Historically, insurance plans have had access to a wealth of claims data collected from the Coordination of Benefits (COB) process. However, times have changed and now there are far fewer individuals who have dual coverage. As a result, insurance plans look to FlexPoint for current and precise data to verify and supplement any limited market data that can still be gathered from their COB process.
Similar to providers, you need to know how much room there is to negotiate more favorable contracts. Insurers with lesser market share normally pay higher reimbursement rates, and oftentimes, much higher rates than their competitors. FlexPoint data helps you know the exact rate difference so that you’re not compelled to pay more than necessary.