San Diego, CA – Mitchell recently released its Industry Trends Report (ITR) for the second quarter of 2018. The report includes a deep dive into how data analytics are now embedded into most levels of insurance organizations, presenting both challenges and opportunities. It also includes an exploration of how utilization review and precertification can help reduce unnecessary medical expenses—while also providing strong medical options for recovery.
Advanced Technologies Reduce Complexity and Restore Lives
As technology becomes more deeply integrated into the property & casualty and collision repair industries, and with it, the casualty, workers’ compensation and collision claims processes, not only is it reducing complexity and improving efficiency, it’s also helping insurers as they go about the business of restoring people’s lives after an accident or injury.
In this edition of the Industry Trends Report, Mitchell executives provide views on the most recent industry developments. Debbie Day, Executive Vice President and General Manager of Auto Physical Damage, delves into how advanced safety technologies can simplify the claims and collision repair processes, and how they also support better outcomes for the insured. Nina Smith, Executive Vice President and General Manager of Casualty Solutions, explores the powerful place and purpose technology has in the claims process as a tool to both simplify complexity and restore people’s lives after an injury. Dave Torrence, Executive Vice President and General Manager of Pharmacy Solutions, makes a compelling case for how technology is providing essential visibility into opioid prescribing and how it can help prevent abuse.
The Casualty Edition: Controlling Costs in Workers’ Compensation with Precertification and Utilization Review
This quarter’s Casualty edition explores how utilization review and precertification can help reduce unnecessary medical expenses while also providing strong medical options for recovery, as outlined by Jackie Payne, Vice President of Medical Management Services. Payne points out how medical expenses, now averaging more than 60 percent of typical claims costs, according to a recent industry whitepaper, are a large portion of an employer’s workers’ compensation costs. She adds that this trend isn’t going away soon, as the claims costs are expected to keep rising.
“Contributing to the climb are expenses incurred for treatments that are unrelated to a worker’s injury. While unnecessary medical treatment could occur for a number of reasons, there are ways to manage these associated expenditures and ensure patients receive the quality care needed to treat their condition. Utilization review, starting with the precertification, presents an effective method in the defense against rising medical costs,” Payne explained.
Michael Parker, Senior Director of Product Management for Mitchell’s SmartPrice Solutions, writes about auditing workers’ compensation medical bills for billing mistakes and abuses. “There are many advantages to adding an auditing technology platform to a workers’ compensation claims workflow, including improving efficiencies and reducing overhead costs—but cost containment is where the platform will have the greatest impact,” explained Parker.
Also in this edition, Brian Allen, Vice President of Government Affairs at Mitchell, offers insight on a highly debated topic at the forefront of workers’ compensation discussions with an in-depth look at drug formularies’ impact on state workers’ compensation. Allen explains, “If we can focus on developing formularies that ensure the injured workers are the most important stakeholder, then we will hopefully see more successes in the future.”
Additional key insights are provided in this edition, including newly published data from the workers’ compensation and auto casualty medical price indices that feature national, physical medicine, major radiology, evaluation and management, and emergency room medical prices.
Click here for the free reports: Mitchell Q1 2018 Industry Trends Report
or Click here to go straight to the Q2 2018 Casualty Edition
Mitchell is a WorkCompWire ad partner.
This is not a paid placement.