Each New Year brings new opportunities to set goals and resolutions for yourself and to re-design your life. Perhaps you’d like to stay more organized, find additional opportunities to network, read more books, or simply take the time to streamline those inefficient processes at work.
For risk management and claims professionals, the New Year provides the opportunity to re-examine the ever-so-complex claims administration process and determine new ways to improve it. Maybe it is time to retire those spreadsheets and paper-based systems or your aging technology that is becoming too cumbersome and costly to maintain. Either way, moving to a modern claims administration software this year could be your best bet to simplify your claim processes once and for all.
So how do you go about selecting the right claims software vendor? There is no shortage of modern vendors that say their software can administer claims efficiently. Finding the right vendor and system takes a thorough understanding of your needs, processes, issues, and pain points – followed by plenty of research into how well each vendor matches up.
Here are some considerations to help you narrow down the field and get the fresh start you’ve been looking for in 2018:
1. Ease of use. Is the software easy and intuitive to use? Is it designed around the way you work? The easier the software is to navigate, the more efficient users can be. Claims professionals manage heavy workloads so it should be as easy and enjoyable as possible to review claims, enter notes, set reserves, approve payments, and do all of the other tasks that consume their day.
2. How convenient is it to report claims? Is the software easily accessible from any device? Easy and accurate claim entry is one of the most critical functions of claims administration software. Intuitive, mobile-friendly, and standardized forms not only make it easy to report claims, they also ensure that the data captured is accurate and complete.
3. How many tasks does the software automate? Software that automates routine tasks such as generating correspondence, assigning follow-up tasks, and scheduling payments gives adjusters and supervisors more time to focus on higher-value activities that improve claim outcomes.
4. What systems can be integrated into your claims administration software? Many adjusters rely on data from internal departments like HR, Finance, and Accounting, as well as from other third-party sources like Official Disability Guidelines (ODG), ISO, Office of Foreign Assets Control (OFAC), CMS, medical bill review, pharmacy management, document management, vendors, and regulatory compliance. Automatically integrating this data with your claims administration system can significantly reduce the time spent gathering, prepping, rekeying, and submitting data. A direct interface also means the data is more accurate, which makes for better decisions.
5. Is the system configurable? Will you be able to make adjustments to accommodate changing market conditions without enlisting the help of the vendor – or your IT department? Highly configurable systems allow you to quickly and easily modify business rules, change workflows, and add data.
6. Does the software have advanced reporting and analytic capabilities? Analytics are critical for tracking individual claim performance and potential outcomes, which will help you discover trends, gain insights, and reduce costs.
7. Is the system cloud-based? Make sure your data is protected behind a secure firewall with a robust disaster recovery program in place.
8. Does the vendor have demonstrated expertise in risk, claims, and insurance technology, implementation, compliance, and support? Is there schedule for implementation and training? Will implementation be handled by the vendor or through a third party? Purchasing claims administration software is a big commitment. Make sure the vendor you select has the flexibility, scalability, longevity, and customer service to support you well into the future.
Want to learn more about Claims Administration Software including questions you should ask each vendor under consideration? Check out our free Complete Guide to Claims Administration Software and also be on the lookout for further blogs in this series.