Cars are getting smarter: Your revenue cycle should too

The auto accident claims process can modernize to match advances in smart cars.

Smart cars are changing auto insurance, so health insurance may need to catch up as well.
August 30, 2016

Car manufacturers are banking a lot on the smart autos of the future. It's too early to know for certain how new technology will change the norm for car accident claims. However, it's just early enough to invest in a healthcare revenue cycle vendor that will be just as quick, intelligent and comprehensive as the wired world will demand.

What the technology could do
The chief explanation for the advances of smart cars is their life-saving potential. In March, the National Highway Traffic Safety Administration announced in a press release that it would research proper safety standards for automated cars. Some of the efforts include following a $3.9 billion proposal for more auto advances from President Barack Obama and a plan to re-examine current regulations.

In the same statement, Anthony Foxx, secretary of transportation, commented on the opportunities of automated cars.

"We are witnessing a revolution in auto technology that has the potential to save thousands of lives," Foxx said. "In order to achieve that potential, we need to establish guidelines for manufacturers that clearly outline how we expect automated vehicles to function – not only safely, but more safely – on our roads."

"An in-vehicle sensor and a mobile phone app could automatically alert responders after a collision."

What will happen to insurance
There are already plenty of predictions about the impact of smart cars on auto insurance. According to Swiss RE, the next four years alone could see insurance premiums in countries around the world decrease by $20 billion. The Guardian reported on these figures, as well as the 1.5 million smart cars registered in 2015. Autonomous braking, lane keeping assist and parking technology are all poised to reduce accidents.

In addition, the car itself could become a key tool in accident reporting. General Reinsurance AG's Achim Bosch posted about these advances in March. While he noted that insurance has not taken advantage of this as much as it could, he did describe the mobile-friendly systems used to report accidents instantly.

Under this system, an in-vehicle sensor and a mobile phone app could automatically alert responders after a collision. Bosch said that this effort is also a precursor to the eCall initiative, an EU-wide network that will be mandatory for cars in the region starting in 2018.

PROMEDICAL: The need for instant response
This is where PROMEDICAL's solutions can help businesses stay alert. The benefits of the smart car world will hinge around fast, accurate service. Health insurers should play their part by investing in a suitable billing system.

PROMEDICAL's proprietary billing doesn't solely rely on artificial intelligence, but instead blends it with organic staff expertise to serve each client specifically. Everyone involved in the claims process, from the policyholder to the insurance company, can communicate seamlessly with our smartphone-friendly app.

Visit our solutions page to read more, or learn how to contact us here.