What STP is & why it matters
Straight-through processing is a process for speeding up transaction processing times, by allowing relevant parties to have the same information be streamlined through a process across multiple points. Prior to Mediflow, this was not possible for health insurance claims, as the relevant parties involved — patients, insurers, and medical service providers — not only lacked complete trust in each other, but held important information at different times, with the only way of passing information is through slow, insecure, and expensive processes revolving around paperwork.
Mediflow STP eliminates paperwork and provides a common reliable copy of information to all relevant parties involved — patients, insurers, and medical service providers — so that cases can be settled with minimal labour and time, while minimizing mistakes and fraud. This secure digital trusted environment enables payments to be sent out faster and with more confidence.
Mediflow doctor network provides a direct connection between medical service providers and insurers. Interacting with insurers is a significant administrative cost that Mediflow is eliminating. This enables doctors to efficiently update their rates with insurers, rather than to rely on panels, assocations, or other agents.
Mediflow doctors have access to a larger potential patient pool than panel doctors or those that rely on associations or other agents. Even doctors who have recently went into private practice would still have a connection to insurers. To be a Mediflow doctor is to augment the benefits of being a panel doctor without its drawbacks.