PPACA is coming. Effectively Prepare for Approaching Deadlines
The Patient Protection Affordable Care Act (PPACA) is upon us and is making many a bit uneasy –especially insurance carriers and producers. This was implemented because the United States is spending twice as much on health care as other developed countries with less than optimal results; hence, a reform to bring improvements and efficiency is being seen as long overdue. However, what does this mean for insurance carriers? And the producers involved?
It means they must be ready to handle all these upcoming changes, with the right technology to do so. It is estimated that the process will bring 22 million new customers to the industry and more producers will be crucial. Producers and carriers alike need to be prepared before mandates go into effect. The process of onboarding and license verification and appointments will need to be cut down from three weeks to a matter of hours.
So Suggestion? Do not underestimate the time it will take to implement this new technology to handle all these changes and additions. VUE Software has systems to easily implement and connect to other enterprise systems in a relatively “short” timeframe. VUE Software is fully customizable, and makes connecting two complex insurance software systems easier; two-three months is usually the timeframe given to this, however VUE will expedite this process, a key factor in this “Insurance Race against Time”. Moreover, the changes implemented by VUE Software will “streamline administrative expenses and gain favor with other insurers”.
The lesson here should be to not skimp on technology and ensure that both licenses and knowledge of various regulations are both up to date when it comes to producers of consumers of insurance in the PPACA era.