Technological advances are but one of many changes observed within the workers’ Compensation industry. With the increased use of modern technology in workers’ compensation comes increased benefits to insurance companies and their claimants along with additional costs. Insurance companies administering workers’ compensation claims will realize significant cost savings and increased claimant satisfaction by choosing to partner with Northwood as their third-party administrator (TPA) of claims.
One avenue of workers’ compensation that is undergoing a bit of a revolution pertains to wearable technology that has the capability to monitor claimant improvements after an injury is sustained within the workplace. For example, an Insurance Journal article from February 22, 2017, highlighted the viewpoints of Tom Ryan from Marsh’s Workers Compensation Center of Excellence. Ryan touched on the benefits that can be realized once wearable technology is embraced in the workplace.
Technological devices that are easily wearable can potentially impact the workers’ compensation industry in multiple ways. Alerts would be received instantaneously by home health care workers when significant or alarming changes in the vital signs of workers’ compensation claimants occur. A wearable watch is an example of a device that could also function as a tracking piece to ensure the home health care worker is safe and attending to the correct claimants at the appropriate times. This small change would result in more efficient and effective service for claimants, which in turn would increase an insurance company’s overall claimant satisfaction rate.
Additionally, wearable technology can be adopted directly into a typically hazardous work environment to prevent injuries from ever occurring in the first place. Not only would this reduce the incidence and cost of workers’ compensation claims for an insurance company but it would also result in a general increase in workplace wellness.
While the implementation of new and emerging technology will provide myriad benefits to insurance companies in the workers’ compensation industry, there are additional things companies can do to more efficiently and effectively administer claims. One such way to reduce expenses and increase claimant satisfaction is to partner with an experienced TPA for all workers’ compensation claims.
Northwood is a seasoned organization that prioritizes the use of innovative systems and procedures to increase claimant satisfaction and reduce claims costs for the insurance companies it partners with. In addition, Northwood’s years of experience have culminated in a thoroughly credentialed network of medical providers that offer discounted rates to Northwood’s clients. Insurance companies utilizing Northwood as their TPA benefit from these discounted rates on durable medical equipment (DME) and are able to pass these savings on to their claimants.
Furthermore, claimants will not pay out of pocket for any injury related DME expense thanks to Northwood’s innovative pre-authorization process. Claimants will appreciate the extensive network of providers while an insurance company’s estimators will appreciate the reduced administrative burdens. Once Northwood becomes an insurance company’s chosen TPA for workers’ compensation claims, estimators can rely on Northwood for answers to some of the most common claimant questions and situations. Estimators will spend less time on the administrative portion of these claims because Northwood acts as a valuable resource and will be able to focus on more efficiently and effectively serving their claimants and administering additional claims.
Northwood is a highly trusted and experienced TPA of workers’ compensation claims and partners with insurance companies to reduce costs, increase claimant satisfaction and reduce administrative burdens on estimators. If you would like more detailed information on how Northwood can help you with your workers’ compensation claims, please contact Rosanne Brugnoni at 586-755-3830 ext. 3771 at your convenience.
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