Resolution of cost reimbursement claims based on
According to the company, the industry data it aggregates is very quick for patients to notify insurance companies about claims, and it also shows that most patients are intimate with their stakeholders.
“But on the other hand, insurers take an average of 7 to 108 days to resolve a childbirth-related claim. Caesarean delivery takes 9 to 135 days, and chemotherapy takes a minimum of 12 to 35 days. “The insurance broker said.
According to SecureNow, the data says, “Patients don’t spend a lot of time seeking refunds on admission, but the average time it takes an insurance company to settle a claim is much longer. In the insurance claim processing timeline, it takes the longest time to settle down from an intimate relationship. “
SecureNow co-founder Kapil Mehta said there are nearly 10 million health claims each year.
“This in itself shows how the health insurance industry has evolved. The next step is to publish detailed billing information, which highlights the strengths and improvements in resolving claims. Our report is an important step in that direction. “He said.
According to the survey, about 13-26 percent of the bill will be deducted from the final approved bill due to “uncovered consumables and administrative costs”.
Regarding the cost and duration of hospitalization, studies show that maternal and chemotherapy cases have the highest daily hospitalization costs, and other viral infections, including dengue fever and COVID-19, have the longest hospitalization in 4-5 days. increase.
The General Insurance Public Sector Association (GIPSA) public sector insurers have several advantages in terms of lower hospital rates, the company said. This means that the cost of claiming group health insurance will be lower and, as a result, the premium will be lower.
Purchasing insurance from a public insurance company at a GIPSA rate can reduce claim costs by 10 to 30 percent compared to the services offered by private insurance companies, he said.
The SecureNow Group consists of SecureNow TechServices Pvt Ltd and SecureNow InsuranceBroker Pvt Ltd. These insurance brokers focus on selling commercial insurance to SMEs (SMEs) and SMEs.
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