TruthMD’s MedFax for Medical Professional Liability – Mitigating Risk in Real Time
TruthMD’s MedFax for Medical Professional Liability was developed to empower medical professional liability insurers through optimized identification, targeting, underwriting, and onboarding of the most desirable insureds. Enabling sustainable, healthy growth in today’s market conditions starts with accurate and verifiable data.
TruthMD has worked with Medical Malpractice Liability (MPL) carriers since its inception to develop a variety of solutions that can be utilized for targeting potential providers, underwriting applicants, converting providers to policyholders, and monitoring books of business. Solutions include:
Carriers sometimes have a difficult time maintaining accurate/up-to-date information on their policyholders. TruthMD works with carriers to synchronize their Customer Relationship Management (CRM) platforms with its MedFax data platform to ensure a carrier always has the latest updates on a carrier. This ensures highly accurate target marketing lists with detailed contact information at the group and practitioner levels. Customers have found this reduces the amount of returned mail by over 80%.
Once a provider is interested in a carrier, it can often be cumbersome navigating the application process. To improve the applicant experience, TruthMD clients have begun using the MedFax platform to automatically pre-populate quick quotes, applications, and underwriting tools to reduce the time from initial contact to fully underwritten policy from weeks to days.
Underwriters are amazed by how much information the MedFax platform can provide instantly. Clients have used this data to augment their underwriting data sources to improve capacity and time to underwrite policies. In addition, carriers use the data to maintain a real-time risk picture for their books of business. Instead of relying solely on re-underwriting every 2-3 years, underwriting departments are notified immediately of changes and can flag them for follow-up from their patient safety, underwriting, and claims departments.
Discover what over 95 percent accurate information and seamless provider data analytic solutions can do for your organization. MedFax data solutions are simple to integrate within any IT environment and system, with solutions provided as a Software-as-a-Service, in a dedicated Cloud, as flat files, and APIs. MedFax delivers the data you need, the way you need it.
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