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Today, technology has made massive advancement in various industries and aspects of life. Healthcare is one of the sectors which has benefitted the most from the rise in new technology.Apart from saving lives, these advancements in technology have helped enhance the quality of our lives as well. COVID-19 became a catalyst for telemedicine, data sharing, and global cooperation. The urgency of the pandemic spurred an unprecedented acceleration in medical advancements, prompting rapid clinical trials and the deployment of cutting-edge technologies.
Faced with a global health crisis, scientists, researchers, and healthcare professionals rallied to develop diagnostics, treatments, and vaccines at an unprecedented pace. So, if you have been wondering how technology can affect your health insurance, take a look at some of the breakthroughs that have and continue to impact the future of health insurance.
A Surge in The Claim Settlement Process
Over the past few years, there has been a massive increase in health insurance claims. Keeping in mind the growing demand, the Insurance Regulatory and Development Authority of India (IRDAI) directed the health insurance companies to clear a raised claim within 30 to 45 days. Health insurance companies are collaborating with third-party administrators, TPAs, to meet these urgent needs.
They are also relying heavily on Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA) to streamline claim registration and meet the increasing demand. This has not only reduced human error, but has also increased processing accuracy. This enables a faster settlement cycle and real-time processing of claims. A reduced payment cycle benefits hospitals and healthcare centres as well.
AI and ML are Leading The Way for Transformations
Want to know how does technology affect your health? Health insurance companies are dedicated to scale up their infrastructure by adopting the latest technological advancements. Automated processes enable swift responses to emerging health challenges, marking a transformative era where artificial intelligence plays a pivotal role in enhancing medical outcomes.
Artificial Intelligence and Machine Learning both present diverse applications that range from streamlining policy issuance to employing analytics-driven guided selling and improved outreach strategies. Moreover, it is estimated that almost 15% of the claims that are raised in a year are false. AI and ML play a pivotal role in enhancing efficiency, reducing risks, and ensuring the integrity of insurance and healthcare processes. They are better able to detect such irregularities through sophisticated data analysis and pattern recognition.
Digital Tools Help to Keep Health-related Data
Let us now see how can technology influence your health. Development in new technology now enables you to monitor your health from the comfort of your home, utilising devices that track various health metrics. By having direct access to health data, you gain a sense of control over your health and have a more proactive approach to self-care.
Additionally, these technologies, such as wearables, health trackers, and sensors, have empowered health insurance companies as well. They can maintain their policyholders’ health-related data and also keep a check on them. These wearables also help provide more customised plans to the customers that are well suited to their needs. Some health insurance companies also offer benefits and discounts to their policyholders when they achieve specific health goals.
Medical Records are Becoming Electronic
When thinking, ‘Can technology affect your health?’, take a look at your doctor’s prescriptions and records. You’ll soon realise that bulky medical files are now a thing of the past. Paper records have been replaced by digital summaries. These Electronic Health Records (EHR), which include your diagnosis, reports, surgeries, and medicine prescriptions, offer better insights to the policyholder’s health condition. Such a streamlined system of record-keeping helps not only the doctors and the patients but also health insurance companies.
Properly maintained documents can increase the policyholder’s accountability and reduce any kind of fraud or negligence. This makes it much easier for insurance companies to know moew in detail about your medical history.
Chatbots Make Getting information easy
The introduction of robotics in the field of medicine has been fast-growing and exciting. These chatbots, available on the homepage of leading health insurance companies, handle customer interactions, especially for repetitive tasks. This helps in significantly reducing the need for manual intervention by insurance company employees. These chatbots help in resolving simple queries about health insurance plans and products on a daily basis.
How Does Technology Affect The Healthcare Scenario?
It is evident that the healthcare sector has undergone major developments owing to the rise in new technology. Given below are some of the ways it affects different aspects of healthcare in the country:
For Consumers
The advancements in technology have benefited the consumer the most. Healthcare facilities are now far more accessible than they once were. Online consultations, telemedicine, wearables, etc., have made it simpler for people to get quality healthcare facilities from their homes. Managing health and keeping a regular check on it has become easier. Further, it also helps in addressing various niche healthcare issues such as mental health services.
For Health Insurance Companies
Let us now take a look at how technology affects your health insurance. Technology, as we discussed earlier, empowers insurers to enhance risk assessment. The insurance underwriters can make more precise predictions of patient outcomes and thus offer tailored premium settings. Increased data accessibility also facilitates fraud detection, which results in cost savings for insurers and policyholders alike.
For Healthcare Providers
Technology has revolutionised the way healthcare providers operate in the country..The streamlined monitoring of patients can significantly improve overall patient care. The use of technology helps healthcare providers reach more people, making essential services more accessible and improving the overall quality of care and treatment.
In a Nutshell
We hope that we’ve been able to answer your queries like how does technology affect your mental health and physical health insurance. Technological advancements have revolutionised health insurance by influencing costs, coverage, and accessibility. On the one hand, tele-health innovations enhance accessibility and provide convenient remote healthcare options. Further, chatbots on health insurance websites offer valuable benefits for both customers and insurers. AI-powered tools provide instant and accurate information to customers, addressing queries about policies, coverage details, and claims.
At Care Health Insurance, we strive hard to integrate technology into all our health insurance procedures. We continue to work to create cost-effective products and enhance customer service.
Disclaimers: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.
