Financial wellness is a buzz word often used to describe an individual’s financial health – how well one is earning money and saving it. However, financial wellness is also a key metric for healthcare payers. And while revenue is important, reducing unnecessary spending is equally if not more important.
Healthcare Payers big and small are plagued by inefficiencies that drive up costs and unnecessary spending. Reduction of that spending is key to your company’s financial wellness, and your portal should be a key contributor to that. Here’s how:
Portal Consolidation
Remembering passwords for multiple portals is frustrating enough, but paying for multiple portals is even more frustrating for healthcare payers. Your portal should consolidate all your key benefit processes into one place, including secure email, RX claim review, and online enrollment. This saves you from paying for multiple portals to do the work that one portal can handle.
Transforming Paper Processes
Even in today’s growingly tech-savvy age, payers are still heavily relying on, and incurring higher costs from, paper-based processes. From manual keying in of enrollments from paper forms, to processing faxed or mailed pre-authorizations, these paper-based business processes create a huge time expense. Your portal should not only eliminate the need for paper forms, but also for manual data entry by sending data directly back to your claim system. Time is money. Your portal should help you save both.
On-Demand Content Management
It can be frustrating to wait on IT or your website developer to update your portal – especially when it’s for something simple or something that requires immediate attention. Your portal should enable non-tech savvy people, be it your account managers or salespeople, to make updates themselves. Whether it be uploading a client logo, posting content, or sharing plan documents, your portal should enable fast and easy ways to manage content and information. This not only reduces the workload for your IT Department, but also enables other departments to get their work done faster and more efficiently.
Cutting the Mailing
As the price of postage rises, so do your costs for printing and distributing plan materials. Whether it’s EOBs, EOPs, or ID cards, printing those items and then having to mail them drives big costs. Your portal should be the disseminator of your mailed documents so you can cut your mailing costs. But even more, it should serve as a way to actively reduce the need for mailing through EOB opt-out or the use of digital ID cards. Cutting of mailing = cutting of costs. Use your portal to drive these objectives.
Your web portal should be a supporter of your company’s financial goals and a driver of cost reduction. If your current portal isn’t doing this, then your company’s financial wellness won’t be all it could be. Contact us and let’s work together to create a portal that strengthens your company’s financial wellness next year.