Tag: claim reporting

9 Tips for Better Claims Management

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March 26th, 2015

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The best claims management techniques will control costs, and improve a company’s employee retention. Mentioned below are 9 tips to do exactly that:

  1. Understand the people and responsibilities of all participants involved.
  2. Ensure that all individuals understand their roles and responsibilities.
  3. Document all injuries, whether they are major, or minor.
  4. Report everything without leaving out any detail.
  5. Train staff on filing claims, and encourage employees to take the appropriate steps.
  6. Work-related, and non-work-related claims must be treated equally.
  7. Do not be biased with employees, and ensure equal treatment of all claimants.
  8. Document, document, document everything.
  9. Cultivate your relationships with the claimants, even after settlements.

Companies should encourage their employees to be honest with the management. At the same time managers need to be respectful and patient with the concerned parties. To know more about Actec and how we can assist your business’ claim management procedures, click here.

Full-Cycle Claim Reporting – Accuracy Is Key

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October 28th, 2014

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Full cycle claim reporting refers to a comprehensive approach to claims and incident reporting. In some instances, full-cycle claim and incident reporting is also referred to as claims intake and reporting, or even within the general context of first notice of loss (FNOL). The concept is fairly simple; an individual has experienced a loss, theft or damage and needs to reports the specifics to their insurance carrier, third party administrator or self insured organization. It is important that this intake is professionally handled, promptly addressed and accurately recorded. The intake is extremely important to ensure the resulting claim is accurately reported. Full-cycle claim reporting refers to a comprehensive, one stop approach to this situation. Key components of a full-cycle solution include:
  • Companies can report all claims to a single claim reporting service
  • Claim reporting is fully integrated into the system
  • All the information needed for processing is completed on the first report
  • Workflow changes can be easily to accommodated to meet new requirements

There are accurate metrics to determine the actual cost of claim and incident reporting. With first notice of loss, it is important to close claims quickly and manage risk at all levels of the organization. FNOL intake specialists should be available 24/7,365 days a year, to ensure accurate and timely intake whenever an incident occurs and to handle after-hours incidents and overflow. It is also an opportunity for companies to demonstrate their commitment to employees, by ensuring employees receive rapid and professional response, during what is likely to be a very stressful time, namely the reporting of a loss or theft. Creating a full-cycle claim reporting system to respond, monitor and measure the FNOL process is a key component in success in this complex scenario. Many companies outsource their first notice of loss to a full cycle claims and  incident reporting specialist, particularly when the consider the challenge of a 24/7, 365 day a year schedule.

Five C's of Full-Cycle Claim Reporting

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March 12th, 2014

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Full-cycle claim reporting is an indispensable and highly detail-oriented aspect of FNOL and absence management implementation. As with many concepts in the business world, the idea is simple yet the execution requires a high degree of training and precision. Here are the ‘Five C’s’ of full-cycle claim reporting:

  • Control – containing costs is what brings the ROI to full-cycle claim reporting solutions
  • Configure – customized workflow is what where you find the adaptability to optimize for any claim intake situation
  • Capture – effective, efficient, and accurate notice intake is indispensable in achieving timely and successful claims resolution
  • Complete – post-notice services, including cast resolution, follow-up, and documentation make the system concretely successful
  • Communicate – dissemination and reporting keep everyone on the same page, making full-cycle claim reporting effective for companies of nearly any size

Principles of Claims Management

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January 10th, 2013

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Cost-effective claims management is dependent upon capturing accurate information in a prompt and well-organized manner. When policyholders report a notice, greeting them professionally is important. Of equal importance is the professionalism exhibited on the other end of the process – data entry. Trained intake specialists must quickly and accurately ask the right questions and enter the appropriate information into the applicable form using a best practices workflow.
Only through years of first notice of loss (FNOL) experience can claim intake best practices be honed into a streamlined training program. Whether entering notices into a custom application, a standardized application, or your in-house claims management system, capturing the vital details quickly and effectively while maintaining a pleasant demeanor is paramount. Providing medical coding, duplicate checking, quality assurance reviews, and notice completion in addition to streamlined and skilled services keeps costs down and satisfaction up – where they belong.