How Insurance Providers Benefit from Consolidating to One Platform

Posted by Brinna Hanson on November 21st, 2020
Author
Brinna Hanson
Brinna is a marketing professional and recent graduate of the University of Minnesota. Brinna joined Smart Data Solutions in 2019 to assist the marketing department reach new heights with a focus on the HubSpot inbound process. From her time at Smart Data as well as at previous internships, Brinna has been able to gain knowledge in many different aspects of marketing as a whole.

Insurance providers must manage several steps along the claims billing cycle that can require the use of multiple departments, software, exchanges, and long turnaround times. It can be expensive and tedious to attempt to manage tasks across various platforms. Consolidating to one platform can be incredibly beneficial to them in a number of ways. 

Decrease Operational Costs

One of the most significant benefits of consolidating to a single platform is the operational cost savings. Before consolidation, a Provider pays for multiple services like reporting, IT support, data collection, billing systems, etc. Paying one flat rate for a single platform can provide significant cost reduction. 

Lower Overhead

Consolidating can decrease payroll expenses by having a small, dedicated team that handles your platform. This can also increase productivity and expertise by having a singular team working and managing every aspect of your workflow. 

Saves Significant Time

When you use multiple platforms, you create a lot of wait time from sending and receiving data across various channels. This also means that if one part of the process is broken, the entire supply chain stalls, and relying on the IT support of another entity to solve the problem can result in workflow delays.

Increase Productivity and Efficiency

Your dedicated team will be more readily available to take on new and evolving tasks,  increasing  efficiency in many areas of business., These tasks may simply be process improvements to small points in your workflow, which can over time increase efficiency by a great deal. 

Better Financial Performance

Not only does consolidating to a single platform as opposed to having multiple vendors or paying high in-house costs save you financially, but it allows you more room to expand on your current offerings. Today’s platforms have robust reporting and real-time analysis on a variety of things including billing. This can help your business build accurate forecasting and financial planning for the future.  

Faster Turnaround Time

In today’s insurance industry, faster turnaround times for claims adjudication and processing is vital. There are many strict guidelines and deadline requirements that must be hit.  With one consolidated platform, this can be done with ease. Your claims will be processed and uploaded into one clean and streamlined system which can then be sent on to the next phase of its process.

Many robust claims processing entities have strict key performance indicators (KPIs) that must be hit, including strict turnaround time deadlines. A consolidated platform will only aid in hitting those deadlines and can provide detailed reporting around the process. 

Increased Security

Having to transfer data between multiple platforms creates many places where security is weakened, risking a data breach. One platform will give you the security and data protection that you need. There will be no external data exchanges, and you are aware of when and by who your data is being accessed and processed. 

You can still put individual protections on specific documents or particular applications to control who within the organization can access those documents and that data specifically. You can rest easy knowing your information is secure, thanks to consolidation. 

Improved Customer Service

More accessibility and easily accessible data vastly increase customer transparency, These factors can oftentimes be the reason customer service calls are made. By consolidating to one vendor, you can offer seamless customer interactions and provide more transparency into processes for your customer. 

Faster Troubleshooting

When using any software, you will likely need IT or customer support at any given point. If your operations are spread across multiple platforms, you are forced to rely on many different IT and customer support teams. By consolidating all of your systems into one platform, you no longer have to deal with different support qualities. 

One platform means you will interact with one team for all of your needs. They will have a better view of your company’s needs and will be able to help you quicker. They will also know how to diagnose and solve your issues with ease.  Being your company’s expert, they are aware of information that separate support channels could not share. 

Our goal at Smart Data Solutions is to streamline your complete healthcare data workflow. Part of that streamlining can be consolidating your services. We have the expertise and the resources to help do just that—Start 2021 off with improved processes and higher efficiency with us. Contact us today to get started!

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