Benefits of digital transformation in healthcare
Digital transformation is changing the healthcare insurance industry for the better, streamlining both internally and externally facing processes. Some of the main benefits that digital transformation is bringing into the healthcare industry include;
Greater efficiency
From faster claims processing and to automated claims management, digital transformation is paving the way for greater efficiency across organizations. Some technologies even now allow for clients to register a claim via a mobile app, and use artificial intelligence to progress that claim to the correct department or even determine the outcome.
Improved customer service
The efficiency offered by digital transformation trends also extend into customer service. Many manual aspects of customer service and management can be sped up with the use of AI chatbots, directing clients to the most relevant departments to manage their queries, saving time, money and resources.
Faster claims resolutions
With advancements in artificial intelligence, simple claims now have the potential to be processed automatically. This makes for a much smoother and faster process for customers who are making small or standard claims on their policy. Additionally, artificial intelligence is being used by other insurance companies to assess claims on incidents such as car accidents. This technology analyzes how the car has been damaged using photographs and cameras, offering a faster pre-assessment process.
Reduced risk of human error
Adopting digital and data analytics as a core part of claims assessments and analysis reduces the probability of human error. This lowers the risk and cost of dealing with poorly resolved claims and offers a more transparent claims model, whilst also allowing for accelerated underwriting and claims processing.
Improving patient outcomes
Patients and claimants can also experience more positive outcomes as the digitalisation of processes offers a more transparent model for claims processing. Additionally, with the use of big data, claims can be resolved faster giving patients valuable time and money back to help support them during their time of need.
Trends transforming healthcare insurance
The digital transformation of healthcare and healthcare insurance is revolutionising patient care and claims processing on multiple levels. The biggest impact of this transformation is being felt as a result of the following emerging digital technologies.
Automation & machine learning
Machine learning and artificial intelligence (AI) offer multifaceted technology that rivals many traditional processes, and with the use of big data, it is set to revolutionize the way claims are processed and how risk assessments are conducted.
Machine learning creates the potential for almost-complete automation of claims processing. With digitally accessible files, algorithms can be trained and learned from previous claim resolutions to automatically assess and resolve claims. Improving the speed and accuracy with which patients and other customers receive outcomes.
The potential of AI and machine learning is limitless, meaning it can be integrated into crucial processes as well as smaller day-to-day tasks such as customer service. Improving customer experiences and streamlining the workload for insurers.
Shift to digital channels
An increasing number of insurance products and processes are shifting to digital platforms. While traditionally, offline processes were favored due to security and identity verification reasons, with the emergence of eSignatures, face-recognition technology and finger-print recognition technology a shift to digital channels is becoming more accessible.
Self-service digital channels are also paving the way for the digital shift. With customers able to manage their own claims and direct themselves to the correct department for their concern, it is making it easier for insurers to manage surges in demand and ensure every claimant is managed by the right department.
Microservice architecture
Traditionally, many corporate systems, both inside and outside of healthcare insurance, were built using ‘monolithic architectures’. These systems, while useful at the time, have since become more complex and challenging to manage, scale and innovate. Making it difficult for growing healthcare insurance companies to meet demand and keep up to date with the latest systems and processes.
Microservice architecture instead offers a more efficient distribution of information across multiple corporate databases. This makes it much easier to retrieve information, and offers more robust security. Additionally, microservice architectures make it easier for organizations to scale their business to meet the growing demands facing the healthcare insurance industry.
Blockchain
Branches of the healthcare industry have always been a prime target for cyber criminals due to the large amounts of sensitive information stored and distributed across their networks each day. One of the solutions to helping healthcare organizations and healthcare insurers protect their data is through the use of Blockchain.
Blockchain is a system designed to store and distribute information across a secure network that makes it very challenging to infiltrate. Blockchain has been proven to be instrumental in maintaining the confidentiality of digital healthcare records, and offers an ideal solution for preventing data breaches.
Using a decentralized network for handling blockchain has become the latest way to improve the security of the system. Every transaction is recorded within the blockchain, and any conflicting or duplicate data is immediately detected, offering an entirely accurate and secure system.
Predictive healthcare
Big data offers a whole host of opportunities for improving and streamlining processes. For insurers, this can mean the ability to offer more bespoke insurance policies with greater ease, so every customer receives the right cover for their needs and lifestyle.
Big data has recently been adopted by many healthcare organizations to predict the likelihood of certain illnesses and diseases to help manage staff and supply numbers in order to meet influxes in demand. This can be used in a similar way for healthcare insurers, allowing them to offer insurance plans that cover their customers for the healthcare they need both now and in the future. Offering greater flexibility and more comprehensive cover for those who need it most.
The future of healthcare insurance
Digital transformation has touched many industries, and many of the latest technological innovations are making it easier and more appealing for many healthcare insurers to also make the transition to digital.
Digital transformation is making processes easier, more efficient and accurate for customers and organizations alike, and businesses who remain too resistant to these innovations could be left behind.
At CFC our Allied health and eHealth insurance offers cover for companies operating both offline and online healthcare practices. Covering organizations who are more readily adopting eHealth and telehealth into patient monitoring and care, as well as those who predominantly work with practitioners in direct patient care.
For more information on our healthcare products and policies, get in touch with our underwriters today.
