Updating Monthly snapshot for prior months...

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Updating Monthly snapshot for prior months...

Post  VTK on Mon Feb 04, 2013 7:55 pm

We are planning to build a monthly snapshot for claim analysis and there is a scenario that we have to restate the history for some of the fields like Paid on Incurred Claims so that when they add up for a year or for few months the result would be correct. I know this is not the standard practice to go back and update the prior month in monthly snapshot and how it's handled by others as this is a standard insurance requirement.

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Re: Updating Monthly snapshot for prior months...

Post  BoxesAndLines on Tue Feb 05, 2013 10:18 am

If a claim is adjusted after it is finalized, then it is usually managed thru another claim. You just can't go back and adjust payments, etc, without an audit trail.
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Re: Updating Monthly snapshot for prior months...

Post  VTK on Tue Feb 05, 2013 11:30 am

It's not claim itself. It's Paid on Incurred which means Incurred claim minus reservers.

Data will be like the following considering 01/31/13 is the Incurred Date.

At the end of first month :

As of Date Paid Claims Paid on Incurred
01/31/13 100 100


At the end of 2nd month :
As of Date Paid Claims Paid on Incurred
01/31/13 100 200
02/28/13 100 0


At the end of 3rd month :
As of Date Paid Claims Paid on Incurred
01/31/13 100 300
02/28/13 100 0
03/31/13 100 0

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Re: Updating Monthly snapshot for prior months...

Post  Jeff Smith on Tue Feb 05, 2013 12:50 pm

Incurred and Paid are 2 different dates. You can't aggregated both to the same date. And I would imagine, the client won't you do to so. If you need an aggregate table, then roll it up to either the Date of Service or the Date of Payment. There may be instances when you want to roll it up to both dates (or months). If you need to roll it up to just date of service or incurred date, then you have to do a drop and reload. But that's expected because the Incurred number is fluid.

I would imagine that some one is going to want a LAG report, which is a cross tab on the paid date and incurred date (months actually).

Incurred dates are a drag because claims can arrive and be paid for old incurred dates all the time.

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Re: Updating Monthly snapshot for prior months...

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