How Insurers Can Achieve Efficiency and Stability with RPA

MaryBeth Folger News

In an environment with low interest rates, market overcapacity, increased competition, and growing regulations, many insurers are fighting to remain profitable. Insurers are burdened with high volume, manual work, often utilizing duplicative legacy or mismatched tech stacks to do so. Operationally, they also suffer from gaps between business processes and systems resulting in higher costs, reduced productivity, longer cycle times, and issues with quality, compliance, and service levels. The industry is also beginning to experience labor shortages as Baby Boomers age out of the workforce and millennials shy away from the profession. Robotic Process Automation, or RPA, is an ideal …

How Mortgage Servicers Can Reduce the Strain of Corporate Advances

MaryBeth Folger News

In the unprecedented times of COVID-19, the current forbearance rate on all mortgage loans in the U.S. is hovering around 8.46%, higher than it’s been since 2009. While many borrowers will be able to work with their servicers to come out of forbearance, a portion of borrowers will default on their loans and proceed to foreclosure. These unique circumstances have prompted servicers nationwide to try and strike a balance between recouping their costs and keeping people in their homes. The cost associated with corporate advances include anything from late charges to property inspection, valuation, and preservation fees to costs associated …

What Is Robotic Process Automation as a Service?

MaryBeth Folger News

Software as a Service, or SaaS, has grown increasingly popular over the last few years as companies embark on digital transformation initiatives. SaaS is especially attractive to businesses looking to reduce the upfront cost, risk, and resource consumption associated with software ownership. The instant availability of new software releases also reduces dependency on IT for implementation, management, and troubleshooting. The concept of SaaS can be applied to Robotic Process Automation (RPA) as well. Recently, RPA technology vendors have started introduce their own SaaS models, known as Robotic Process Automation as a Service (RPAaaS). RPAaaS can mean different things depending on …

A Guide to Selecting Processes for Automation

MaryBeth Folger News

Whether you are new to automation or working to expand your robotic process automation (RPA) initiative learning how to evaluate processes for automation is imperative. RPA is a powerful tool that can yield impressive results, such as efficiency gains, reduced overhead, and decreased cycle time. Yet if a company pursues processes that are not ideal, they may face unnecessary setbacks in making their program successful. Any investment of time and effort has an associated cost which deducts from the ROI that can be achieved. To maximize your return, let’s explore some criteria for process selection and examples from a variety of industries.
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What the C-Suite Should Know About RPA

MaryBeth Folger News

An increasing number of companies are aiming to get ahead by utilizing robotic process automation (RPA) and other digital transformation tools. It’s more important than ever to know your options and understand how automation can help a business thrive. The growth of RPA adoption isn’t slowing down anytime soon: in fact, according to Forrester, the RPA services market will reach $12 billion by 2023. And according to The Economist, 85% of Chief Information Officers nationwide will implement an RPA solution in the next few years. Transforming the way we work isn’t optional – it’s inevitable. As businesses prioritize digital transformation, …

Unlocking the Potential of Healthcare Automation

MaryBeth Folger News

In recent years, the healthcare industry has increased its adoption of automation as means of achieving operational efficiency without sacrificing quality of care to their members. While RPA is a natural fit for the inefficiencies payers experience across their organizations, many have struggled to develop and implement an automation strategy that truly captures the return they had hoped to achieve. In a Cognizant study surveying 200 respondents across 10 unique payer organizations with 38 plan subsidiaries, it is clear that payers recognize automation as a valuable tool for improving processes and member care. Over 75% of respondents think automation is …

Simplifying Texas Medicaid Claims with RPA

MaryBeth Folger News

Learn how HPA helped eight managed care organizations implement RPA to comply with evolving regulations and secure their Medicaid contracts with the State of Texas. Read the case study. The Medicaid program in the United States is administered through the U.S. Department of Health and Human Services through Centers for Medicare and Medicaid Services (CMS). CMS establishes the program requirements and monitors each state’s program to ensure their compliance. States are required to follow the CMS protocol for service quality and eligibility standards, a responsibility that most states contract to health insurance companies. A provision of the Affordable Care Act …

RPA in the Face of a Global Pandemic

MaryBeth Folger News

In the months since COVID-19 surfaced, there have been more than 130,000 confirmed cases worldwide. Hundreds of countries have been impacted, and thousands have died. The World Health Organization has declared the outbreak of the novel coronavirus a global pandemic, prompting many countries to enforce a complete lockdown – no one can leave their homes, let alone go to work. Public events and travel has been cancelled around the world to protect public health, resulting in revenue losses across nearly every sector of business. Existing business continuity plans are proving to be grossly inefficient at helping companies stay ahead of …

Accelerating Mortgage Process Automation with APIs

MaryBeth Folger News

For years, the standard approach to robotic process automation was user interface (UI) automation. Without an application integration or application programming interface (API) access, RPA robots would log in to the clients’ business applications just like any other end user and replicate the steps a human took to perform the work. As the business world demanded greater connectivity across their everyday applications, providers made APIs more readily available. Unlike an integration where one application depends on another, an API acts as an interface between two or more existing applications, allowing a developer to define how they communicate with each other.
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The Impact of RPA in Mortgage Lending

MaryBeth Folger News

According to the Mortgage Bankers Association, the combination of increasing regulations and manual efforts to ensure compliance have resulted in U.S. mortgage origination costs that are three times higher than they were a decade ago. Robotic Process Automation (RPA), or the process of shifting repetitive and data-driven tasks from humans to software bots, has become increasingly popular in the mortgage lending industry for a variety of reasons, from market fragmentation to increasing regulation to evolving borrower expectations.
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