B2B Claims Software: Heal Your Insurances with Healspan

February 16, 2024
2 mins read

TLDR:

  • Healspan is an insurance technology (insurtech) company that aims to streamline the health insurance claims process and improve healthcare experiences for patients.
  • The company leverages technology to build a claim filing and tracking platform for hospitals, reducing the back-and-forth between insurers and hospitals.
  • Healspan offers customizable insurance products and services, with plans to release additional revenue cycle management products in the future.
  • The company prioritizes customer experience by providing timely information, preventing worries of deductibles and short payments, and enabling people to go home from hospitals faster.
  • Healspan has successfully reduced the payment timeline for a major chain of hospitals in Chennai, and hopes to make insurance more user-friendly to encourage more people to buy health insurance.
  • The company stays ahead of emerging trends in insurance and technology industries by keeping the team updated and forming strategic partnerships with banks and non-banking financial companies (NBFCs).
  • Healspan places a strong emphasis on data security and ensures the privacy of customer information by implementing advanced encryption, multi-factor authentication, regular security audits, and employee training.
  • The company plans to scale its operations by continuously releasing new features and products, and aims to navigate potential challenges by staying compliant with regulatory changes and anticipating industry standards.

Healspan is an insurtech company that aims to improve the cashless health insurance claim experience at hospitals and provide better healthcare experiences to patients. The founders were inspired to found Healspan based on their personal experiences navigating the cumbersome and distressing health insurance claim process. The company leverages technology to streamline and optimize claim filing and tracking procedures, reducing the time spent on back-and-forth communication between hospitals and insurers. This results in faster discharge and payment timelines for patients.

Healspan offers a claim filing and tracking software-as-a-service (SaaS) platform with built-in quality control (QC) features. The platform provides a consolidated view of all health insurance claims at the hospital and ensures that documents are submitted correctly and completely. This significantly reduces the turnaround time for discharge and payments. The company has also developed a flexible robotic process automation (RPA) based stack that allows them to onboard multiple players (insurers/TPAs) on the platform with minimal onboarding time.

Healspan prioritizes customer experience by enabling people to go home from hospitals as soon as possible and providing clear and timely information about deductibles and payments during hospitalization. The company aims to make insurance more user-friendly and increase health insurance penetration in India, which is currently less than 15%. They achieve this by continuously listening to customer feedback and prioritizing customer needs to improve their offerings and services.

Healspan has successfully helped a major secondary care chain in Chennai reduce the average payment timeline from 47 days to approximately 20 days by following the claim filing process on the Healspan portal. The company hopes to contribute to the broader landscape of insurance technology by making insurance easier to use and encouraging more people to buy health insurance. They stay ahead of emerging trends in insurance and technology industries by keeping their team updated and forming strategic partnerships with non-banking financial companies (NBFCs) and banks to bring a full-fledged revenue cycle management (RCM) solution to the market.

Healspan prioritizes data security and ensures the privacy of customer information by implementing advanced encryption, multi-factor authentication, regular security audits, and employee training. They are currently pursuing multiple global certifications for data security, including compliance with regulations such as HIPAA and DPDP. The company proactively addresses potential cybersecurity challenges in the insurance-tech domain by conducting regular security audits and penetration tests, implementing secure coding practices, and maintaining real-time monitoring and incident response capabilities.

The company plans to scale its operations by continuously releasing new features and products. They are currently working on a fintech product that will reduce working capital requirements at hospitals and an optical character recognition (OCR) module for automated tabulation of bills. Healspan anticipates potential challenges in the insurance-tech industry, such as stringent regulations, and plans to navigate them by staying compliant and prepared. The company maintains a purpose-driven team and invests in the professional development, well-being, and support networks of its employees, providing mentorship, learning opportunities, and benefits such as insurance coverage and generous leave practices.

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