San Diego, CA – Mitchell, a provider of technology, connectivity and information solutions to the Property & Casualty (P&C) insurance industry and their supply chain partners, recently released its Industry Trends Report (ITR) for the first quarter of 2016.
In this edition, experts discuss the inflation rate driving car repair prices and the industry-wide success of ICD-10 implementation.
The Casualty Edition
The Property & Casualty (P&C) industry underwent a large change on October 1, 2015 with the official implementation of ICD-10 codes. To better understand the value and effectiveness of the ICD-10 codes, Michele Hibbert-Iacobacci, CCSP, CMCO, Vice President of Information Management & Support at Mitchell and the Mitchell team identified Key Performance Indicators (KPIs) that the P&C industry can map back to.
In this edition, the Mitchell identified KPIs are discussed to highlight adoption statistics and the areas where ICD-10 can address issues in medical bill review applications that insurers currently rely on for objective review. The key areas monitored included adjustment / denials, duplicate bills, claim open timeframe, severity and case mix changes.
First published in April 2001, Mitchell’s ITR now reaches more than 33,000 collision and casualty industry professionals and provides meaningful visibility into data-driven trends in the P&C market.
The complete report is available at www.mitchell.com/industry-trends-report.