The Healthcare industry is one of the fastest growing industries in today's economy, absorbing more than 10% of the gross domestic product of most developed nations. Due to individuals and healthcare organizations paying greater attention to health-related issues, there has been a significant increase in the number of patients visiting hospitals and health clinics across the world. Most healthcare maintenance organizations must process innumerable documents for coverage approvals, as well as follow up with patients at various stages of the approval process to provide timely healthcare coverage.
In the entire payer-provider-patient cycle of the healthcare market, when a provider or a physician recommends medical care or a procedure for a patient, prior authorization plays a vital role. It helps to streamline the healthcare service and prevents delays in providing the right medical care to patients. Having a sophisticated prior authorization process is crucial for the payer and provider.