Intelligent document decisioning solution to streamline the Workers' Compensation claims process
November 3, 2023 09:00 AM Eastern Standard Time
ATLANTA--Ventiv Technology, the leading provider of advanced analytics for risk, claims and underwriting solutions, announced today the addition of Ventiv Verify to its analytics product suite. Ventiv Verify reduces medical claims expenses related to Worker’s Compensation claims.
Organizations pay millions of dollars in medical expenses, and Ventiv Verify helps claims administrators reduce those expenses by 5-7%. Ventiv Verify auto-adjudicates the initial medical bills, resulting in nearly 1/3 of bills returned for various reasons. As the majority of those returned bills are never re-submitted, provider bill charges are reduced by up to 18%. The largest savings come from medical bill expenses that are no longer incurred.
The workflow improvements for adjusters are also profound. With seamless integration into the claims administration platform, claims closure times are reduced, and adjusters can more effectively focus on other aspects of the claim administration. Duplicate payments are avoided as are mispayments of incorrect invoices. Moreover, Ventiv Verify improves the workload on bill review providers.
“Ahold is always looking to enhance our business processes,” says Wendy Higdon, Risk Management Project Manager at Ahold. “With our claims team handling thousands of claims a month, this auto-adjudication solution helps improve our adjuster productivity and reduce medical bill review costs.”
“Verifying incoming medical bills is a time-consuming and costly process,” said Stephen Thomas, VP of Global Sales Solutions at Ventiv. “This leading-edge solution enables us to continue offering new capabilities to our respective clients helping them reduce significant costs with medical bills.”
Integrated into the Ventiv Claims product, Ventiv Verify is an intelligent decisioning and workflow application that streamlines the entire claims process. The integrated offering will enhance the Workers’ Compensation claims process by auto-adjudicating up to 65% of incoming medical bills, helping to lower provider billed charges and reduce paid medical invoices.
About Ventiv Technology
Ventiv Technology is a leading global provider of claims administration, risk management information systems (RMIS), enterprise risk management (ERM), insurance claims, billing, policy, and administration technology integrated with its market-leading analytics and predictive models. Ventiv Technology’s SaaS and on-premise solutions are deployed by insurers, brokers, insured corporate entities, federal and regional governments, public entities, third party claims administrators (TPAs), and risk pools across a variety of industries, including transportation & logistics, retail, financial services, leisure & hospitality, energy, aviation and manufacturing among several others.
With over 45 years of experience, Ventiv serves 450 customers and more than 450,000 users spanning 40 countries. Ventiv’s global footprint and experienced team of industry veterans deliver insights to organizations that allow our customers to predict, manage, and respond to risk.
For more information, please visit WWW.VENTIVTECH.COM
