ERM and Claim Settlement Solutions 2016 Outlook
This time last year we described some of our leading practices and outlook for 2015. Are you looking forward to another productive and cost-savings year in 2016? Are you utilizing some or all of these tools and practices?
This year marks our 25th anniversary as a firm, and we are very grateful for our wonderful clients who have allowed us the opportunity to serve them in ways we never dreamed possible in 1991. We are forever indebted to you for your unique risk management insights and desire to make a difference in the field. We hope to continue to meet and exceed your expectations every day.
As we look forward to serving our client’s interests in 2016, there are several key products and services that will allow us to reduce future risk and claim costs even further.
1. RiskPro® TCOR (Total Cost of Risk) Application
Our new application is now ready for accepting client aggregate premium and loss data for calculating and forecasting upcoming renewal costs. Hopefully, clients are beginning to see benchmarked costs less than their current forecast. If not, then we will be able to bring additional analysis using our risk profiling tools and professional services to establish a foundation for better future designs and plans.
2. RiskPro® filer and RiskPro® Optimizer
Our updated risk profiling tool and professional services allow our clients to drill down into the key causes and conditions of their programs. If you want to understand and plan for individual and aggregate risk costs with more accuracy, our new programs provide:
• Integration with your broker, TPA, attorneys, actuaries and other advisors to gain the power of our independent data, insightful analytics and professional services
• Advanced medical cost analytics for ongoing optimal claim performance
• Benchmarked underwriting and claim reserve and allocated expense planning
• Health and wellness planning and management with associated technology and professional service support
• Enhanced Life Care Analytics and Planning
• Special Needs Planning and Development
3. RiskPro® Health and MSA RiskPro®
Further development of our tools are providing even greater insights into the potential for settlement of claims. As early as 7-10 days after the occurrence, our modeling tools are providing indications about key factors to manage the claim to a successful outcome. By focusing on the occurrence related medical data, we are able to provide our clients with an independent financial outcome indication for reserve and management purposes. Thereafter, we are positioned to provide ongoing analysis and support to contain the costs to the originally indicated positions through the complete claim cycle.
About our firm and future:
As one of the leading Independent Enterprise Risk Management firms in the country, our practice teams concentrate on hazard, operational, financial, and strategic risks. Our Risk Solutions include Predictive Modeling, Risk Benchmarking, Claim Management, Loss Control, Regulatory Compliance, Claim Auditing, Premium Auditing, Quality Assurance, Insurance Management, Safety Management, Education and Training, Strategic Planning, Business Development, and Underwriting Management.
The company was founded in 1991 as a company specializing in products and services for the risk, insurance, and claim settlement solutions fields. At the time of the company's inception, a specialized risk management information system with associated services called RiskPro® ws developed to analyze and manage an organization's operational and human resource risks.
Additionally, MSA RiskPro.com was founded as a specialized Medicare Set-Aside (MSA) claim settlement solutions professional service and product company to address the needs of Workers Compensation and Liability claims under the Centers for Medicare and Medicaid Service (CMS) requirements (MMSEA 111). Since 2001, MSA RiskPro.com's primary goal has been to provide high quality, low cost MSA management professional services and products to the nationwide business community. Our suite of products and services include Accelerated Settlement Medical Cost Projection Solutions, Medicare Set-Aside (MSA) Solutions, MMSEA Section 111 Mandatory Data Reporting Solutions, Life Care Planning (LCP) Solutions, Lien Verification and Lien Negotiation Solutions, Structured Settlement Solutions, Custodial Account Administration, Special Needs Trust Development, and associated Financial Planning Solutions.
Over the past 25 years, our company has served self-insured companies, insurers, reinsurers, brokers, captive insurance company domicile managers, actuaries, third party adjusters, nurse case management companies and attorneys. We have pioneered the use of technology to simplify the risk and claim management workflow, decrease costs and improve the quality of programs throughout the industry. To support our professional services, our RiskPro® technology solutions include a suite of products and services delivered through applications on Internet-based platforms. Additionally, the platform analyzes and manages over 8,100,000 claims valued at $550 Billion. We anticipate significant growth in our data and applications in the future, and look forward to serving our clients as an independent source of key solutions for their risk management business.