Author: Siddharth PriyadarshiPublish Date: Thu, 21 Jul 2022 09:14 AM (IST)Updated Date: Thu, 21 Jul 2022 09:42 AM (IST)
New Delhi, Business Desk. Insurance regulator IRDAI on Wednesday allowed insurers to include new hospitals in their network, giving relief to insurance companies. IRDAI has said that insurers can select hospitals that meet the standards. Through this decision, IRDAI has relaxed norms for expansion of cashless facilities in the country.
The Insurance Regulatory and Development Authority of India (IRDAI) has amended the ‘Guidelines for Standards of Health Insurance’ to give effect to these standards. In a circular issued to insurance companies and Third Party Administrators (TPAs), IRDAI said, “In order to expand the scope of cashless facility across the country, insurers are now empowered to enlist network providers who are on their respective boards. Standards and benchmarks created by
Earlier, only hospitals registered in the Hospital Registry maintained by the Insurance Information Bureau (IIB) could be listed by insurance companies. Hospitals offering cashless services also had to meet the standards set by the National Acceleration Board of Hospitals and Healthcare Providers (NABH). Kapil Mehta, Co-Founder, Secure Now, said, “The regulator is continuously improving the insurance business. This circular allows insurers to take independent decisions as to which hospitals should be empaneled and which are not.”
The scope of cashless claims will increase
IRDAI has also said in its circular that insurance companies should consider manpower and health infrastructure before empanelment of a hospital. The circular states that the criteria for the panel approved by the Board should also be published on the website of the insurance companies from time to time. Insurance companies have been asked to focus on providing quality health services in empanelment of hospitals for cashless facilities.
On IRDAI’s decision Sharad Mathur, MD & CEO, Universal Sompo General Insurance said that the regulatory initiative will widen the scope of cashless services for the insurers which will play a vital role in reducing the financial burden on the policyholders.
Edited By: Siddharth Priyadarshi