Paperless payments8/30/2023 ![]() Here are a few reasons payors should include these solutions in their workflows: 1.Increase Automation and Allow Adjusters to Focus on Core Tasks Three Reasons to Add Paperless Solutions to Your WorkflowĪchieving a paperless claims process is possible with the help of both electronic billing and payment solutions, which allow payors to accept medical bills and remit payments electronically. This will help eliminate many manual processes from their workflows that could be both inefficient and ineffective. While not all providers are sending bills or accepting payments electronically today, by adopting these solutions, payors are at least giving themselves the capability to process a good percentage of claims digitally. ![]() Implementing paperless solutions, such as electronic billing and payment services, can help payors transition to automated tasks and improved efficiency, subsequently boosting data quality and helping payors to comply with current and future state regulations. ![]() As claims organizations look for ways to overcome this problem, many are looking to add automation to the claims process. In Mitchell’s 2020 industry survey, about 30 percent of respondents said that workflow efficiency is the biggest challenge their claims organization is facing today. Mitchell found in a recent industry research study it conducted that about half of respondents are very likely to adopt advanced technology in the next five years or are already using it, and 47 percent of respondents said cost containment is the key factor as to why they think the industry is adopting advanced technology-indicating the property and casualty industry’s willingness to go digital in an effort to control costs and improve efficiencies. As the economy continues its shift from paper to digital, the auto casualty and workers’ compensation claims process is not far behind. Trends in the digital economy have created an opportunity for the property and casualty industry to digitize its payment and billing processes, which could go a long way in helping payors achieve their goals of increasing automation, boosting efficiencies and controlling operating expenses, all while improving their data quality. In 2019, only 42 percent of B2B payments were made by paper check, down from 81 percent in 2004, according to a report from the Association for Financial Professionals. This movement is not isolated to consumer markets––many companies are eliminating paper from their B2B transactions in favor of electronic, automated options like EFT transfers or virtual card payments. By the end of 2020, consumers are expected to have completed about 726 billion digital payments transactions-an increase of almost 11 percent from 2017, according to a recent study. ![]() Innovations like mobile payment apps, money transfers via text message and digital wallets have transformed the economy. Electronic payment and billing solutions can help claims organizations down the path of achieving a paperless claims workflow, helping to improve efficiencies, data quality and operating expenses. When it comes to claims processing operations specifically, one immediate opportunity for payors is digitizing the medical billing and payments process. As claims organizations continue to build and enhance their global digitization strategies, especially in the midst of the COVID-19 pandemic, there are many opportunities and areas to apply technology across the entire auto and workers’ compensation insurance ecosystem, from using mobile apps to push safety warnings to drivers to automating the settlement process. Additionally, a McKinsey study found that by digitizing their current business, large insurance companies could more than double profits over a five-year period. Further digitizing the claims process can provide a variety of benefits for payors and claimants alike, including improving the consumer experience, boosting efficiencies, reducing fraud and allowing for adjusters and other claims handlers to focus on what matters most-helping restore claimants’ lives after a challenging event. It is no secret that technology is continuing to disrupt the auto casualty and workers’ compensation industries.
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