Claims payments can be a costly and complex process, requiting the consolidation of payments from multiple employers into various bank accounts and adjudication systems.
But outsourcing that process to a company with the ability and experience to handle such complexities can reduce costs, increase efficiency and allow your company’s employees to focus on your core competencies.
The key to a solution to the issue of medical claims payments lies in a robust processing technology that utilizes every form of benefit payment delivery currently available. Such a service would start with benefit payments rather than printed checks, collecting the total approved benefit payments electronically from individual plan bank accounts in the same way that payroll services collect funds from employer bank accounts. These benefit payments would then be consolidated by the payee across all plans into one financial instrument that is processed and delivered in the most cost-effect manner.
- Here are some of the benefits of outsourcing your company’s medical claims payment processing:
- Lower bank fees and reconciliation costs
- A way to save time, money and effort while still managing all aspects of the claims payment process
- No need to interface with the IRS for 1099 compliance and reporting
- Flexibility of claims payment types, including virtual payments, EFT or checks
- Lower administrative expensive through the use of consolidated payments
- Print savings with consolidated family Explanation of Benefits (EOB) correspondence
- Online management and tracking to manage funding, reconciliation and payments.
Technology is the key to an efficient medical claims payments process, and outsourcing that process can save your company money while letting your employees focus on your organization’s core competencies.