4 Tips for Turning Medical Malpractice Complexity into Opportunity
The Malpractice Market is Difficult for Insurers
Medical malpractice claims can be devastating to the reputations and bottom lines of hospitals and doctors. These claims are also complex and challenging for insurers, as they can involve changing regulations, fraud and complicated investigations. Quite frequently, the defense of a malpractice claim requires an attorney, expert team, claims adjuster and administrative support.
Medical malpractice lawsuits often carry on for long periods of time, and skilled attorneys and experts are expensive. Lawsuits that go to trial can easily cost six figures.
A main reason that insurers are struggling with the cost vs. profit ratio of the medical malpractice market (besides the large settlements) is because they are using multiple antiquated software systems that are not only costly to operate and maintain, but which handcuff them from launching new malpractice products quickly, as well as effectively supporting large policies.
In this constantly changing market, carriers require flexible, configurable and streamlined solutions to meet their customers’ needs. Here are four tips for turning medical malpractice complexity into opportunity:
1. Possess a Single Core System that is Configurable and Flexible
The marketplace moves fast, with constant regulatory intervention. Also, different states operate under different laws. Providing your business users with the ability to create or modify products via a single software system, without coding, significantly improves speed-to-market and lowers operational costs. Medical malpractice carriers are empowered to quickly make changes to existing products, launch new lines of business and capitalize on the latest trends.
2. Support Large Policies
Medical malpractice carriers of course seek to service and maintain large policies, while also significantly reducing operational costs and administrative headaches. This is possible by following an intelligent approach. Such an approach would include quick processing, support for multiple users working on the same policy concurrently, etc.
3. Provide Mobile Access
Desktop, tablet, or mobile phone – a fully web-based suite of solutions should be accessible to you and your customers on any device, 24-7. Agents must be able to capture and update policy information while out in the field with current or prospective customers; and policyholders should possess the ability to manage and pay their accounts from their homes and offices.
4. Choose an Expert Software Vendor
Insurance carriers would be wise to select a vendor that has spent countless hours working with medical malpractice carriers to understand the policy, billing and claims requirements of the complex healthcare environment. Failure to pick a vendor with expertise often leads to solutions that require a great deal of customization and enhancements later down the line…
Sapiens Can Help!
The Sapiens P&C Insurance Platform combines exceptional performance and scalability with true intelligence: quick processing, support for multiple concurrent users working on different aspects of the same policy, robust filtering and sorting capabilities, and the ability to propagate changes to all (or a selected set of) items on a large schedule, in one shot.
With the platform, insurers are empowered to turn even the most complex lines of business – such as medical malpractice – into opportunities for sustainable growth.
At Sapiens, we aim to redefine the relationship between medical malpractice carriers and their core system platforms. Available on-premise or on the cloud, our solutions for policy administration, billing and claims are intuitive, user-friendly and endlessly configurable.