Claims Management Software

Written by Kimberly Clark
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Commercial claims management software exists for managing various types of insurance claims. Industry reports estimate that several billions of dollars are spent each year processing claims. So regardless of the specific industry it is used in, the primary purpose of claims management software needs to be improvement of the user's financial bottom line.

Thus, in an effort to settle claims quicker and to reduce the manpower actually needed to process their claims, many companies and medical practices are incorporating the use of claims management software into their day-to-day operations. Use of the software has demonstrated an increase in the number of claims the carriers are able to handle per hour. And by increasing the productivity of their employees, they are essentially reducing their backlog.

Available Claims Management Software

Several products are available on the market to file and then subsequently track the status of insurance claims. There are some general claims management tools which can be used to coordinate claims for any line of insurance. Of course, there are also those specifically geared toward a particular industry.

Many of the specialized software packages come preloaded with fundamental claims forms and useful statistical reports. Maintaining electronic claim forms and reports reduces the amount of paperwork claims departments have to shuffle, as well as the possibility that claims will be misfiled. Custom claims management software has been developed for use with worker's compensation, property and casualty loss, general liability, and professional liability markets.

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