How Wisedocs is Reshaping the Claims Space to be Faster, Less Error-Prone, and More Effective
The claims process can be slow, costly, and loaded with paperwork. Wisedocs is reimagining the claims space.
The claims process can be slow, costly, and loaded with paperwork. Claims for short term disability, long term disability, medical leave, or insurance related circumstances are done manually. This is a time-intensive process for doctors, lawyers, insurers, and those in charge of case management, as well as the individuals and families affected by the claim.
This backlog has personal consequences for people’s lives and livelihoods. Claims taking months or even years to be processed leaves claimants and their families in limbo. Technology platforms like Wisedocs are not only helping to speed things up, they’re also responsible for reshaping the claims space as a whole.
Wisedocs allows companies involved in medical record reviews to go paperless
Ditching the paperwork isn’t just good for the environment! In an increasingly virtual working environment, paperless copies of documents are essential for meeting the businesses’ needs. Although only 16% of global businesses are fully remote, 62% of workers report working from home at least part of the time.
Having access to paperless medical records, essential documents, or client information while out of the office can lead to fewer delays, more productivity, or less frequent duplication of tasks.
Wisedocs allows the claims process to move faster
Unstructured medical data, which would normally need to be processed by hand, can be used more quickly with tools like artificial intelligence and automated document processing. While it doesn’t replace the human element entirely, claims documents need to be summarized, organized, reported on, and checked for duplication.
With Wisedocs, case files can be automatically indexed, searched, and tagged — taking the most time consuming work out of the employee's hands. In fact, one company found Wisedocs made their document processing 70% faster.
Wisedocs reduces human error with medical record reviews
Last year the American Medical Association found that commercial healthcare insurers had a claims error rate of nearly 20%. This led to nearly $17B in extra costs, including claims that simply went unpaid or denied. For third party medical examiners, the problem is made more complicated with duplication.
An average of 10% of hospital documents are duplicates, leaving plenty of room for error. Patients often have long medical histories, and manually going through duplicate documents within them can hike up costs. Automating the process not only makes reports more accurate, it also reduces the chance of permanently deleting something important. Phew!
Wisedocs streamlines workflows and processes for claims industry
Insurance providers often outsource their medical document review thanks to the time and labor it requires. Current staff can’t handle the process in an efficient way, so a third party needs to get involved. With platforms like Wisedocs, 750 pages of medical documents can be processed in an hour — no other vendors involved.
A recent study by Deloitte suggests that third party vendors add additional risk when running a business. Whether it’s your financial, legal, supply chain, or reputation, being able to use AI to do work you’d otherwise have to outsource can limit exposure to outside threats.
Reducing the paperwork backlog in the claims industry saves more than just time. By cutting out errors, streamlining processes, and creating a paperless workflow, Wisedocs is making a difference in the claims processing — and in the lives of the individuals and families involved.