New Study By The Gartner Group Shows 10 Technologies With The Greatest Impact For The Property/ Casualty Industry To Drive Revenue. In this post I comment on 4 solutions that can have a dramatic impact on claims and improve bottom lines. Failing to adopt new technology will put companies at a competitive disadvantage. Every company should look to evaluate their current systems and offerings and create a strategic plan to keep up-to-date with software and solutions. Staying ahead of the curve is a sure way to help drive costs down and stand out from those who don’t.
SPOT on Ops
Medicare Secondary Payer Enhancement Act Being Introduced in Congress Could Address Many Concerns of Section 111 Reporting
Dealing with MSP Can Feel Like Walking Into a Maze The Medicare Secondary Payer Enhancement Act … Medicare Secondary Payer Enhancement Act Being Introduced in Congress Could Address Many Concerns of Section 111 ReportingRead more
Considering Forming a Captive? Maximize Your Claims Benefits In 3 Steps
The Benefits Of Forming A Captive Are Great – IF – You Set It Up And … Considering Forming a Captive? Maximize Your Claims Benefits In 3 StepsRead more
7 Considerations When Drafting Claims Guidelines
Claims departments employ professionals that want to do a good job for policy holders as well as the company, and claims guidelines should help foster those goals. Before drafting guidelines there are a few things that should be considered and we, along with our fellow blogger Phil Loree, suggest 7 things a company should consider when drafting claims guidelines.
Thinking Outside The Box: Litigation management program initiatives can substantially lower costs
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.
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
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?
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.