Do you really know what it costs to manage and execute your workers' compensation bill review process?
Believe it or not... most organizations do not! They think they do but in reality they myopically focus on ROI and other traditional, misleading methods of monitoring costs. There are many overlooked and significant expenses that extend beyond the typical comparison of cost per bill or average bill review savings.
It's critical to understand the actual total cost of ownership (TCO) when analyzing your workers' compensation management process. Additional downstream expenses must be identified and quantified before fully accurate TCO can be identified and a true net savings analysis can be completed.
When investigating bill review software and service options, a thorough analysis may produce some surprising results. Taking this step could help prevent making an incorrect decision regarding a bill review system that appears to be cost-effective, only to realize later that there are no real savings at all. Additionally, a TCO analysis can help determine if it makes more sense to use bill review software or outsource bill review completely... two alternatives you will find at StrataCare.
A few key TCO considerations include:
- Bill Review Accuracy
- Volume of Reconsiderations
- Number of Re-evaluations
- Consumption of Claims Adjuster time solving problems
- Impact of too frequent and prolonged provider complaints
- Poor Provider Relations due to excessive Backlog
- Phone calls/faxes/e-mails = Time and $$$
StrataCare gives clients two key options - outsourcing their bill review activities or taking them in-house through sophisticated yet user-friendly StrataWare software.
Should you license bill review software or use an outsource solution?
Can you achieve greater savings from your bill review process than you are currently experiencing?
Do you have the most cost-effective bill review software and service available?
StrataCare can help you answer these questions through a comprehensive TCO analysis of your current system. For more information about our programs and how we can help you obtain substantial increased net savings from your bill review process, please contact us.
Request a TCO Analysis
