Controlling workers’ compensation costs by automating processes, while maintaining the privacy and security of injured workers, is crucial. As payers look to automate payment processes, they could be creating greater risks, complications and inefficiencies.
On the surface, the workers’ compensation payment process involves only three players—the payer, the provider and the injured worker. The payer reimburses the provider for medical services rendered to the insured. However, as claims have become more complex, so have payment processes.
In the current workers’ compensation revenue cycle, insurance carriers and self-insured organizations commonly outsource payment processing to a third-party administrator (TPA). The TPA might contract the financial portion of the payment process with a payment solutions company, which then hires a card company to execute the payment.
This series of handshakes… Read more at Workers’ Compensation Institute.