Insurance companies are reliant on two main pillars — bringing in new business and claims administration. Claims administration is a significant responsibility. Any new customer that signs onto a policy is doing so with the confidence that their claim will be processed fairly and quickly, should the occasion arise.
Given the importance of claims administration, many insurance providers are choosing to outsource the process of claims administration to specialized experts like Catalyst Solutions. Here’s why doing so can benefit your business.
Focus on Core Activities
While accurate and timely claims processing is one of the primary back-office tasks of any healthcare payor; the processing of claims in itself does not support the expansion of your market footprint or other primary core business activities.
When you choose to outsource your claim processing to Catalyst Solutions, you allow your staff to focus on your essential business needs and remove the administrative burden of claim activities. In addition, your company will realize immediate cost avoidance while freeing up time for improved customer service.
Fast and Accurate Claim Adjudication
Your ability to process claims quickly and accurately the first time greatly impacts not only your reputation in the marketplace but your downstream operational costs as well. A delay in processing a claim or an incorrect adjudication will lead to:
- Increased inquiries into claim status and the costs associated with fielding those inquiries
- Resubmission of duplicate claims and the ensuing negative impact to your inventory
- Late payment interest due to delays in processing
- Unnecessary appeals
- Fines and sanctions at the state and/or federal level
When you outsource claims administration, Catalyst takes on the burden of claims processing. With clearly delineated service-level-agreements (SLAs), we can guarantee the correct and timely processing of claims the first time.
Significant Cost Reduction
Outsourcing claims administration to Catalyst Solutions will immediately result in significant cost reduction. Rather than hiring, training, and managing the specialized staff required to support this side of your business, you pay a reasonable monthly contract fee to Catalyst. Our company can also maintain ownership and management of the claims processing platform and all the underlying administrative work that that entails.
With the savings realized from outsourcing claims, you can spend more on market expansion and improving outcomes for your customers, allowing you to maintain your edge in the highly competitive world of healthcare.
Talk to Catalyst Solutions
The reputation of an insurance company relies heavily on your ability to settle claims quickly and efficiently. When the number of claims to be processed grows, it can be difficult for your in-house team to keep up, and outsourcing can be a powerful tool. For more information on how Catalyst can support your business, contact us today.