Managing litigation is an easy way to save extra expense costs on claims files. A strong litigation management program designed to help foster improved communication, and streamline defense of insureds, benefits all parties involved. As I wrote about the cost savings benefits of out-of-the-box claims handling, using new and forward thinking strategies for litigation management is an excellent way to save money. Using specialized vendors, claim handlers can further control legal costs as well as enhance their defense.
Month: February 2010
3 Essential Report Types That Insurance Executives Should Use To Analyze Their Claims
Today’s modern claims systems have a wealth of knowledge about every aspect of claims operations. With the right reports it should be easy to get a basic snapshot of how effective your claims are being managed, and how well your business is doing. With all that information where is one to start? What are the key metrics that should be reviewed by claims and business executives to better understand their operations? We give three specific report types that claims executives should review on a regular basis to get a valuable snapshot of their organization.
Important Update: Medicare Secondary Payer changes production date to January 1, 2011
The Centers for Medicare/Medicaid Services (CMS) have announced the following: CMS advises all NGHP RREs that … Important Update: Medicare Secondary Payer changes production date to January 1, 2011Read more
Absence of procedures to notify reinsurance is a basis for bad faith
Recently I was discussing bad faith and notice procedures with attorney Phil Loree Jr., an expert … Absence of procedures to notify reinsurance is a basis for bad faithRead more
5 Claims issues cited for non-compliance on market conduct exams & 3 tools to avoid them
Insurance Market Conduct examinations are a regular part of the insurance business. Besides the stress of … 5 Claims issues cited for non-compliance on market conduct exams & 3 tools to avoid themRead more
Blizzard Warning in the East! Can your claims department keep running if the office closes?
The East Coast snow storm is a great reminder to be prepared for disasters and other reasons why your office would have to close. Do you have the plans in place to manage the next event? Does your claims system give you the ability to manage claims remotely? Can you manage claims remotely for an extended period of time?
Improve bottom-line outcomes on claims by thinking outside-the-box!
Claim handling is just as much an art as it is a science. Synthesizing facts and … Improve bottom-line outcomes on claims by thinking outside-the-box!Read more
Med Mal Update: Reasons for decrease in frequency and recent Illinois court decision to strike down damage caps
In response to my post, medical malpractice report shows increased severity despite lower frequency, I received … Med Mal Update: Reasons for decrease in frequency and recent Illinois court decision to strike down damage capsRead more
Warning – Medicare Secondary Payer (MSP): Government sends strong message and goes after non-compliance
If you are an insurance company or self-insured, and make payments on liability or workers’ compensation claims, be aware that the Federal Government has filed a lawsuit signaling their intent to be aggressive in seeking reimbursement. As reported in Business Insurance, this “case breaks new ground because CMS simultaneously named insurers, settlement beneficiaries and plaintiffs attorneys all in one lawsuit.” This case should alert all that if you make a payment on an injury claim, and fail to let the Government know about money they should be collecting, they will come after you.
Failing to properly document files can be costly – It cost one insurance agency $5.83 Million
Files should speak for themselves. A recent California decision is yet another example of what can happen if you don’t document your files and maintain procedures. In this case – it cost $5.83 million.