According to a recent article on HealthCareFinanceNews.com, the potential cost to insurers from the COVID-19 pandemic could reach as high as $556 billion over the next two years — and could go even higher if intensive care stays become longer and treatments become more expensive. According to that same report, the cost of every patient requiring intensive care could average as much as $30,000.
With estimates of as many 5.5 million needing hospitalization for COVID-related treatment, and as many as 1.3 million needing intensive care, the processing of those claims will pose a massive challenge to companies. Making matters more difficult is the fact that companies working to process claims face additional issues brought on by the pandemic. The dynamics of the modern workforce have changed dramatically in the wake of COVID-19, with many more employees working remotely and increased worries about accepting external documents into facilities.
If your organization finds itself struggling with claims processing in this uncertain environment, it’s time to consider a solution that relies on an experienced provider automating your claims processing. Among the benefits of such a solution:
- Expedited claims processing, allowing for greater profitability
- Secure online access for exception management
- The security of not having to rely on your own remote workers to process increasing amounts of claims
- Audit trails for real-time reviews
- The flexibility to have services designed to meet your specific needs, using leading-edge technology
And most of all, by having a reliable provider automate your claims processing, you avoid the potential problems posed by the current pandemic – or whatever problems might arise in the years to come.