Stop loss insurance provides protection for your organization in the face of a catastrophic claim. But, how do you know your claims are being paid correctly and your organization is being reimbursed the maximum amount? Your organization can certainly manage its own claims and policy, but working with an experienced broker is beneficial.
What is claims management?
A company, such as a broker specializing in stop loss insurance, experienced in managing medical claims with an immense understanding of health insurance will track your claims on a month to month basis to ensure your claims are properly adjudicated.
Your stop loss broker should be able to do the following:
- Run claims from an in-house database or obtain claim data from the underlying plan.
- Submit claims to the reinsurance carrier on a monthly basis.
- Collect and record the reimbursements prior to sending them to you.
- Research a denied and/or pended claim to determine the issue and ultimately obtain reimbursement from the carrier if claims are eligible.
- Send you high cost claim report with individuals that are at 50% of the deductible.
- Send monthly reimbursement records to show which claims have been reimbursed and which that are pending.
- Keep open communication and work side by side with your consultant and/or underlying plan broker, if you have one.
As evidenced, there are many factors that go into successfully managing medical claims correctly. This may not be something you have time for or want to make a part of your daily responsibilities. Thus, hiring a broker with experience in this arena will assure your stop loss claims and policy are being handled appropriately.