- Getting hospitalized is a stressful event both for the patient and her loved ones
- The process of availing Insurance is slow, full of hassles & stressful
- Every minute they spend on Insurance is a minute they could have spent with the patient
- Delays at the Pre-authorization stage could affect treatment initiation
- Discharge days are more about securing paperwork and less about the next steps for the patient
- Heavy Claims Processing Costs
- Cost of Claims Processing stands at 10-15% of Total Operating Expenses
- The TAT is not standardized even within the same Insurer, due to multiple claim processing entities(TPA)
- Processing speed affects insurer rankings
National Health Stack(NHS) is trying to push for the digitization of health documents, which opens up the possibility to revolutionize claim processing.
Getting rid of the physical documents collection & manual claim processing method and replacing it with an automated rule engine can help us reduce the time required to process claims by order of magnitude.