Eliminating excessive spending could mean windfall for U.S., study suggests
The respected national Institute of Medicine estimates that $750 billion is lost each year to wasteful or excessive health care spending. This sum includes excess administrative costs, inflated prices, unnecessary services and fraud — dollars that add no value to health and well-being.
If those wasteful costs could be corralled without sacrificing health care quality, how might that money be better spent? (more…)
Analytics Software Enhances Insurer’s Ability to Resolve Claims Faster
Johannesburg, South Africa – 09 May 2012: IBM today announced that Santam, South Africa’s leading short term insurance company, has saved $2.4 million on fraudulent claims in the first four months of using IBM business analytics software. The analytics software has enhanced Santam’s fraud detection capabilities and also enabled faster payouts for legitimate claims.
“IBM and OLRAC-SPSolutions have helped us build a solution that has not only transformed our claims processing methodology in terms of speed and efficiency, but also provides new insight which helps us identify false claims more quickly, which protects our business and customers,” said Anesh Govender, Head of Finance, Reporting and Salvage at Santam. “The solution has delivered a full return on investment and also helped uncover a motor insurance fraud syndicate in less than 30 days after the system went live.” (more…)
