Could Claims Challenge Insurtech’s Current Priorities?
The insurance industry is undergoing many changes, caused by the latest technology trends such as Big Data, the Internet of Things, and Block chain, Analytics, which are irrevocably and dynamically changing how it works. Let’s look at key trends that impact the industry and discuss the various challenges that are driving InsurTech’s current priorities and see if we can mention the most important of all.Every industry has its leaders and its stragglers, and the insurance industry is no exception.
Availability of care: Insurance reimbursements are the main source of income for health centers. Reimbursements are often driven by insurance premiums that are periodically adjusted to reflect rising healthcare costs. Insurance company reimbursements are approximately 40% higher than government reimbursements. The elimination of health insurance companies reduces the level of reimbursements, which reduces revenues from facilities, equipment, supplies, personnel, etc. The only way to overcome revenue reductions is to reduce costs by reducing attention, fewer facilities, fewer doctors, longer periods between equipment replacements, etc. These reductions would lead to longer waiting times for a doctor, longer waiting times for procedures and/or testing, and fewer facilities. Click here to get rates
While vendors are designing and delivering new digital products and services to improve clinical outcomes and patient satisfaction, they are also finding completely new business models that can deliver value through new business models. Players like Microsoft, Google, Amazon and Apple are also trying to gain market share with varying levels of success.As the healthcare industry becomes compulsive to adopt a digital strategy, let’s look at how they are reinventing the way they work through digitization:Using health care interoperability to enable patient data exchange through continuity of care from healthcare providers and stakeholders will provide coordinated collaborative care for all.
While I am someone who firmly believes that medical care should be considered a right and not simply available, I also consider myself a pragmatic idealist who seeks the best, most ideal solution, but not at the expense of sacrificing a pragmatic approach! After all, what are the ideas, no matter how significant, unless they become the law of the country? As with almost all laws, if passed, certainly there will be some losers, some winners, and many uncertainties/questions. Armed with this knowledge, we need to attempt to examine, consider, debate, and review 3 winners, 3 questions, and 3 losers that immediately come to mind. When handling the sensitive act between paying legitimate claims and detecting fraudulent ones, insurers could develop a negative relationship with a customer by being overly suspicious or too strict.