What’s the Role of a Third Part Administrator in Healthcare?
There is a better way to manage healthcare claims. Many companies are using third party administrators to save time and money. Third party administrators (TPAs) are administrators that are contracted to manage claims. They provide support in a wide range of healthcare administration activities.
They Perform Intermediary Roles
TPAs are the intermediary between health insurance companies and claimants. These certified service providers provide a turnkey approach to claim management. These professionals act as a mediator between the insured and the insurer. They can assist with medical claim filing, tracking, and more. They facilitate the claim, make disbursements, manage data, provide premium collection services, manage enrollment, and more.
They’re a Popular Choice in Helathcare
Over the last two decades the health insurance industry has grown exponentially. While a recent study found from 2017-2018 the number of insured people in eight states decreased, the number of insured people increased in three states. Overall, there are more people now with health insurance than ever before. There are more health insurance options than ever before, too. Managing this type of exponential growth has been at best a challenge. At its worst, it has been unmanageable for many companies. Third party administrators take the majority of the workload by mediating between the insured and the insurance provider. To ensure that claims do not fall to the wayside. Processing times are quicker using a TPA. Costs are more manageable with a TPA.
They Ensure Regulatory Compliance
Third party administrators are experts at regulatory compliance. TPAs are highly trained at keeping within federal and state regulatory requirements. This, of course, takes the pressure off the health insurance activity. Regulatory compliance has never been easier than using a TPA. They can provide direction, advice, and ensure that everything is done to the letter of the law.
TPAs are a great option for managing health insurance. They offer reliable support that expedites claims processing, keeps data safe, manages enrollment, and so much more. This could be the solution that your activity has been searching for. Learn more about how certified TPAs can help you better manage your health insurance processing needs.