Meeting the self-insured market demand for innovative products with predictable payment models is daunting.
Our healthcare payer client was struggling with their billing process for self-insured groups. It was a highly manual, time-consuming, resource-intensive process that resulted in frequent errors. Beyond that, the self-insured groups needed better visibility into their claims experience.
Concord stepped in to help automate invoicing and payments to reduce errors and limit the amount of time spent on the process overall. We developed an innovative, fully integrated product for automating and optimizing core self-insured billing and fulfillment processes. This internal and customer-facing portal removed the need for manually invoicing nearly 700 unique groups.
We successfully achieved our client’s goals by creating a comprehensive solution for the self-insured group’s claims settlement and billing process. This system integrates the needs of employers, brokers, sales and marketing, actuarial, and finance operations by managing the contract definition, settlement, and billing process through a custom portal.
The new process offers:
· High degree of customization and seamless connection with existing payer systems
· Effortless agreement capture and renewal management
· Customizable services and negotiated criteria
· Automated management for membership services and finance operations