Today’s issue of WorkCompRecap features some partnership and new business news, as predictive analytics provider Valen Technologies recently announced that they had landed a new engagement with CompWest Insurance Company, an operating company of Accident Fund Holdings. CompWest’s Managing Director commented that they believe that as pricing firms up in the Workers’ Comp line, understanding loss cost trends and deploying their capital accordingly will be important, and the combination of Valen’s analytics and their underwriting discipline should help them gain an edge. Find out more by clicking here!
Also in the news today is the NY Workers’ Comp Board, whose chair Robert Beloten recently announced that in light of the recent delay in ICD-10 standards adoption announced by U.S. Dept. of Health & Human Services, the board intends to adjust its adoption timeframe. Seeking to help promote consistency between medical systems and avoid the heavy costs of support two diagnostic coding systems, the Board is planning to require the use of ICD-10 on a timetable consistent with Medicare and Medicaid. The board has also already begun discussions with system stakeholders, and urges them to be actively preparing, even though a new implementation date is not yet set. Find out more by clicking here!