WSJ - Companies Want Access to Your Medical Files to Speed Up Life Insurance Purchases
The August 9, 2020 Wall Street Journal featured an alarming article highlighting how 'Companies Want Access to Your Medical Files to Speed Up Life Insurance Purchases'.
Medical Practices & Physicians whom outsource their medical billing and collections to Physicians Billing Services can attest, "Doctors, hospitals and other health providers have been putting consumers’ medical information into computers for more than a decade, to try to lower costs and improve health care", notes journalist Leslie Scism. However, Ms. Scism highlights, "now, the data is becoming more widely used by life insurers, especially as the coronavirus pandemic keeps potential customers from visiting a lab or welcoming a paramedic into their home."
An example of advancements in technology, Verisk Analytics "is launching a tool that uses algorithms to evaluate digitized records in real time to provide immediate assessment of an applicant in the form of a health-risk score. This means that human underwriters won’t have to spend time themselves assessing the summaries." The Wall Street Journal notes that "Verisk’s “EHR Triage Engine” uses algorithms designed with input from biostatisticians, data scientists, medical researchers and others. The technology can evaluate the health records of an individual in less than a minute, said Maroun Mourad, president of Global Underwriting at Verisk. In only about 15% of cases will human underwriters still need to review the data, Verisk said."
While advancements in technology are inevitable, what is concerning to our Cardiologist, Gastroenterology and Neurosurgery clients, among others, is the limitations of the data inputted into electronic medical record without a Physicians explanation to establish the exact context. Insurance companies, by virtue of their business models, are notable for not only minimizing risk, but more commonly, excluding coverage for risk broadly - so that probabilities of occurrence are negated, as opposed to minimized.
At Physicians Billing Service, our clients tell us that the sum of processes is what enables us to produce outstanding results for them: leading Practice Management Software, employing Accounts Receivable Best Practices, and commitment to Total Revenue Cycle Management.
We hope you find this Wall Street Journal article to be as fascinating as we did. Visit the Wall Street Journal's web site to read the article.
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