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More and more employers are practicing self-insurance programs to avoid spending thousands of dollars on expensive insurance premiums. However, a majority of these self-insured employers are now made up of smaller companies. In fact, most small self-insured companies employ around 300-400 people. With this in mind, you can’t help but think about the possible risks that these employers face. After all, mishandled claims and data reports can put you at risk of depleting your company’s funds. However, there are huge benefits to this type of practice if you can simply minimize the risks in self-insurance programs.
Securing your own health benefits can be challenging, especially when you have to deal with these processes in-house. Additionally, claims adjudications and reports also need to be as accurate as possible. Some companies fail because due to accuracy. After all, your company is responsible for a number of unforeseeable expenses. Luckily, employers now have the option to equip themselves with software to simplify their healthcare processes, data audits, and reports. For example, QuickCap 7 is a web-based application where self-insured employers can configure benefit plans, adjudicate claims, and even create crucial reports so your staff can enjoy a smooth workflow, review progress reports, and make the right choices to minimize costs.
Using advanced software to store and process data all types of business data is the key to any organization’s success. And luckily, there are a number of software providers that offer systems that are perfect for processes like claims adjudication and internal audits. For example, companies like MedVision offer simple solutions for your diverse operational needs. Which means that getting the right software helps you minimize the risks in self-insurance programs with these essential features:
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SOC Certification Achievement
MedVision has successfully met the criteria outlined in the SOC (System and Organization Controls) audit for service organizations. This certification demonstrates MedVision’s adherence to rigorous standards for security, availability, processing integrity, confidentiality, and privacy.
As a service provider managing sensitive data and overseeing critical functions on behalf of clients, this certification underscores MedVision’s commitment to maintaining high standards of operational excellence and data security.
HITRUST Risk-Based 2-Year Certification Achiever
The Health Information Trust (HITRUST) is a standards organization dedicated to security, privacy, and risk management. They developed the HITRUST Common Security Framework (CSF), which assists organizations in maintaining a comprehensive and secure approach to HIPAA compliance and managing risks. HITRUST is widely recognized as the benchmark in data security and privacy.
Certified Member of HCAA
The Health Care Administrators Association is the nation's largest nonprofit trade association for third-party administrators, stop loss insurance carriers, managing general underwriters, audit firms, medical managers, technology organizations, pharmacy benefit managers, brokers/agents, human resource managers, and health care consultants. HCAA has spearheaded the change of self-funding for more than 35 years.
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MedVision was featured as one of the most promising healthcare solutions providers.
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