New Service Strengthens Stop Loss Claim Experience
August 14, 2019 – Berkley Accident and Health, a Berkley Company®, has introduced ASO QuickPay, a new service that can help improve the cash flow associated with high-dollar medical claims. With ASO QuickPay, an employer with a self-funded health plan can unbundle its Stop Loss coverage from its Administrative Services Only (ASO) provider and enjoy rapid Stop Loss reimbursements. ASO QuickPay speeds up the reimbursement process by enabling employers to request a Stop Loss reimbursement as soon as an eligible high-dollar claim is paid.
High-dollar medical claims are on the rise, making services like ASO QuickPay more important than ever. An analysis of Berkley Accident and Health’s Stop Loss block data from 2013-2017 shows that the frequency of claims over $1 million has grown by more than 250%.
“Berkley Accident and Health is committed to creating a seamless claims experience for our customers from start to finish,” said Lee Davidson, Sr. Vice President, Stop Loss. “Clients have grown accustomed to fast service and easier transactions. That’s why we’re focused on being easy to do business with streamlined experiences, like ASO QuickPay and electronic claim reimbursement.”
“ASO QuickPay also helps members of our EmCap group captive programs who use ASO providers,” said Jim Hoitt, Sr. Vice President, Captives. “Our products are designed to protect the financial health of our customers’ self-funded plans. The ability to do this quickly and accurately with ASO QuickPay is a win-win for us and our clients.”
ASO QuickPay strengthens Berkley Accident and Health’s customer experience with these benefits:
- No additional cost. QuickPay is available at no additional cost to all Stop Loss policyholders and EmCap program members who use ASO providers.
- Instant availability. Every new and in-force policyholder has ASO QuickPay, with no election form, no policy change, and no paperwork required to add it.
- No blackout periods. QuickPay can be requested during the entire policy period.
- Convenient documentation. Requesting QuickPay is easy with our streamlined form and documentation requirements. We can reimburse eligible large claims as soon as they’re paid, so there are no bottlenecks. Once the ASO monthly reporting is received, we’ll complete the standard adjudication and any final payment adjustments.
For more information, please visit BerkleyAH.com.
About Berkley Accident and Health
Berkley Accident and Health is a member company of W. R. Berkley Corporation, a Fortune 500® company. Berkley Accident and Health provides an innovative portfolio of accident and health insurance products. It offers four categories of products: Employer Stop Loss, Group Captives, Managed Care (including HMO Reinsurance and Provider Excess), and Specialty Accident. The company underwrites Stop Loss coverage through Berkley Life and Health Insurance Company, rated A+ (Superior) by A.M. Best. For more information, please visit BerkleyAH.com.