April 19, 2018

Mitchell Issues First Quarter 2018 Industry Trends Report

San Diego, CA – Mitchell recently released its Industry Trends Report (ITR) for the first quarter of 2018, which provides insights on three key industry trends: the adoption of artificial intelligence, the importance of proper and safe repairs, and the role of auditing medical bills to identify costly billing errors.

Insurers Lead in AI Investment: Where Are They Investing and Why?
As the insurance industry grapples with the opportunities and disruption presented by artificial intelligence and other transformational technologies, Mitchell’s CEO, Alex Sun, writes about how the practical implementation of AI is helping insurers gain operational efficiencies. In his article, Sun shares a vision for technology as a way to simplify the complexities of navigating the property & casualty insurance and repair ecosystems. Sun writes, “One of the most exciting things about artificial intelligence, and many other forward-looking technologies, is how the power of data will bolster human decision making in order to simplify the inherent complexities and uncertainties of restoring people’s daily lives.”

The Casualty Edition—Are You Paying for Billing Mistakes?
In a recent study by Mitchell, approximately 35 percent of workers’ compensation bills contained some type of billing error. In his article, “Are You Paying for Mistakes,” Michael Parker, Senior Director, Product Management, Casualty Solutions, examines the types of common errors that result from billing mistakes or abuse that can lead to increased costs. Parker’s article identifies and provides solutions for simplifying the claims process, correcting mistakes and containing costs. “By adding an advanced technical auditing solution to the claims workflow, payors can be sure that they are catching as many errors as possible and stop paying for mistakes,” said Parker.

Mitchell also reports on the results of a recent survey on the future of technology in workers’ compensation. As Shahin Hatamian, Vice President, Product Management, Casualty, explains, “As the workers’ compensation industry continues to navigate the ongoing challenges of rising health care costs and the need to create operational efficiencies, it’s clear that stakeholders are eager to explore the potential benefits of adopting advanced technologies.”

The report also includes a quarterly roundup and analysis of the casualty and workers’ compensation medical price indices, including the national, physical medicine, major radiology, evaluation and management, and emergency room medical price indices.

Click here for the free reports: Mitchell Q1 2018 Industry Trends Report

or Click here to go straight to the Casualty Edition

Source: Mitchell

Disclosure:
Mitchell is a WorkCompWire ad partner.
This is not a paid placement.

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