Lakewood Ranch, FL – Care Bridge International recently announced a new white paper that uses a massive claims database to estimate the true exposure of future medical treatment and costs in Medicare Set Asides for Workers Compensation claims. The white paper shows that conventional Set Aside practices greatly inflate costs to claims payers, by as much as unnecessarily doubling the cost of Set Asides.
Workers compensation claims payers put over $2 billion a year in Medicare Set Asides. Payers have historically relied upon a cottage industry to use an optional, time-consuming subjective method for Medicare Set Aside compliance. Claims payers have long suspected that this method can over-budget for medical expenses. For the first time, big data analytical tools applied by Care Bridge confirm that the conventional method does greatly inflate Set Aside costs. It also creates unnecessary administrative burdens.
Titled, “Medicare Set-Asides: What is the True Cost of Future Medical Care?” the white paper shows the power of massive claims database analysis to deliver an innovative, efficient and cost saving method to comply with Set Aside rules.
“With the billions of of medical claim transaction data available to carriers and payers, it is more important than ever for organizations to acquire the tools and technologies necessary to gain business advantage from data,” said Deborah Watkins, CEO, Care Bridge International, Inc. and its wholly owned subsidiary, MSP Compliance Bridge, LLC. “We believe that Property and Casualty Insurance companies need to understand and enable the insights available to them through the power of big data analytics for risk management and improved claims decision-making.”
To download a complimentary copy of the White Paper, click here: Care Bridge: MSAs: What is the True Cost of Future Medical Care? (PDF)
Source: Care Bridge