How is AI Transforming Administrative Tasks for TPAs, and the Industry as a Whole?
Time is the most important resource for TPAs. However, tedious and repetitive tasks like data entry, claims processing, and client communication often consume countless hours. Wouldn’t it be better if these hours could be put towards strategic initiatives instead? Well, now there’s a way. Using AI for administrative tasks has reshaped how TPAs manage their day-to-day operations.
With 77% of companies already utilizing or exploring AI options, the question is no longer if, but how, AI can elevate your administrative processes. In this blog, we’ll explore the ways AI is addressing the biggest challenges faced by TPAs. Let’s dive in.
How AI Can Solve Administrative Challenges
Faster Data Processing
Extracting and uploading data is time-consuming and prone to errors. AI automates this process, which reduces errors and saves time. Using AI and automation, our system simplifies data extraction and uploads for platforms like Wex and Alegeus. AI agents can input them into your claims processing system, which eliminates time-consuming data entry tasks and reduces the risk of human error. Get to know more about this system in our 15-minute webinar.
Efficient Claims Handling
An AI agent can review and tie claims to records. This speeds up claims processing, improves accuracy, and reduces staff workload. It’s easier than ever to quickly cross-reference submitted claims against plan rules, eligibility criteria, and documentation requirements. As a result, only valid claims move forward in the process, which reduces the need for manual intervention and minimizes errors.
Solve for Communication Bottlenecks
Managing a number of clients, providing regulatory updates, and sharing deadlines can overwhelm teams. AI-powered chatbots can make outreach and engagement simple by creating custom lists. With this powerful connection, you can build segments and automatically send emails without much user intervention. Learn more about how it works in our in-depth blog.
Embrace the New Efficiency of AI in Benefits Administration
AI is the future of benefits administration. In fact, if you’re not using AI in your everyday work, you may be falling behind your competition. After all, 77% of companies are either using or exploring the use of AI in their businesses. And 83% of companies claim that AI is a top priority in their business plans.
The benefits of using AI in your business cannot be overstated. It automates repetitive tasks, freeing staff for strategic work. This could even have a positive impact on employee morale. Repetitive tasks are essential to the success of your business, but they are often the top causes of burnout and inefficiency. Automating these tasks with AI could ease the burden on your employees and reduce the risk of burnout.
Perhaps most importantly, using AI for administrative tasks can improve scalability within your operations. Human labor can be expensive, and you’ll have to hire more administrative help as your client base grows. But, if you implement AI you could bypass this expensive option. You’ll be able to outsource menial tasks to AI, which frees your employees up to do other work.
At TPA Stream, we understand there may be some concerns around AI replacing staff. Our tools are not there to replace your team but to empower them with smarter, faster workflows. Additionally, you may have concerns over data privacy. Our local hosting and data security standards reduce the risk of breaches. We also ensure HIPAA compliance with built-in safeguards, giving you peace of mind.
If you have questions about using AI in your business operations, we’re here to help. Contact our team today.
About TPA Stream
TPA Stream was founded in 2014 with the mission to make health benefits easier for employees and administrators. One of our co-founders, Eric, created this custom product to solve his own issue. He was working for an employer that changed its benefits package, which included a pretax account to pay for out-of-pocket medical expenses. In order for the employees to take advantage of this benefit, they were required to send all their claims to a TPA for processing and to Eric for reimbursement.
Eric started collecting his claims manually, but the process was prone to errors and delays. Instead, he wrote software to collect and submit his claims to the TPA. From there, the vision for TPA Stream was born.
What makes us different is that our programs were designed by someone who experienced the issue faced by many TPAs today. Using this real-world experience, we created a powerful tool that helps businesses like yours save time and money. We’d be honored to revolutionize your experience.