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Health Plans Measure Results from Accurate COB Processes
Challenges related to coordination of benefits (COB) are a financial drain for health plans and a headache for providers. Claim payments are often made in error or delayed due to complicated manual processes, as well as a lack of clarity on which plan should be the primary payer.
COB Smart simplifies coordination of benefits so claims can be paid correctly the first time. The unique solution uses a registry of information submitted weekly by participating plans to not only find members with overlapping coverage, but also identify which plan should pay first.
Health plans that have measured results from COB Smart report at least a three-to-one ROI ratio from recovered and avoided claims.
In a recent case study, a large regional plan that previously experienced high COB costs reported significant savings while using COB Smart over the span of three years. Now plan staff can focus their time on the highest dollar claims because of the decrease in the overall claim volume. The plan predicts higher cost savings while heading into the fourth year of using the solution.
Maximizing the Value of COB Smart
This week, COB Smart participants convened in Washington, DC, to learn how others in the industry are automating and accelerating COB processes. The 2019 COB Smart Symposium offered a special opportunity for attendees to share best practices and their perspectives on how to best address COB challenges. Contact CAQH to receive information about the next COB Smart event.
Click here to request more information about how COB Smart can move plans from recovery to prevention. Reach out directly to firstname.lastname@example.org to discover why COB Smart is an essential solution to improve COB processes.