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Claims processes of the future are available today, thanks to rapid developments in technology and services.
The continued rise in workers’ comp medical costs have already cut into your limited margins, posing a challenge for the sustainability of your business and for the workers’ compensation insurance industry in general. Cognizant OptimaMedWise™ provides you a way of automatically comparing individual claims to a massive knowledge base of existing cases, in order to flag treatment that deviates from the norm.
Learn how Cognizant OptimaMedWise can quickly transform your journey towards better medical claims payment management.
Property Casualty 360, an online news source edited for professionals and executives in the property and casualty insurance industry, published a byline article: Cost-containment Strategies for Worker’s Comp Claims. The article discusses using claims management, including data access and standards, to better manage costs related to worker’s compensation as well as providing four strategies for cost containment.
Medical benefits on lost time claims have more than tripled since 2003, outpacing medical inflation from $9,000 to nearly $30,000 per claim. How to control that cost has become a top priority for the industry. Cognizant OptimaMedWise can save your business up to seven dollars out of a 100 that you currently pay in medical benefits, without affecting patient outcomes.
A global property and casualty insurer wanted to address leakage from workers’ comp claims while maintaining quality of care.
The company engaged Cognizant to develop a medical necessity review capability that would identify claims for excessive or unnecessary treatment. Cognizant OptimaMedWise™ implemented its technology framework to automate the claims process and provided 100-plus trained registered nurses to review exceptions.
in medically excessive or unnecessary claims within six months of deployment
of approximately $60 million
by 7% to 9%
as compliant and processed automatically
resulting in a 20X return on investment