Recently my colleagues and I were discussing the ‘old days’. Several memories came back to us. They included having only 2–3 channels on the TV, and for some of us old enough to remember color vs. black & white screens. At the time there was no remote control, progressing to today where we have too many on the coffee table. Now we have access to any show, any time, streaming anywhere we want.
Banking was more difficult than today. Back then the only way to conduct business was with a human at a branch. Then came the ATM which revolutionized self service. Now we have on-line capabilities to pay on demand and schedule payments on a recurring basis, eliminating the requirement to involve human activities.
Letters turned to faxes, faxes turned to emails, emails are now being taken over by texts, Skype and other IM software.
We’ve come along way since those days, and technology continues to improve our lives. The same can be done for automating your operations. The back office of Health Plans has volumes of repetitive work to be completed in Claims and Enrollment. In most cases today, this work is all manual. With the increasing volume due to ACA many plans are being forced to pay significant overtime or outsource more work. Due to this demand new people make mistakes and those easy tasks turn into more rework events. It is time to evolve in the back office much like the TV and banking.
Robotic Process Automation (RPA) has improved the first pass rates of insurance companies in astounding numbers. One customer saw their auto adjudication increased from 77% to 92.4% in just a few years. They are saving millions annually by controlling labor costs. Because robots work 24 hours they are processing more claims per day. Large or small firms producing repetitive work can benefit from RPA by augmenting with Robots. Imagine what that could mean in your organization.
When you think about all that technology has done for us in our personal lives, why not improve our corporate lives too? It’s worth looking into automation, analysis and overall improvement of your organization.