With more than 45 years of experience, Ventiv has gained a deep understanding of the challenges faced by Third Party Administrators (TPAs).
In this blog post, we will explore how Ventiv’s tailored claims management SaaS offerings are critical to the success of these organizations, allowing them to create efficient processes and better serve their clients. Whether it’s the common TPA challenges of technology adoption, onboarding constraints, or decreasing conversion costs, Ventiv can help third-party administrators simplify their processes and improve revenue by as much as 20%.
In today’s fast-paced business environment, the ability to adopt new technologies is critical to staying competitive. However, simply adopting new technologies like digitization or analytics is not enough. Your systems need to be future-proofed to support emerging technologies like AI and ChatGPT. As a leader in the claims technology space, Ventiv has pioneered the ever-changing technological environment and has a variety of robust features to help organizations stay ahead of the curve.
Ventiv offers critical, money-saving features like embedded predictive analytics for reserving, litigation, subrogation, and duration analysis. In addition, Ventiv's Severity Predictive Analytics model identifies low-complexity claims to be auto-adjusted, freeing up adjusters for more complex claims. It is estimated that this predictive model can save organizations over $100,000 per year for every 5000 claims processed.
One of the biggest challenges faced by TPAs when they onboard new customers is the ability to convert and migrate open claims within the 60-day period. This process can be time-consuming and costly, any delay can create customer dissatisfaction. Ventiv has addressed these challenges by developing a repeatable process to help organizations overcome onboarding constraints.
With its unparalleled experience serving the TPAs market, Ventiv has years of experience converting data from other players in the space. With a flexible platform able to accept multiple customer data source elements, Ventiv allows TPAs to realize faster ROI because of repeatable conversion processes. Ventiv can help with winning RFPs and gaining customer adoption by cleanly converting data with minimal effort, which reduces the friction of lost data and client confusion.
The cost of converting and migrating data can be a significant pain point for organizations, often costing millions of dollars and downtime. Legacy claims solutions may not be able to onboard new customers within a reasonable time frame, leading to a loss of revenue by a delay in getting a new client to market. These delays can additionally cause data and quality issues, leading to compliance reporting issues and customer dissatisfaction. However, Ventiv’s solutions are designed expertly to help organizations reduce conversion costs.
By offering a standard conversion methodology, Ventiv takes the ambiguity out of converting a new client. Ventiv has assembled an experienced data services team able to assist any TPA organization with its specific needs. With the expert setup from Ventiv that ensures consistent mapping and improved data quality, TPAs can expect a faster ROI from repeatable conversion processes.
Ventiv’s claims management software helps organizations overcome the challenges of adopting new technologies, onboarding new customers, and reducing conversion costs. By leveraging Ventiv’s experience, TPAs often experience savings and revenue increases of 20%. If you’re looking for claims management software that can future-proof your organization and create sweeping efficiency, chat with an expert to see why Ventiv’s Claims Management Solution is the right solution for your organization.