It’s really no secret: of all the terms involved in Industry-solution-lingo, “insurance” and “compliance” earn the most cringes. Not only are regulatory mandates difficult to keep up with, but the time which is spent fixing errors in the paper process does not yield a positive client experience.
Compliance is even more complicated in the healthcare industry, where the question of Insurance for medical malpractice is truly a matter of measuring the value of the potential damage induced by the medical provider on a patient; a value which varies considerably from case to case and specialty to specialty. From forgetting to remove a pair of medical tweezers from a patient’s knee after surgery to administering medication based on a faulty diagnosis, the paperwork that revolves around these types of medical claims, as well as the credentialing process that evaluates providers for placement at facilities, can make or break the credibility of the Insured.
This is why Industry leaders are making the switch to Enterprise Content Management systems for their claims processes. With the right ECM system Health Insurance Companies can:
Automatically audit documents for data accuracy
Modify the system to fit ever-shifting regulatory requirements
Reduce cost by eliminating the paper process
Medical credentialing evaluates providers to ensure the currency of their professional licenses and to evaluate the severity of their malpractice history – assuming they have a history of malpractice. In short, each provider is screened for compliance to medical standards, and the process can take up to four or five months. Not only will updating your manual paper process to Electronic Document Solutions ensure the accuracy of medical providers’ records, helping you hire the best providers for your business, but it will also shave time off standard processes, allowing hospitals to hire medical providers faster.
Contact DataBank today or download our case study below to learn how we helped a leading life and annuity insurer achieve enterprise-wide success with ECM.