How TPAs Can Help Risk Managers Use Technology to Optimize Claims Outcomes
White Paper Summary
Managing a claim means dealing with a loss that’s already happened, so it makes sense that claims administration can be perceived as a reactive rather than proactive function.
For that reason, the marketplace often treats third party administrators as a commodity. TPAs can be seen as claim process workhorses. Give them a task, they get it done. For checking items off the to-do list, they are reliable partners. But is it possible to look to a TPA to be a consultative partner for long term change?
A well led cross-functional team, effectively using data and equipped to effect process change, can help transform a TPA engagement from a solely reactive service provider into a true consultative partnership.
“The TPA sometimes doesn’t have a seat at the table, but they should,” said Joel Raedeke, the SVP of Technology and Analytics for Broadspire, Crawford & Company’s TPA. “With the right tools and resources, a TPA can help risk managers become visionary leaders of their claims organization.”
The solution is to partner with a TPA that brings these resources to the table so risk managers don’t have to do the heavy lifting themselves. Here are three ways an analytically capable TPA can leverage technology and data-driven insights to help risk managers be proactive, strategic leaders of their claim organization: