ORLANDO, Fla., Feb. 1, 2017 /PRNewswire/ -- Trident Legal Services, LLC today announced that its new Total Mass Tort Subrogation Solution http://tlsrecovery.com, under development for the past 12 months, is now fully operational.
Traditionally, due to a complex and piecemeal subrogation system, health plan claims payers have struggled to attain recoveries of 0.5% of health plan costs. Using proprietary data models, the Total Mass Tort Subrogation Solution can push subrogation recovery to a higher level, offering the possibility of ten-fold increases in health plan financial recovery. In the realm of mass torts, that means increasing recovery from millions of dollars to tens of millions, or from tens of millions to hundreds of millions.
Mass torts are civil actions brought on behalf of many injured parties through a class action lawsuit. These cases are usually brought against pharmaceutical companies and other manufacturers whose products are suspected as the cause of harm. Health plan indemnifiers, such as self-insured health plans, and their contracted claim payers, are obliged to promptly pay injured parties for their covered health care expenses.
Later, if the manufacturing organization is found liable for the harm and pays settlement funds to the injured parties, the original indemnifiers are entitled to use subrogation laws to recover their original payments.
Claims payers have experienced trivial amounts of recovery through subrogation. Studies have shown that recoveries have been limited 0.1% to 0.5% of annual health plan payments. Why? Because claim payers often accept pennies on the dollar, rather than pursue the complex and time consuming steps toward a fuller recovery, or are never offered any settlement at all. The amount left unrecovered is a whopping 5.0% to 10.0% of annual health plan payments.
"The healthcare subrogation system is fragmented and inefficient. As mass tort litigation has expanded, we have set out to build a replacement for these poorly performing processes. Our Total Mass Tort Subrogation Solution is built on the most modern data mining, analytics and algorithms available. Recovery of funds can involve litigation, which we manage through a network of 4,000 attorneys nationwide" said Ron Lasorsa, CEO of Trident Legal Services.
The opportunity to significantly improve on subrogation recovery will come as welcome news for self-insured plan sponsors and their contracted payers across the country.
Trident Legal Services, LLC: http://tlsrecovery.com/approach.php is based in Orlando, Florida and offers Mass Tort Subrogation Recovery services throughout the United States.
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SOURCE Trident Legal Services, LLC