Health Insurance Companies

Strategic Sourcing Solutions and Operating Cost Reductions For The Agriculture Industry

Strategic Sourcing and Spend Management Services for Health Insurance Providers

Whether seeking service optimization, cost reduction or business model improvement, health insurance companies are recognizing substantial value from reducing operating costs and optimizing resources through strategic sourcing.

The health insurance industry is undergoing drastic changes due to the Affordable Care Act. Health insurance providers are required to operate more competitively than ever before–tasked with providing better care policies at affordable prices while maintaining market share. In this environment, health insurance companies once comfortable with their growth model, are now faced with the challenge to do more with far less overhead. To survive in this setting, processes must be optimized, resources should be utilized more efficiently, partner relationships must be enhanced, and supply chain value must be maximized across all levels of the organization.

Corcentric provides strategic sourcing services on unique spend categories to the health insurance industry. Over the years, we have provided key support to health insurance providers that have helped them address challenges with strategic solution implementation.

CHALLENGE

High costs on claims recovery services
Complex pricing models on wellness and fitness programs with low utilization levels
Old and unmanaged relationships with professional services and management consulting firms
Increasing costs in member maintenance
Increased competition and uprising costs to achieve competitive advantage
Increased regulatory & compliance requirements with growing costs on legal advice
Lack of spend control and transparency
Contract management and contracting process inconsistencies
Ever-growing demand for IT solutions and systems within a heavily regulated industry

Corcentric’S SOLUTION

Addressed through strategic sourcing services, evaluating “shared-recovery” pricing models, and identifying a provider’s position relative to the market
Reconfigured through simplifying compensation and monthly facility visiting allowance structures
Revitalized through supplier relationship management
Amended through conducting a preliminary pricing review and diligent research process
Considered by discovering a viable path to decrease the cost of member maintenance
Addressed through a detailed knowledge of the spend category and marketplace
Assessed through procurement transformation services
Standardized through establishing agreements that deliver full transparency
Combated through assessing potential supply bases and implementing best-in-class agreements

Corcentric’s team of spend management experts can assist health insurance providers with:

Benchmarking services
Procurement transformation services
Contract negotiation and contract management services
Spend analysis
Tailored cost reduction and strategic sourcing strategies
Research on pricing, supplier identification and best practices
Full RFX management
Development of best in class contracts and legal-review-ready documentation
Implementation, auditing and compliance management
Procurement and Sourcing Process Knowledge Transfer

Corcentric has successfully supported clients in the health insurance industry with specialty and heavily embedded spend categories that are unique to the health insurance environment. Categories include GRC (governance, risk and compliance), wellness and fitness programs, claims recovery services, internal and financial audits, professional services, management consulting, translation services, staffing, marketing and printing, and banking services.

Claims Recovery and Subrogation Management

A competitive and thorough claims recovery program and supplier is essential to the profitability of Health Insurance Carriers.

Many health insurance companies have already outsourced their claims recovery programs to third-party suppliers. However, it is difficult for a health insurance company to validate that they are getting the best price and the best possible recovery rate using only their own in-house market intelligence.

Corcentric can help. We’ve benchmarked and sourced the claims recovery and subrogation management services for several leading insurance companies. Our experts offer a unique approach to optimizing your claims and implementing best-in-class subrogation management providers and solutions.

Claims Recovery Services