Despite economic and lingering pandemic challenges, Insurance carriers and legal teams are increasing their need to provide more tailored solutions to advance their customer experience and remain competitive. Some of the problems that have challenged the industry have remained consistent over the past decade and there is an increased focus on emerging technology and tools to drive efficiency in the carriers’ claims and legal processes. One of the largest challenges is access to the appropriate information to help resolve claims for their members. Depending on the claim the carrier is attempting to resolve, there is need for medical history, treatment information, billing, x-rays, etc. and much of this information is channeled through multiple sources and state specific legal regulatory complexities. Many times this information can be extremely burdensome and carriers and legal teams at times feel like they are searching for a needle in a haystack, additionally the carrier and legal teams needs second opinions and needs ways to share the information.
One of the leading legal tech solution providers, Compex aims to forge a path toward claims resolution by using data, technology and processes that enables its clients to resolve their claims quickly and hassle-free. Compex is the only organically grown National purpose built insurance and legal technology led record retrieval partner in the market. With nearly 50 years of experience, Compex provides broad geographic reach, industry leading proprietary built technology and best in class client service. Compex has strong experience assisting large carriers, including 15 of the top 20 P&C carriers, drive a successful retrieval program.
With the many challenges presented during the pandemic, Compex utilized their time as an opportunity to innovate with their customers and adapt to the new norms presented to us all. Compex developed an entirely digital method to obtain and share information needed by their carrier and legal customers. Compex worked closely with its national provider network to streamline the interactions and enhance the information collection methods, developed enhanced solutions to help ‘find the needle in the haystack’ and innovative ways to securely share the information with downstream claim processes including independent medical exam providers.
“We are all about simplification at Compex. We understand the economic benefit of streamlining the record retrieval process including the ‘hidden’ costs to administer a program as well as the benefits derived from providing members a faster path to claims resolution. Our goal is to simplify customer experience and remove the complexities in the insight-gathering process. We have seen the market inefficiencies and continue to strive to provide a seamless, effortless experience for our customers to give them the information they need, when they need it, to resolve claims.” said Paul Boroditsch, CEO of Compex.
Compex offers its customers tools including: Self-Service Dashboard, TruSummary Service, and Intuitive Client Portal to provide transparency to legal users. Compex chronologically organizes medical information to save time, and integrate multiple leading claims platforms to access electronic files seamlessly. In addition to providing transparency, the legal tech company’s dashboard also allows clients to retrieve medical information efficiently, monitor key performance indicators, analyze business lines and regions, and make decisions using real-time data.
Cybersecurity is a top priority for insurance carriers and legal providers working in the legal tech space. Migrating to a technology enabled process is convenient and more efficient yet it also puts their data at risk if proper cybersecurity is lacking. Compex provides best in class compliant security that deliver full encryption to satisfy a client’s HIPAA requirements. Its technology platform and secured networks provide defensive strategies to ensure its client’s information is secure within the process.
Compex’s record-retrieval platform accelerates efficiency to assist law firms and insurance companies by providing digital innovation, proactive partnership, transparency, and analytic and summarization solutions. Its high-quality, industry-leading services and constantly evolving program management software enhance workflow performance while saving time, money, and resources.
Time and again, Compex has delivered its customer focused promise to make record-retrieval more efficient. It partnered with a national auto insurance firm that wished to improve its digital process and reduce waste. The customer was spending significant dollars on paper medical records and shipping to its national locations. Compex provided technology solutions that allowed the customer to do everything digitally- entering information requests, reviewing information and sharing with their partners. Compex was able to save this customer 15% of their retrieval expenses and improve their turnaround times significantly.
“We are bullish on Compex’s future. What separates us from our competitors is the focus on an end to end technology solution, as the context for our services have evolved we have been on the forefront of the evolution and are excited about continuing to innovate and provide decision enablement support to our customers” said Paul Boroditsch, CEO of Compex.