Credence streamlines end-to-end claims settlement process with Loop
Credence Resource Management, specializing in collecting telecommunications, utilities, and healthcare accounts as an accounts receivables management firm, was looking for a vendor who could support the entire claims process – right from hospitalization to the claim settlement process. Loop's round-the-clock assistance significantly streamlined the entire claims process.
The company needed a healthcare partner that offered holistic claims assistance support for their young employees.
- Access to 24/7 expert advice
- Seamless claims support
- Sensitize their young workforce to prioritize health measures
- Onboard new employees
After switching to Loop, Credence has significantly improved the claims settlement process and made preventive healthcare readily accessible.
- Emergency claims support for 24 hours
- User-friendly mobile app with wellness resources
- Free doctor consultations
- Conducted wellness sessions, including yoga mixers
Since implementing Loop, the company has seen positive results in both employee satisfaction and successful claims processing.
- 90% of the claims settled in 20 days
- Saved Credence over 3,50,000 INR to date
- Seamless onboarding experience
- Over 52% of claims are cashless
- Access to 1030+ medical advisor chats (MA chats)
- Benefit from 229+ free doctor consultations
Challenges
Every year, Credence obtains health insurance quotes from multiple vendors and categorizes them based on pricing, additional benefits, and support. The process of choosing an insurance vendor was a challenge every year. It’s tedious and time-consuming.
It's also worth noting that around 80% of their employees work night shifts, as Credence caters to the US markets. So they require a 24/7 medical emergency app that provides timely employee assistance when needed.
One of the challenges faced by Credence was obtaining upfront approvals for cashless claims. This was a crucial aspect that needed streamlining to provide employees with quick and easy access to healthcare.
Retaining employees became even more critical with a young workforce and an attrition rate of 6-7%. The BPO industry presents unique challenges, and Credence needed a vendor who could serve their needs differently. And that's where Loop came in.
Solutions
To address this challenge, Loop stepped in to sensitize the workforce on the benefits of opting for cashless claims. The benefits of the service include pre-negotiated treatment rates and no upfront payments.
By educating employees on cashless claims and recommending that they opt for this service, Credence was able to streamline the claims process and provide quick access to healthcare for their employees.
Loop's 24/7 claims support allowed for hassle-free claim submissions and real-time assistance. The medical advisor chats (MA chats) provided immediate support to employees. Additionally, Loop offered suggestions for doctors and network hospitals, and provided second opinions on health issues.
To fasten the claims process and identify any unnecessary deductions, Loop's internal claims team provided an additional layer on top of the TPA (third party administrators) claims team. This streamlined the entire claims process and allowed for quicker approvals. It also helped Credence save money by avoiding unnecessary deductibles. Loop also provided regular engagement notifications to inform the young workforce about the claims process. They sensitized the workforce about preventive care and health insurance, which helped employees stay aware about their insurance plan.
With the Loop app, employees can now access free doctor consultations, discounted lab tests, and 24/7 medical advice - all at their fingertips.
Most employees have utilized these facilities and shared positive feedback.
Our medical advisor chats (MA chats)
received a perfect score of 4/4
Credence employees rated our
doctor consultations an excellent 4/4
Online doctor consultations have been a game-changer, making it easier than ever before for employees to get the medical help they need.
Credence also prioritizes employee wellness with a small indoor sports facility, and a recreational room for some much-needed downtime. And Loop has taken it a step further by conducting wellness sessions like yoga mixers, where even busy HR members, apart from the employees, take a break from their day-to-day work and focus on their own health.
Result
The findings of our case study revealed that more than half (52%) of all claims were processed through cashless claims. This is a substantial number and reflects the increasing trend of cashless transactions after Credence’s association with Loop. This highlights the convenience and ease of the cashless claim process for the employees.
One instance stands out: Loop’s claims advisor visited an employee during hospitalization, helped the family with the claims process, and provided much-needed support during a difficult time. The loops claims teams have successfully settled 90% of the claims within 20 days. This is a remarkable achievement and has resulted in high employee satisfaction. The quick settlement of claims ensures that employees do not have to face any financial burden due to medical expenses.
Finally, out of the reported claims, 80% of the claims in terms of numbers were from the less than 40 age group. This result suggests that younger employees in the organization know about their insurance policies since most applied for cashless claims.
Another notable result is that close to 97% of the entire claims are either passed or waiting for claims approval. This is an excellent number and suggests Loop’s claims team is responsive and prompt in resolving any issues.
Through Loop’s additional services, Credence has saved over ₹3,50,000 so far. This is significant, especially considering doctor consultations, emergency claims support, and wellness programs are free.
- 1038 instances of medical advisor chats (MA chats)
- 229 doctor consultations
- 135 lab tests booked through the app
Also, video consultations with Loop doctors were reportedly high.
- 41% was with general physicians
- 40% of the consultations were with dermatologists, gynecologists, pediatricians, and orthopedic specialists
- 19% included consultations with ophthalmologists, mental health experts, and nutritionists
On the whole, Loop tweaked its traditional services to align with the BPO industry that witnesses a high attrition rate. After onboarding, employees can seamlessly use the Loop App and they are well-versed with the features and offerings. This boosts employee well-being and potentially improves retention rates.
Learn how Loop is changing the game.
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Challenges
Every year, Credence obtains health insurance quotes from multiple vendors and categorizes them based on pricing, additional benefits, and support. The process of choosing an insurance vendor was a challenge every year. It’s tedious and time-consuming.
It's also worth noting that around 80% of their employees work night shifts, as Credence caters to the US markets. So they require a 24/7 medical emergency app that provides timely employee assistance when needed.
One of the challenges faced by Credence was obtaining upfront approvals for cashless claims. This was a crucial aspect that needed streamlining to provide employees with quick and easy access to healthcare.
Retaining employees became even more critical with a young workforce and an attrition rate of 6-7%. The BPO industry presents unique challenges, and Credence needed a vendor who could serve their needs differently. And that's where Loop came in.
Every year, Credence obtains health insurance quotes from multiple vendors and categorizes them based on pricing, additional benefits, and support. The process of choosing an insurance vendor was a challenge every year. It’s tedious and time-consuming.
It's also worth noting that around 80% of their employees work night shifts, as Credence caters to the US markets. So they require a 24/7 medical emergency app that provides timely employee assistance when needed.
One of the challenges faced by Credence was obtaining upfront approvals for cashless claims. This was a crucial aspect that needed streamlining to provide employees with quick and easy access to healthcare.
Retaining employees became even more critical with a young workforce and an attrition rate of 6-7%. The BPO industry presents unique challenges, and Credence needed a vendor who could serve their needs differently. And that's where Loop came in.
Building with Loop
Constant communication
Our customer success managers keep Brevistay’s team looped in constantly. From claims resolutions to new wellness offerings, Brevistay’s team is always in the know.
100% transparency
Whether it’s endorsements or CD balance, all transactions are 100% transparent. We meet regularly with Brevistay’s team to build a more detailed picture of month-on-month execution.
Round-the-clock support
24X7 services include claims support, doctor consultations, and customer support. Even during peak COVID-19 times, support was readily available at all times. No escalations were received.
Health care solutions
With discounts on lab tests, and regular wellness sessions that are tailored for the young workforce at Brevistay, our preventive care approach helps keep employees continually healthy.
Personalized wellness sessions
We allow teams to curate a personalized wellness calendar with top experts. The 30-minute highly interactive Q&A session on nutrition, a topic chosen by the employees, saw a 95% attendance including managers and co-founders.
Modern healthcare
for high power teams
Get an estimateResults With Loop
Here’s what the Brevistay folks have to say:
“If I have to describe our partnership with Loop, it’s very transparent. We know how much we’re paying and all price details are clear when we started as well. The best part - we’re not involved.
We know Loop’s team is there taking ownership of our group health insurance - which is great. It’s like we’re doing everything yet nothing. The entire process is well structured, and we get responses on time so it’s all smooth.”
Find out how industry leaders are breaking boundaries and records with Loop.
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HRs and employees love Loop
Loop is very cordial, patiently dealing with every insurance query. They ensure we take appropriate action in time.
Loop’s thoughtful assistance, right from in-person to moral support, shows the depth and quality of the team's commitment to their clients.
It was great to have Loop Health with us for all our medical needs
The valuable insights you provided on healthcare benefits will be incredibly helpful for our employees, enabling them to fully understand and take advantage of the perks of endorsing with Loop.
One of the best features is the in-house team of doctors and specialists. Our employees love Loop’s wellness sessions, and health check-up camps.
Our association with Loop has been an excellent experience. Kudos to the claims team because the claims are settled very well. Our employees are very happy with the health checkup feature too.
The online consultation services provided to employees through the Loop app proved to be a life-changer. We have seen many of our employees have taken benefit of the service and it actually served as a big relief to us.
Please thank Dr. Amruta for making me feel alive, happy & hopeful again. After first day of meds, I experienced 70% of positive change''
The medical advisors and the consultations from the in-house doctors has been very helpful. They are very prompt in their communication and follow up.
Loop is very cordial, patiently dealing with every insurance query. They ensure we take appropriate action in time.
Loop’s thoughtful assistance, right from in-person to moral support, shows the depth and quality of the team's commitment to their clients.
It was great to have Loop Health with us for all our medical needs
The valuable insights you provided on healthcare benefits will be incredibly helpful for our employees, enabling them to fully understand and take advantage of the perks of endorsing with Loop.
One of the best features is the in-house team of doctors and specialists. Our employees love Loop’s wellness sessions, and health check-up camps.
Our association with Loop has been an excellent experience. Kudos to the claims team because the claims are settled very well. Our employees are very happy with the health checkup feature too.
The online consultation services provided to employees through the Loop app proved to be a life-changer. We have seen many of our employees have taken benefit of the service and it actually served as a big relief to us.
Please thank Dr. Amruta for making me feel alive, happy & hopeful again. After first day of meds, I experienced 70% of positive change''
The medical advisors and the consultations from the in-house doctors has been very helpful. They are very prompt in their communication and follow up.
Loop is very cordial, patiently dealing with every insurance query. They ensure we take appropriate action in time.
Loop’s thoughtful assistance, right from in-person to moral support, shows the depth and quality of the team's commitment to their clients.
It was great to have Loop Health with us for all our medical needs
The valuable insights you provided on healthcare benefits will be incredibly helpful for our employees, enabling them to fully understand and take advantage of the perks of endorsing with Loop.
One of the best features is the in-house team of doctors and specialists. Our employees love Loop’s wellness sessions, and health check-up camps.
Our association with Loop has been an excellent experience. Kudos to the claims team because the claims are settled very well. Our employees are very happy with the health checkup feature too.
The online consultation services provided to employees through the Loop app proved to be a life-changer. We have seen many of our employees have taken benefit of the service and it actually served as a big relief to us.
Please thank Dr. Amruta for making me feel alive, happy & hopeful again. After first day of meds, I experienced 70% of positive change''
The medical advisors and the consultations from the in-house doctors has been very helpful. They are very prompt in their communication and follow up.
"For my team, having Loop is like having a doctor in the family."
This year was especially tough, but now we have Loop helping our team.
We have had Loop as our insurance broker for last 2 years, our experience is very positive. From getting the best quotes to providing unique services via their mobile app to going the extra mile to deliver best services, they've helped us make things easy and convenient for our employees.
My employees no longer call me to ask about their policy because Loop takes care of everything.
Really nice doctors. Helpful in every situation. They do a follow up to check on you. Would definitely recommend.
Appreciate Loop’s speedy response and unwavering assistance. Truly setting the bar for healthcare services.
Seamless process with quick approvals - Loop provided fantastic service even in late hours.
"For my team, having Loop is like having a doctor in the family."
This year was especially tough, but now we have Loop helping our team.
We have had Loop as our insurance broker for last 2 years, our experience is very positive. From getting the best quotes to providing unique services via their mobile app to going the extra mile to deliver best services, they've helped us make things easy and convenient for our employees.
My employees no longer call me to ask about their policy because Loop takes care of everything.
Really nice doctors. Helpful in every situation. They do a follow up to check on you. Would definitely recommend.
Appreciate Loop’s speedy response and unwavering assistance. Truly setting the bar for healthcare services.
Seamless process with quick approvals - Loop provided fantastic service even in late hours.
"For my team, having Loop is like having a doctor in the family."
This year was especially tough, but now we have Loop helping our team.
We have had Loop as our insurance broker for last 2 years, our experience is very positive. From getting the best quotes to providing unique services via their mobile app to going the extra mile to deliver best services, they've helped us make things easy and convenient for our employees.
My employees no longer call me to ask about their policy because Loop takes care of everything.
Really nice doctors. Helpful in every situation. They do a follow up to check on you. Would definitely recommend.
Appreciate Loop’s speedy response and unwavering assistance. Truly setting the bar for healthcare services.
Seamless process with quick approvals - Loop provided fantastic service even in late hours.