BackStandardized packages will bring down treatment cost, say experts
60-65% of the claims are being processed based on standardized rates, says ICICI Lombard’s Bhargav Dasgupta
PremiumMUMBAI : Insurance companies and hospitals are working on standardizing packages for covid-19 treatment. The packages will be applicable to patients with mild to moderate symptoms. Standard packages will help bring down the treatment cost for patients who have an insurance policy.
A majority of hospitals have already agreed to the standard packages. “Around 80-85% of the cases are mild to moderate. These are being standardized depending on the number of days a person stays in a hospital, facilities provided to the patient and so on. Many hospitals are on board and 60-65% of the claims are being processed based on the standardized rates," said Bhargav Dasgupta, managing director and chief executive, ICICI Lombard General Insurance, at Mint’s Pivot or Perish webinar.
For complicated cases, especially those with co-morbidities, it’s difficult to predict the treatment cost, and such cases will be based on the actual cost of treatment.
Since the covid-19 pandemic hit India, many hospitals charged exorbitant sums to treat patients.
“Different hospitals followed different procedures and billing rates. Subsequently, the General Insurance Council, Ficci and CII came together to standardize the treatment cost," said Prasun Sikdar, MD and CEO, Manipal Cigna Health Insurance Co. Ltd.
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