Published: 09-Apr- 2013 | Comments: 0
The selection of an organization’s claim administrator is one of the
most important decisions for a risk management department. It is vital
to choose a claim administrator that can best take advantage of the
programs unique to an organization to most effectively reduce the total
cost of risk. With the services and cost containment programs offered
by claim administrators becoming far more complex over the past
decade, a high level of expertise is required to collect and analyze the
various service offerings. Marsh Risk Consulting’s (MRC) Claim
Consulting Practice has the required expertise and experience with
claim and managed care vendors and their service offerings, thereby
enabling organizations to make the best vendor selection decision.
Who It's For:
What You Get:
- Companies that have not undergone a
vendor selection RFP in three years or more.
- Companies with increasing medical costs.
- Companies that want to evaluate a current
provider’s medical outcomes and costs.
- Companies consolidating two or more
- Companies that are experiencing service
- Companies that are questioning whether
or not their current claim provider is
managing their costs the best.
- Access to MRC’s proprietary Vendor
Analysis and Selection tool (VAST).
- Claim and managed care vendor selection
decision-making tools and frameworks.
- Dedicated, experienced, and qualified
claim consulting professionals who work
extensively with the products and services
available in the marketplace.
- Access to the award-winning VCORESM,
MRC’s proprietary claim administrator
cost outcomes evaluation tool.
- The ability to negotiate program
improvements with new and incumbent
- Reductions in the total cost of risk.
MRC provides a Claim and Managed Care
Vendor Selection service that assists
organizations in the selection of the claim
and/or managed care vendor that will best
meet their specific needs. Our process
identifies the vendor that can best provide
quality service, aggressive pricing, and
both positive claim and medical outcomes.
The MRC Approach to Vendor Selection
MRC’s claim consultants work with an
organization to gain a clear understanding
of its unique claims administration and
managed care needs. Our consultants
compile claim data and identify
organization-specific customer service
issues, claim handling requirements, and
information technology system needs.
Developing this understanding is critical
to the creation of a customized Request
for Proposal (RFP) for vendors as well as
the final selection process.
We streamline the RFP process by
leveraging our proprietary Vendor Analysis
and Selection Tool (VAST), which contains
a database of all major insurers and claim administrators. Using VAST, our claim consultants are able to create
an RFP tailored to an organization’s specific needs.
Our consultants aid an organization with its vendor evaluation
process, ensuring that the comparison is fair and accurate. We
provide a pricing comparison for all lines, as well as an objective
evaluation for workers’ compensation exposure using our
proprietary tool, VCORESM. VCORE relies on our database of
vendor outcomes to measure vendor capability and effectiveness,
thereby eliminating the variability in metrics and definitions that
can lead to incorrect decisions.
By using VAST, VCORE, and our consultants’ expertise and market
knowledge, an organization is able to make a well-informed vendor
selection that meets its claims management objectives.
Why Work with MRC?
Choosing the appropriate claims administrator is one of the most
important decisions that an organization can make. Quality claims
administration can decrease the total cost of risk for an entire
organization by controlling claim cost, enhancing claim service, and improving the care of injured workers. By going through the vendor
selection process with MRC, you will become familiar with the
marketplace’s services and pricing. This allows you to negotiate and
experience program improvements even if you decide to keep the
business with the incumbent vendor.
Our team of claim professionals is dedicated to ensuring quality
claim and managed care vendor selection. Every day our
professionals work with the market and have extensive industry
knowledge. Furthermore, VCORE is available only through MRC and
is the only product of its kind that can objectively compare medical
cost outcomes and administrative costs for each competing vendor.