Just like other segments of the financial industry, insurance services providers have been severely shaken by the COVID-19 pandemic. The increasing rate of unemployment in many places and the rise in claims have contributed to a significant misalignment of premiums collected and claims paid. In addition to the lingering level of uncertainty surrounding premium collectability, the current disruptions are also making it difficult for companies to calculate premiums for years to come.
On the other hand, the ongoing crisis has also served as a wake-up call for many insurance companies. It’s a must for insurance providers to fully make use of the latest health insurance technology at their disposal if they want to minimize the negative impacts of the pandemic on their business. Access to real-time information and making data-driven and timely business decisions are keys to ensuring that the company will remain afloat despite the currently unstable business environment.
One of the resources that many health insurance companies underutilize is patient data. This valuable resource, when managed by digital solutions and used properly, can assist health insurance providers in many ways, including:
Delivering Better Outcomes for Individual Patients
Consolidating information gathered from different medical facilities and practitioners has always been a challenge for more traditional health insurers. The lack of both a unified information repository and open yet secure channels for exchanging data prevents medical care providers from consolidating patient information. In turn, this makes it more difficult for medical professionals and insurance companies to ascertain the patient’s condition and the treatments they need to effectively and quickly address or manage their health issues.