Problem: A private company that provides health services to residential institutions around the country used a spreadsheet and a TPA to handle all of its professional liability claims. Consequently, it had no statistics on what was causing its claims – nor was it able to track the financial impact of claims incurred at each site.
Solution: The company used Riskonnect ClearSight to create a complete claims-handling process from the ground up for its claims department and audit team. The software tracks claims by location and identifies loss and cost drivers. And the easy-to-use reporting capabilities help the company make fact-based risk management decisions.
Results: ClearSight has helped the company achieve significant savings in both time and money, while enhancing service and care. The company used the data to identify and address service issues to reduce the frequency and severity of its claims. Streamlining claims administration led to additional cost savings. The efficiencies and data provided by ClearSight have reduced costs so much, in fact, that the company was able to give its employees bonuses with a portion of the savings.
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