A Guide to Healthcare Insurance Software
Health IT will see a major boost with the implementation of healthcare reforms. Till now, there has not been too much investment in IT sector by the healthcare industry.
The basic functions of health insurance software are:
- Simplify insurance claims
- Frees up resources that are then used for serving the clients better
- Develop new products and solutions
There are various insurance softwares that cater to varied insurance needs such as basic record keeping, plan comparisons, claims processing, etc.
All health insurance software, though, have the following basic features:
- They speed up the claim process by reducing the paperwork
- Computerized records ensure that medical billing and insurance errors are almost nil
- Productivity and efficiency is improved that leads to increased customer satisfaction
Some of the basic softwares that an insurance company should incorporate in its web portal are:
1. Quote Engine: A quote engine will help a potential customer to find out all the health plans of the insurance company that are in accordance with the needs of the customer. A quote engine provides the insurance company an opportunity to showcase their products and services.
2. Comparison tool: Quote comparison is one the basic step before a customer decides on a plan. A comparison tool is a good way to advertise that if they shop from that particular portal, they will get the best value for money.
3. A basic record maintaining software that stores the administrative data of every client of the insurance company and every application that the company receives.
4. An Electronic Health Record (EHR) software that maintains the medical history of every client and which can be used as reference when deciding claims
It is not just about accessing the software, but a health insurance company should have careful considerations in mind before its decides to go in for any software on its internet platform.
• Make sure that the insurance software is HIPAA compliant. Health Insurance Portability and Accountability Act sets certain regulations and all insurance softwares should be HIPAA compatible.
• With the new Patient Protection and Affordable Care Act getting enforced, the new softwares also have to be in accordance with the new federal reforms.
• It should be easy to update the healthcare insurance software according to the latest premium rates and insurance regulations.
Healthcare insurance softwares are an important tool for insurance professionals to serve their clients efficiently. They help a great deal in knowing and purchasing of health plans and faster processing of applications and claims making the lives of consumers, brokers and insurance companies easier.
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ABOUT THE AUTHOR
Shaun Mike is well known authority on health insurance in the US. He is currently looking to expand his expertise to health insurance and other healthcare software available.