MedValue, a provider of claims processing and support services to America’s Third Party Administrators (TPA), conducted a roundtable discussion of the challenges facing TPAs at its recent Customer Conference in Chicago.
Reportedly plagued by increasing cost pressures, easy availability of affordable and qualified staff in their local areas, and high employee turnover, TPAs are continuously striving to find ways to cut costs and eliminate non-customer facing, mundane business processes from their operations.
“Our Customers have come to us with a clear mandate to streamline their business models and improve their bottom line,” said Raj Vaswani, president and CEO of MedValue. “While the market opportunity for TPAs is growing, the desire to reduce costs, nurture and grow the core value added employees and gain the most from technology without increasing IT capital expenditures, is on the top of mind.
“The desired and stated intent of the TPAs to increase profit margins,
customer satisfaction and turnaround time as well as improve return on equity for shareholders is a worthy goal, however it is not without challenges because it involves a level of re-engineering of internal operations and collaboration with an outsourcing partner such as MedValue.
“By its very nature, the role of successful TPAs is to work closely with
its employer-client as an advisor, coach and critical business partner. The service they provide is highly personalized to the unique needs of their clients. Roundtable executives want to know how they can
become more efficient with less people yet still maintain the highest
standards of personalized service?”
The one day meeting included detailed discussions about streamlining the claims adjudication process, claims processing technologies, regulations/compliance and labor issues.
“It’s critical for us to understand our clients needs and respond
accordingly,” added Vaswani.
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