MLR Caps are hindering your ability to reserve profits

How will you offset costs to ease the impact on your bottom line?

Streamline administration through automation

Only 15–20 percent of incoming premium dollars can be spent on non-claim expenses, and that includes broker commissions. As a result, it is crucial that you keep your administrative costs low, allowing you to maximize spending the 15-20 percent on market differentiating initiatives. Automating your enrollment and billing processes can help you lower your spend, while also driving the efficiency and quality into your process that contributes to customer satisfaction and retention.

 

Automated Enrollment Processing

Everyone is looking to control health care costs, particularly as it relates to engaging your group market and processing enrollment data. But, strategies to receive and process enrollment data vary across market segments. When you deliver a simplified user experience with automated enrollment processing that easily scales to accommodate all of your group market segments, you gain the flexibility to meet the needs of all of your group customers through one processing channel while also reducing your operational and administrative overhead.

 

Reduce Payment Time & Cost

Paper-based billing cycles add a significant amount of time and cost to your billing processes, prevent you from accurately projecting expenses, and increase your manual reconciliation processes. Eliminate the time lag and extra costs associated with issuing paper invoices. Online billing enables you to automate invoicing, payment collection and billing adjustments (based on market segment need) and improve your Days Sales Outstanding ("DSO") while also providing a simple, convenient way for all your individual and group customers to pay their bills.

 

*Gartner Research, Gartner, Inc. Cost Cutting Within the Billing Process Is Achievable for Health Insurers. February 28, 2008

 

Learn about current market trends and gain insights on how health plan providers can successfully innovate over the next three to five years through intelligent planning and partnering.