Managing cases and claims is challenging for any insurance company or law firm. The key to success is repeating an established process that proves success and is consistent over time. The ultimate challenge, however, is not whether a process is in place. Instead, it is simply whether that process is implemented internally or should be referred to an expert in the field. Record retrieval is one area where going alone can spell trouble and interrupt business efficiency. The constant changes in the industry, adherence to strict compliance protocols, and building streamlined efficiencies into the process often prove that the outsourced process is the solution.
Key Competencies Needed
The critical elements of success include several key competencies required to be effective with a proper record retrieval strategy. These include 1) Utility, 2) Technology, 3) Speed, and 4) Tools.
Utility
Anyone can create a process or strategy for record retrieval. Everyone has access to the same information. The key to success from one requestor to another is usability. How do you use the information available to you to manage cases and implement a process for record retrieval? Moreover, how do you use this information to impact the effectiveness of managing those cases?
The number of touches on a file required for obtaining the necessary records makes it extremely difficult to digitize. Often, cases require multiple, daily touches and even more when that volume is amplified. Moreover, organizing records into usable formats for analysis is a time-consuming endeavor and affects efficiencies.
Furthermore, usability will dramatically affect the ability to control costs. Inhouse systems prove to be inefficient at managing many records with larger caseloads.
Technology
Insurance carriers and law firms are businesses. Some have more access to technology than others. Some have built technology into their workflows, while others take a more manual approach. Technology, specifically automation, allows businesses to delegate key activities, freeing time for more important tasks.
Technology has automated much of the record retrieval process by implementing web portals for submitting and managing work orders as well as lowering administrative costs. The increased use of predictive models and artificial intelligence requires increased data earlier in the process to properly affect turn-around-times and accessibility to records. Automated systems provide real-time tracking and notifications for faster processing and improved turn-around-times.
Technology is rapidly transforming the record retrieval industry, making processes and workflows more efficient and streamlined.
Speed
The longer a case or claim is open, the more risk exposure the carrier faces. To mitigate this risk, speed in processes plays an important role in getting outstanding claims to settlement quicker. Requestors need to get the information they need early enough in the case to have a higher impact on the file. The move from onsite scanning to digitized record copy scanning has dramatically improved the efficiency of obtaining records from facilities and delivery to the requestor. This is especially true for large case volumes with higher-than-normal page counts. Furthermore, the ability to search for information, such as key terms, has accelerated the process.
Tools
Obtaining records is one process. However, what tools are being used to review and analyze the records? Manual reviews are effective, but they take time and expose reviewers to mistakes. Using analysis tools designed to assist reviewers gets the records organized and reviewed more efficiently. Hence, allowing reviewers to make quicker determinations as well as assist in claim negotiations and settlement.
Outsourcing the record retrieval process often ensures businesses are streamlined for maximum efficiency and avoids common pitfalls of manual processes.
Summary
The bottom line is cases need to be settled to be effective in the insurance or law firm business. The key to this success is to incorporate a proven, reliable, repeatable, and consistent system that is fast, uses technology, and can adapt to the industry. Businesses need expertise and efficiency built into their workflows that is cost-effective, time-saving, and has access to tools to manage cases properly. Outsourcing the record retrieval process allows businesses to focus on high-level tasks. The manual process is riddled with antiquated tasks, exposure to risks and errors, and is an unnecessary administrative burden. Partnering with a reputable provider who provides up-to-date record retrieval and review tools saves your business time and money. Both are things no business can afford to give up in today’s fast-paced, pro-technology legal environment.
