Lakewood Ranch, FL – Care Bridge International recently completed an actuarial, data science review, the second evaluation of its kind since the company’s inception. Actuarial Science is the discipline that applies statistical methods to assess risk in insurance. The actuaries applied rigorous mathematics and data analysis to the Care Bridge models, involving forecasting long term medical care.
“After years of extensive research, development and testing, we are proud to deliver a revolutionary digital approach to forecasting medical treatment and costs for claims providing the fastest, most accurate outcomes available in the marketplace”, said Deborah Watkins, Founder & Chief Disruption Officer. “Improving the claims journey by enhancing speed, accuracy and risk control are central to our Mission, and this actuary endorsement validates the reliability of the claim services we provide.”
Actuary Conclusion by Francis Analytics and Actuarial Data Mining, Inc. About How the Company’s Model Can be Used:
- The model performed well using an accepted method for evaluating the accuracy of predictive models.
- The model successfully identified high cost and low-cost groups of claims. It can therefore be used for triaging claims and assigning appropriate resources to claims likely to be more severe and more costly.
- The model can be a tool that effectively separates low and high dollar claims that can be used for automating claims processing.
- The model can be used to empower adjusters and nurses to manage high dollar claims more productively. It provides a way to be pro-active about flagging unnecessary care.
- The model predictions can be considered a benchmark indication based on treatment patterns in industry data. As such, the model reflects accepted procedures for handling claims or a “best practices” approach to claims adjusting.
- The model can be an advisory tool for more optimal claims adjusting.
Many customers have already benefited from deploying the Analytic-Powered MedReserve Forecast and MedReservePro. These tools enable insurance payers and employers to understand how to properly reserve funds for medical care and identify opportunities to improve claims management, mitigate bodily injury risks and improve outcomes for persons involved in a work-related or auto injury, including occupational exposure to COVID-19. The company’s COVID-19 Suite of Services includes a free Analytic-Powered COVID19 Calculator, referral-based Analytic-Powered MedReserve Forecast or MedReservePro and access to the Analytic-Powered COVID19 Analytics Dashboard.
The Analytic-Powered MedReserve Forecast and MedReservePro are available now On Demand or as a systems data integration for touchless claims processing.
Source: CareBridge International