Insurance companies write off hundreds of thousands of dollars, if not millions of dollars, yearly due to clerical errors. To stay competitive in the market, the margin for mistakes is becoming thinner. Reducing—or eliminating—missteps is one way to do this. Accurate billings and claim payments go a long way to diminishing this slippage.
Audit & Analytics Services (AAS) from ASG Technologies provide accurate and consistent checks and balances. By automating business audit and reconciliation rules, AAS improves operational performance, strengthens internal controls, reduces occupational fraud, and follows regulations.
AAS continuously scans corporate information regardless of type, source, and volume to detect, analyze and prevent data discrepancies. It compares and validates unstructured data with corresponding structured invoices, customer statements, and other documents to ensure data integrity exists between spreadsheets and systems.
Most insurance carriers that we work with don’t directly integrate their billing system with their eligibility or claims systems. They rely on running overnight updates to keep those systems in sync. Errors still can occur, costing the carrier money. This is how, within the insurance vertical, AAS is especially powerful.
AAS scans and gathers information and compares the data in accordance to corporate-defined information governance policies. This is how AAS identifies patterns and inconsistencies. If a data anomaly is discovered, an item reconciliation process can automatically initiate. Once you set up AAS, you don’t have to monitor a queue to address the anomalies since they are automatically handled.
AAS verifies the correct location of files as a safeguard to eliminate errors through missing, altered, or duplicate files. File verification checks can prevent process-integrity issues, without interfering with or sacrificing the speed of automated operations.
You can even generate reporting based on the findings of AAS. It enables you to access Big Data sources including SAP Hana, Apache Spark and Hadoop, and Mobius to acquire sought-after information. Integration with Tableau and Qlik allow you the flexibility to visually analyze data with your tools of choice.
Several national insurers will only pay a claim as long as AAS approves it. They’ve put their trust into AAS and will continue to reduce and eliminate slippage within their company. Zia Consulting and ASG would be happy to provide you with references and specific customer examples. Contact Zia to start a discussion about how AAS can benefit your organization.