Questions to ask your Claims Management Software vendor

When purchasing a claims management software, there are a number of factors to consider. Nowadays, a number of vendors over-promise on the software capabilities and end up under-delivering. Partnering with a vendor is either the start of a long-lasting relationship or a frenzied game of empty promises. To make sure you are choosing the right claims management system for your business, here are some questions you need to ask vendors.

What is the pricing structure of the claims processing software?

Even though budget is of utmost concern while committing to a claims management software vendor, the nature of expenses is also worth noting. Some vendors may offer their services at a flat-rate charge while others may have a subscription-based model. Some may charge an account-based fee that increases with the increasing number of users. Further, certain features and functionalities may correspond to a tiered pricing structure, which will unlock access after one-time or recurring payments. Such costs, even if nominal, can accrue and snowball into expenses beyond your budget. So request your vendors to share detailed quotes that cover any such charges that will impact the final investment. Similarly, prepare a budget that accounts for such exigencies so that you can map it against the quote.

What value is offered by the claims management software?

While pricing is integral to business decisions, it should not be the only factor for consideration. Basing the decision solely on the cost of the software might not help you ensure that you are getting the best value. The cost of the software may not correlate with the value that it offers.

Deploying an expensive software because it offers a range of additional features may not be the right move, as several of these additions may not even be usable or applicable to your business.

What cybersecurity measures are taken by the vendor?

While selecting and implementing a new claims management system, you must not compromise with data security. It’s best not to rush into the investment without asking the vendor about the measures they have taken for avoiding data breaches and other cyber threats. For instance, the solution you opt for must have a security alert system in place. You should also ensure that the product offers two-factor authentication and biometric authentication for added security. Moreover, you need to ensure if your information will be adequately stored on the server, and will be separate from other clients; information.

Is the software customizable enough to meet your needs?

A leading vendor may offer advanced, full-fledged claims processing software. But, at times, the functionalities and features provided by the software may not align with the business needs. Often, more features can be added or existing ones can be tweaked to ensure the software can fulfill the needs of the business. A customizable claims management software that can be integrated with the existing systems, will help you drive efficiency while saving time and cost. Moreover, software customizability will ensure that you don’t outgrow the system soon. Therefore, ask your vendor about the kind of changes and customizations you can make to the look, feel, and performance of the solution. You can also ask them if different users can use their own customizations.

Final words

Finding the best claims management software vendor can be a time-consuming process. The checklist of questions mentioned above will help you weed out the less desirable vendors while steering you towards the best vendor that can help you deploy and implement a claims processing software successfully. Asking the right questions will also lower the chances of misunderstanding between the vendor and the client.