whereas low risk claims can be passed on for approval, or simply processed based on the claim information.
Cloud-based claim management systems incorporate the latest technology, and best of all, they are upgraded regularly giving you access to the latest technology on the market, providing a clear competitive advantage. Cloud technology is scalable to suit your requirements at any time, and the flexibility allows it to be easily integrated with other platforms.
If you are in the market for a cloud-based claim management solution, contact us today.