Medical records play a highly crucial role in personal injury lawsuits and workers compensation claims. They establish your client’s health condition before, during, and after an incident. They also detail the cause, severity, and prognosis of your client's injury.
With more and more people getting vaccinated in the United States, a lot of COVID-19 restrictions have already been lifted. Everywhere, there are signs that things are starting to return to normal — baseball stadiums are now packed with fans, trade shows and live music events are resuming, and airlines are filling middle seats again.
In today’s extremely competitive business environment, US companies must constantly find ways to “cut the fat” so they can focus on core operations that drive growth and profitability. For insurers like you, that core activity is selling policies.
In today’s cutthroat insurance industry, US insurers are constantly on the lookout for technologies that can help them improve their efficiency, keep up with changing demands, and gain a competitive edge. To guide you in your search, here are four fields of IT that you should focus on:
1. Predictive analytics
Predictive analytics involves gathering, mining, and analyzing historical data to forecast possible future outcomes.
Does your law firm deal with medical records and other protected health information (PHI)? If it does, then you may be subject to the Health Insurance Portability and Accountability Act of 1996 (HIPAA).
The cost of noncompliance with HIPAA can be steep — Advocate Health Care Network paid a violation settlement of $5.5 million! Therefore, it’s wise to understand how this federal law affects your practice.
Insurance companies play a key role in keeping people financially secure amidst life’s uncertainties, such as illnesses, accidents, and deaths. They pay out claims to clients who experience loss to hopefully prevent the latter from depleting their personal savings.
Medical documentation is vital to the work of law firms and insurance companies. Law firms, for example, use medical records to win medical malpractice lawsuits and other personal injury cases. Companies that offer health insurance rely on medical records to evaluate an applicant’s risk profile.
Insurance companies rely heavily on records to serve their customers. For health insurance plans, for instance, medical records allow them to evaluate an applicant’s risk and coverage. And for auto insurance claims, police and accident reports help them determine their client’s eligibility.
Medical records often play a role in cases of all types and natures. As such, their retrieval and management are key functions for most law firms. However, given the sensitive nature of the information contained therein, the access and use of medical records is closely governed.
Ours is a world of increasing specialization. The market has shifted towards providers who focus their efforts and resources toward a narrower area of expertise in order to deliver a higher level of excellence. These choose to cultivate a smaller but devoted clientele rather than provide a one-size-fits all offering that suits a wide array of clients but is otherwise undistinguished.