Forms are dead. It’s a bold statement, but when you’re a Carrier working with a medical health questionnaire software, you understand that it’s about more than just the form. Collecting the right information can be difficult, medical underwriting has its redundancies and risk assessment is time-consuming. Needless to say, the traditional health questionnaire process is flawed.
When evaluating medical health questionnaire software, Carriers should look for ways it can help streamline the form completion process from data collection to underwriting to risk assessment. By thinking beyond the form itself, the health insurance questionnaire process can be faster while staying compliant. Consider these four factors when evaluating health questionnaire software.
Data Collection
It can be rare for medical health questionnaires to be filled out completely and accurately. Not to mention it’s time-consuming for Underwriters to sift through to find the right information that’s needed. Being that every medical health questionnaire has its own set of questions and requirements, look for software that’s customizable and uses an Intelligent Interview System that only collects the medical health information you need.
Also, look for features like error check and a recognized eSignature to further streamline the data collection. The error check will ensure that everything on the form is accurate and complete, while the eSignature ensures that Carriers are able to capture a legally binding signature.
Compliance
When medical health questionnaires are built into health insurance software platforms as a feature, there can be security risks involving privacy and regulations. Due to the sensitive nature of the information provided in these health forms, it’s important to ensure that everyone who has access to the platform, namely an employer’s HR department, does not have access an employee’s personal medical health information.
It’s important to make sure you’re able to configure any specific requirements like accessibility when choosing a health questionnaire software. You’ll also need to verify that the health questionnaire software is HIPAA and HITECH compliant.
Medical Underwriting
Medical underwriting can be a long and tedious process. It’s important to not only ensure your medical health questionnaire software collects the data you need but can also segment that information in a way that helps speed up the overall process.
As the medical health questionnaire is completed, look for software that can automatically populate the data onto your specific Carrier debit sheet. By automating this process, the software program can streamline this process by eliminating the step of transferring data from the Group’s completed PDF onto the debit sheet.
Risk Assessment
Assessing Group risk is an extremely time-consuming and costly endeavor. Ensure your medical health questionnaire software can automate risk profiling or sort groups into various underwriting workflows specific to their risk profile. Saving time, resources and costs.
Consider a “green, yellow, red light” methodology to prioritize groups requests for proposal (RFP). Using a carrier’s specific risk definitions groups or RFP that can be sent to a workflow with the appropriate level of review. For example, groups defined within a low-risk tolerance profile can present green, meaning the Carrier can give that Group a less resource heavy way to pricing. The same risk definitions and criteria can present groups as red, meaning the group falls outside any acceptable carrier risk profile, potentially “max rated” or “unquotable.” These both allow Carriers to save time by knowing sooner which of their resources should be involved in the review. A yellow light signal tells the Carrier that the Group likely fits the carriers preferred risk definitions, but further investigation is needed.
Put Our Software to the Test
With more than 13 years’ experience working with Carriers, FormFire understands that it’s not just about the form. Our all-in-one digital software has the tools needed to overcome the challenges of medical health questionnaires and streamline the medical underwriting process.
FormFire’s Mapping Engine tool ensures the data collected in the Medical Health Questionnaire is properly populated onto your specific Carrier applications as if the Employee completed the form by hand. With FormFire, you’ll never be waiting more than a few seconds for a form to be created, and our proprietary filing system will keep track of every form ever created. Contact FormFire today to learn more or request a free demo.