Ventiv Technology

Which businesses should harness just a bundled RMIS? The answer to this question is never as simple as small businesses = bundled systems and large organizations = unbundled. Because the features and capabilities in bundled systems have increased in recent years, determining what is best for your organization requires a deeper dive into what risks and reporting your business seeks. Organizations that have all of their claims business with one TPA or insurance company and are simply looking for claims information and claims management capabilities should opt for a bundled RMIS. In addition, if you have basic exposures and a limited number of locations, it may be simpler to use the insurance company's and TPA's bundled RMIS. Here are three benefits of a bundled RMIS: 1. It's a faster to obtain your data. You get real time information from your bundled carrier or TPA, which makes life simpler for your organization. Unbundled systems have to pull and filter information from multiple insurance companies and TPA sources, which typically is not real time. 2. It's more cost-effective. Consider the economies of scale. Unbundled systems can cost an organization hundreds of thousands of dollars. A bundled RMIS, on the other hand, is included in your overall services, which means you don't have to pay for a separate system. 3. It provides some personnel savings. It's likely that your risk management team is already familiar with the bundled RMIS your organization has access to and have been using it for a while. Your organization many not require a more sophisticated unbundled RMIS, so why pay for it? Unfortunately, many businesses do not take advantage of the bundled RMIS provided from their insurer or TPA. If you find yourself depending more on an Excel spreadsheet to gather data, you should consider how the bundled RMIS can take away some of those manual operations. TIP: To help determine which option is best suited for your organization, create a list of all insurance service providers and what they each do for your organization. Include TPAs, all insurance companies and any other providers collecting your business' risk data. If most are with one organization (such as an insurer), you would greatly benefit from their bundled RMIS. Remember this It's not enough to have a good data collection system in place. That system must help your team use the data collected to make better decisions when managing claims costs and high-stakes risks. Choosing the right RMIS for your organization is the first step in achieving it. 53 ©2023 Redhand Advisors. All rights reserved. NOT FOR DISTRIBUTION

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