Bringing the Benefits of E-Payment Settlement to Workers’ Comp
Most payers in the healthcare industry are transitioning from paper to digital payment settlement. Unfortunately, the workers’ compensation payer segment has been slow to make the switch. With Settlement Advocate, Change Healthcare is attempting to revolutionize this function in the space.
Change Healthcare is Helping the Workers’ Comp Space Transition to E-Payment Settlement
Paper Payment Settlement No Longer Viable
Sending paper payments is outdated, time-consuming, and costly. Plus, with premiums declining, fewer dollars are available to support this function. A shortage of adjusters is intensifying this problem, incentivizing the healthcare industry to automate aspects of workflows like approving and cutting checks and to reassign staff to higher-value functions.
Accordingly, the healthcare industry is transitioning from paper to digital systems for payment settlement. In fact, a few states now require payers to pay electronically, and some payers no longer cut checks.
Workers’ Comp Segment Left Behind
Unfortunately, the workers’ comp space is still largely paper based. At Change Healthcare, we are driving transformation by applying lessons learned from the medical side of healthcare to the workers’ comp payer segment. Our goal is to improve processes, cut costs, and remove administrative waste.
Change Healthcare Driving E-Payment Settlement
Leveraging our platform, subject matter expertise, and extensive network of connections, we developed Settlement Advocate. This single healthcare-payment settlement solution for payers helps simplify the payment process, reduces print-related costs, and drives e-payment adoption. Users can realize many benefits:
Reduced Costs: By consolidating payments and reconciliation across all payment types and funding sources in one system, the solution slashes administrative costs.
Boosted Security: With fraud in the medical payments space rampant, Change Healthcare uses AI to monitor, authenticate, and validate all transactions flowing through its network. If the system suspects fraud, it stops the related transaction.
Streamlined Administrative Tasks: The system simplifies 1099 processes for all payment types.
Improved Payer-Provider Relations: Providers can be paid according to their preferred method, whether ACH, virtual credit card, or e-check. With digital payments, they’ll often get access to funds much more quickly than with paper checks.
With Change Healthcare Settlement Advocate, the workers’ compensation payment sector can improve processes and reduce costs.