Health insurance companies handle a lot of sensitive medical data from patients. The data helps them process claims faster to satisfy customers. However, the insurers must analyze the collected data to ensure accuracy before processing the claims.
Doing all these things manually can be tiring, time-consuming, costly, and full of errors. That's why insurers should work with iDox ensure accurate PHI extraction and indexing to process claims quickly.
But what is the role of accurate PHI data extraction and indexing in streamlining health insurance claim processing?
This guide explains much about all this.
Helps in Data Storage
Since PHI data extraction and indexing classify and track data, it can help insurers during data storage. Moving the data to the right location becomes easier when the medical records are in order and accurate. If the insurance companies store their data, they can access it quickly and process the claims faster. When insurers store the data, it remains secure and allows fast retrieval.
Makes Decision-Making Efficient
Before processing the health insurance claims, the insurers must make quick decisions depending on the data they have. Remember that health insurance companies must analyze the claim types, the medications, and the treatment offered before authorizing payments. With accurate PHI data extraction and indexing, decision-making becomes efficient. This is because the data is easy to use and understand.
Managing Costs
Accurate PHI data extraction and indexing are also important for insurers, as they help reduce operational and management costs. However, without accurate PHI data extraction and indexing, it will take the company more time to analyze the data, which comes at a price. Plus, the company might require additional hands/employees to categorize and analyze the data for fast insurance claims.
Improves Customer Service/Experience
Additionally, accurate PHI data extraction and indexing prevent medical insurance claim delays. Medical claims payment delays can make customers feel uneasy and stressed, affecting their faith in the insurer. However, without delays, the customers will have a positive experience with the company, which proves the professionalism of the insurance company.
Accuracy
Medical claims need to be accurate to prevent insurers from violating HIPAA regulations. Wrong data can also result in penalties, which can inconvenience the company financially. However, with accurate HPI data extraction and indexing, this will be a thing of the past as there will be no errors.
Additionally, accurate data reduces the workload for the company’s employees, as they don't have to correct the errors, which can result in backlogs. The backlogs can delay the claims, which customers don’t like.
Prevents Fraud
Most health insurance companies experience fraud at different junctures, which leads to financial loss. But with accurate HPI data extraction and indexing, it becomes difficult for fraudsters to get a chance to milk the companies. This is because accurate data makes identifying anomalies or suspicious claims easy.
Bottom Line
A serious health insurance company must rely on accurate PHI data extraction and indexing to streamline claim processing. Accurate data makes making decisions easy and reduces costs and fraudulent cases. It also improves the customer experience and helps with data storage.
Are you looking forward to using the most accurate PHI data extraction and indexing to streamline claims processing? iDox.ai Data Discovery Platform is here to help.
Partner with us and improve your medical claims processing while maintaining your data security.