King of Prussia, PA – It began as an MBA business plan: create a way to control workers’ compensation physical therapy costs which, at the time, were between 20 and 30 percent of the work comp medical dollar.
Twenty years later, Shelley Boyce’s idea has revolutionized how work comp payers think about physical medicine, allowing them to effectively reduce their medical costs and deliver the highest quality of care to their injured workers. It has also propelled Boyce’s company, MedRisk, into a leading managed care company specializing in diagnostic imaging and the physical rehabilitation of injured workers.
“MedRisk is unique and effective because we offer the first program in the industry to control physical medicine costs by managing utilization — the key cost driver,” said Boyce, who developed the basis of her graduate business plan into a multi-million dollar company. “Now, more than ever, MedRisk is making a difference as the American healthcare system demands cost-controlled medical delivery systems that do not sacrifice quality of care.”
Starting in 1994 with just eight employees serving clients in three states, MedRisk now has more than 400 team members and a national network of physical therapists, occupational therapists, chiropractors and diagnostic imaging professionals thanks to a major move last fall to acquire Medical Diagnostic Associates Management Inc. (MDIA).
“We aren’t interested in growth just to be bigger,” Boyce said. “We selected companies that filled a need or, in the case of MDIA, provided a logical expansion of our services. This purchase meets the growing needs of our clients and the patients they serve. Diagnostic imaging complements MedRisk’s physical rehabilitation services because imaging is often prescribed for injuries that later require physical therapy, occupational therapy or chiropractic care.”
Most of MedRisk customers include several of the nation’s largest workers’ compensation carriers, third-party administrators, managed care companies, state funds and employers. MedRisk also developed the industry’s first research and academic subsidiary, Expert Clinical Benchmarks (ECB), which oversees all clinical aspects of MedRisk, and a world-renowned International Scientific Advisory Board. ECB is the industry leader in the development and maintenance of evidence-based treatment guidelines specific to physical rehabilitation and utilization management protocols.
Along the way, numerous organizations have recognized MedRisk for its success. It has been ranked as one of the fastest-growing companies by several reputable institutions, including Modern Healthcare’s Fast 40, the Inc. 500|5,000 and Deloitte’s “Technology Fast 50.” MedRisk has also built a strong company culture which promotes teamwork and involvement in community efforts designed to connect MedRisk employees with service projects that improve their communities, while building employee morale and supporting company values.
“Our MedRisk team is the heart of everything we do,” Boyce said. “Our teamwork demonstrates our strength and ability to persevere. I’m blessed to work with such a talented group of individuals who give their all for their customers and for each other. The MedRisk story is one that revolves around a single idea, but it’s also about the passion of the people who believe in our dream and have propelled our company into becoming the workers’ compensation industry leader in the management of musculoskeletal injuries.”
Source: MedRisk/King Knight