Insurance companies will realize the medical equivalent of a car tune-up is best paid for without introducing the Gordian Knot of insurance claims processing.
The company is also slowly moving into the business process outsourcing, or BPO space, with a recent deal with ING bank in the U.S. Cognizant will be working with insurance claims processing for ING and hiring 1, 000 ING staffers and make them members of the Cognizant family.
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Inside a low-rise office building in Monterrey, Mexico, hundreds of workers sit in front of computer screens, processing insurance-claims data all day.
Schedule management, claims processing, medical insurance for staff, depreciation, collections and many other areas could benefit dramatically.
Think of the efficiencies in hospital supply chains, the delivery of prescription drugs, the processing of billing and insurance claims, reductions in fraud, and the application of best practices for cost controls.
German insurance provider ERGO has built an in-house app for iPhone that thousands of agents use to process insurance claims, which has significantly reduced paper work and improved processing time and customer satisfaction.
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And with the end of fee-for-service payments, insurance companies will no longer be needed to handle complicated billing and claims processing, nor will they need to be paid a fee for doing so.
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Next up is a scan on coordination of benefits through normal claims processing to look for cases when another state program or private insurance paid all or part of a claim.
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As the leading pharmacy benefit manager, CVS Caremark extends mail order pharmacy services, claims processing, and prescription plan design and administration on behalf of plan sponsors, which include corporations, insurance providers and the government.
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