The Worker’s Compensation industry is complex, as it involves multiple stakeholders, compliance’s and a myriad of processes. A lot of efforts have so far been concentrated to infuse technology to prevent injury at the workplace. But on the other hand, the worker’s compensation industry has not been really active in incorporating technology to streamline processes and help injured workers.
Fortunately, managed care providers today can harness technology to not only scale their business and improve efficiency but also to deliver a better experience to injured workers.
Simplify with Technology: Integrate Stakeholders Across Value Chain
Due to the dynamic nature of the worker’s compensation industry, it witnesses frequent surfacing of new challenges.
Today, COVID-19 has confined employees across the globe to work from home. Even the world’s biggest firms are facing a tough time managing their operations, teams are required to work from home. Without process automation, organizations have limited scope to respond to change. Remote meetings and discussions, reviews, calls etc. can create detrimental chaos, and for managed care providers, remote monitoring of process becomes important.
This is where process automation opens new boulevards of opportunities. It can ensure seamless coordination between stakeholders; automate work and information flow along with real-time monitoring of the process and automated creation of bills. It can empower managed care companies by integrating the entire spectrum of workflow and bringing all the stakeholders, on a single platform.
Process automation also simplifies the task of insurance companies by making managed care providers more versatile. It thus becomes a prerequisite for managed care companies if they were to respond with agility to the new issues such as rising cost, stringent regulations, COVID-19, etc.
Augment Cost Efficiency
The impact of the present state of affairs, trade war along with global slump shall negatively impact the growth of the worker’s compensation industry which is expected to shrink marginally in 2020.
This puts the bottom line under enormous pressure. But, organizations, like insurers as well as managed care providers, can incorporate technology to achieve process automation which shall strengthen their efficiency, contain cost, and maintain a healthy bottom line.
Focus on Value Creation
Claims can be tricky and complicated; even after approval, the coordination amongst intra-organizational departments, between various service providers can be challenging. Scheduling appointments, confirmation & reconfirmation, and process tracking are tasks which are not only labor-intensive; they are time-consuming and susceptible to errors as well. Deploying technology can eliminate these challenges and help organizations focus solely on value creation.
Generate Competitive Advantage
The worker’s compensation industry has been conservative in adopting technology, but new studies reveal that many in the industry are looking to deploy advanced technology in the coming five years. Such a trend will intensify the competition as companies gear-up to grab a bigger bite of the market share. Amongst others, telemedicine and remote-monitoring could be one promising area.
The Opportune Time
Process automation is the immediate necessity of the worker’s compensation industry and would help organizations lay the foundation for the incorporation of advanced technologies in the coming years. Competition is intensifying as the industry growth takes a dip, and with many on the look-out for new technologies, this is the right time to invest in the future.
If you are a managed care organization looking for technology that would improve your processes and bottom line, our expertise in developing process automation solutions can help catalyze your transformation; Learn More. For any question feel free to connect with us.