Smart cards, for example, will allow employers to self manage and police their workers' comp systems. The size of credit cards, these smart cards are embedded with a computer chip that can store data such as employee history, medical provider information, and medical transactions. The cards will enable employers to keep track of workers' comp claims. These programs can be used to identify highly complex relationships among claims data. These and other software programs are designed to consolidate and automate the claims management process.
Employers often say that the time savings alone is worth the price of such software.
Without It Current systems in place for electronic claims processing often do not address the entire process. A good part of the process from benefits verification to repricing to payment are still handled through paper processing. In addition, only about 40 percent of insurance claims for medical services involve electronic data interchange. Smart cards would address these deficiencies by linking providers and payers. The cards would provide key data, such as insurance, demographic, and reimbursement information on a real-time basis.