The TPA Insurance Industry is About to Explode: Q&A with Rishab Bansal, HealthComp’s Chief Transformation and Operating Officer

May 18, 2022

Q: How have your past experiences positioned you for success at HealthComp?

My first job out of college was in healthcare. Over my two decades of experience since then, across sales, operations, digital, and data, I’ve watched the healthcare industry evolve significantly. In the meantime, it’s satisfying to contribute to what an affordable and delightful patient experience looks like.

 

I’m excited for the opportunity to now help HealthComp leapfrog on its transformation journey.

Q: What motivates you right now about the independent TPA industry?

Digitization, data, and analytics are disrupting the world. My former work helping clients across industries transform themselves by bringing industry-leading practices and digital- and data-led disruption is something I’m excited to bring over to my new role. HealthComp is positioned uniquely in the market to transform how healthcare is provided to its members and to enhance the provider experience.

Q: What’s something interesting about the TPA space you want others to know?

There’s so much potential market growth and increased adoption efforts coming soon. The insurance third-party administrator market size was valued at $280.69 billion in 2020 and is projected to double by 2030. Demand for the insurance third-party administrator market is expected to grow tremendously in the coming years. The next few years may even completely change the way this industry operates and measures itself on outcomes.

 

Some factors are propelling this market growth. One is that there is now rapid adoption of third-party administrators in the health insurance industry. Another is a rise in the need for operational efficiency and transparency in insurance business processes. A third factor is technological advancements such as Internet of things (IoT) adoption, artificial intelligence, machine learning, and robotics process automation.

 

Furthermore, artificial intelligence technology has claims administration with predictive outcomes, wherein low-cost claim processing can be automated, eliminating the need for claim adjustment intervention.

Q: What does your workplace personality look like?

I consider myself a T-Shaped persona – capable of many things but having specialized expertise in a few areas. I remain focused on improving growth and business outcomes.

 

I acquire and enhance my skills and attributes by observing others, practicing often, and seeking feedback. I take pride in getting into the shoes of clients and solving business problems that drive better outcomes and enhanced experiences.

Q: What do you define great leadership as?

I am a firm believer in the philosophy that relationships precede results.

 

I believe leadership is about possessing and practicing skills, but also about sharing learnings and helping others become better.

 

Leadership is also about building and empowering future leaders, coaching them, and – more importantly – allowing them to try new things and embrace failures as learning opportunities. This can only be done by building trust-based relationships.

Q: What emerging trends do you notice in the employer healthcare/TPA space?

Three key themes have emerged over the past two years:

  1. We must embrace and acknowledge hybrid work cultures as the future of work. More importantly, we must provide flexibility to our employees, colleagues and clients so they can deliver outcomes without compromising on quality.
  2. We must lead with empathy. This means being aware of what the person on the other side is going through. And what changes – both immediate and permanent – they’ve experienced because of COVID-19. This mindset lets others know they are cared for and protected.
  3. Wellness is often the most underrated element of the workforce. We must create the right infrastructure, avenues and forums for teams to focus on their health and wellness.

Interested in HealthComp's services?
Have a sales representative contact you.