The insurance industry has many areas ripe for automation. The policy administration process is no exception. There are a lot of time-intensive tasks that, with the right solution, can be automated and even eliminated.
Here’s how Healthcare Providers Insurance Company (HPIC) makes the solutions provided by Ventiv work for them.
Who is Healthcare Providers Insurance Company (HPIC)?
HIPC was formed in 2003 in Mississippi to serve the liability insurance needs of healthcare facilities and other healthcare providers in its home state. HPIC works to provide innovative and cost-effective insurance solutions to its members. As a member-owned company sponsored by the Mississippi Hospital Association, it’s even more important to safeguard member assets while at the same time supporting the delivery of quality healthcare.
In serving their community, HPIC provides insurance services to over 50 healthcare facilities and 500 physicians. Many of these facilities are in rural areas far from urban centers. Because of this, they face unique financial challenges as well as increases in claim severity.
Because of these challenges they needed an innovative and unique solution. That’s where Ventiv comes in.
What Makes HPIC's Situation Unique?
Besides their rural location, what makes HPIC unique is that they dealt with two different aspects of their business: professional liability and workers’ compensation. The old system they had was inefficient, slow, and had data integrity issues, which meant a human user checking everything twice to ensure accuracy.
As a small team, HPIC needed to find a way to make its staff more efficient. In the past, employees had to juggle more than one system for the various claims they handled.
They needed an all-in-one solution that would enable onboarding and training to be simpler and faster for new employees and streamline processes. The Ventiv system offered that and more.
Solutions: Moving to New Technology to Improve the Policy Administration Process
The solution was to move to new technology, a system that had everything the company needed in one place and one software solution. After putting out competitive bids, they found Ventiv to be the best solution. Some of the key reasons were its ability to perform multiple functions.
For example, the system could handle policy and claims management in a single system. “By having our policy and claims management in a single system, we can pull the data we need to report back to our members and our board,” Katherine Kooley, insurance business analyst told us. “We need to be able to provide the best insurance services, and we need to provide them as efficiently as possible.”
And reporting is just one angle, but a vital one. Better data analysis means better business decision-making, and a smoother process all the way around. Enhanced workflows provided more efficiency in day-to-day operations. Manual entry and calculations were significantly reduced, which removed the hazards of human error.
But Ventiv impressed in other ways as well.
From Failed to Fabulous Implementation
HPIC tried previously to work with a development team to find a better software solution. The process drug on, and they stopped development. It took time for them to seek out new solutions and find Ventiv.
But when they did, Ventiv delivered on time and under budget. At the same time. the experience of the Ventiv team meant that HPIC got more than it thought it would. During deployment, the company looked harder at its internal policies and processes, making additional improvements along the way.
The team was not only flexible but offered advice as well. Even on a tight deadline, Ventiv was able to deliver, reassure employees who had experienced a previous failed implementation, and bring everyone up to speed quickly.
The biggest takeaway for HPIC? They received a huge tangible return on their investment, elevating customer service and improving efficiency and morale in their team. The policy portal is better for members, and the data and reporting are something the company has never had access to before.
No matter what the size of your company or the clientele you serve, and no matter how many aspects there are to your business Ventiv has a solution for you and your business.
Check out the HPIC case study, and then contact us today to find out how we can help you no matter where you are in the insurance provider industry.
