According to an April 24 article by Marianne Tancor, the workers comp industry is facing dramatic challenges during the COVID-19 pandemic. Insurance carriers are being hit with new regulations, collection of insurance premiums has become more difficult and some legislators are seeking to expand coverage and compensation beyond what policies originally called for.
In addition to navigating these new challenges, payors still need to manage their volume of incoming claims and supporting documentation. Now more than ever before, digitizing and automating claims processing is imperative for payors to be able to focus on the revenue-producing aspects of their business, rather than losing productivity to necessary, but time-consuming back office tasks.
PANOPTIC by Data Dimensions, offers the first complete, agnostic, end-to-end processing platform for the auto casualty and workers compensation markets. With a multi-faceted, fully integrated workflow, PANOPTIC has a range of services that establish a strong foundation for shared services initiatives, or complement existing shared services functions within your organization for true cost containment. Features include:
- Centralized Mailroom services that allow the safe, secure receipt of all types of inbound documents, including paper mail, faxes, email and other formats
- Leading-edge data extraction technology that combines the high-speed scanning of paper bills and other documents, with advance form technology and intelligent, automated data capture
- The ability to integrate with the bill review provider of your choice, “bill review agnostic”
- An intelligent business rules engine for ICD-9/ICD-10 validation, medical bills filtering, provider credentialing, and fraud and abuse detection
- An ECM system for exception handling, image storage and retrieval, and digital recording of audio and video files
- An automated payment solution with multi-tiered payment options, provider payments with EOR and non-provider payments
- Compliance that results from integrating security and privacy into all phases of training and day-to-day operations, as well as from monitoring legislations at the state and federal levels and conforming with all regulatory obligations
The PANOPTIC platform automates the entire medical bill cycle – no matter the carrier or bill review company, including Specialty and PPO networks. In addition to the core functions listed above, PANOPTIC offers outbound correspondence management and data analytics to help your company maximize efficiency and cost savings, achieve compliance and enjoy business continuity now and into the future.