ATLANTA, April 16, 2012 /PRNewswire/ -- Broadspire, a Crawford Company (NYSE: CRDA; CRDB) and leading third party administrator of workers compensation claims, liability claims and medical management services, is launching the multi-dimensional, multi-tiered BOLD Rx Network, another addition to its family of services designed to help control the growing medical costs associated with workers compensation claims.
The BOLD Rx Network uses a multi-leveled strategy to achieve superior penetration rates and savings compared to the rest of the industry. Rather than just partnering with one pharmacy benefit management (PBM) company, as is traditionally seen in the marketplace, Broadspire leverages multiple partners based on the value they bring to clients, creating a stronger pharmacy program.
"Medical expenses continue to be the biggest cost driver in the current workers compensation system, and the Bold Rx Network is our latest strategy to help our clients manage those costs and return healthy employees to productive work," said Broadspire President and CEO Danielle Lisenbey.
The network will provide more comprehensive coverage, flexibility and better value to clients, Lisenbey said. "If a pharmacy is not a member of one network, we are able to leverage additional networks to help ensure engagement of our proprietary formulary and clinical processes," she said. "This will increase penetration, control utilization and help manage the increasing costs of opioids and other medications."
Pharmacy benefit management partners must meet Broadspire's rigorous standards for coverage, clinical expertise, technology, reporting and pricing. Broadspire staff will handle medical questions and utilization management, helping to see that injured workers are dispensed clinically appropriate medications. The Company will continue to use its extensive analytic capabilities to evaluate each network partner's outcomes and harness key clinical information to improve performance and recoveries.
In recent months, Broadspire has introduced a number of new services to help clients manage the cost of workers compensation claims and provide quality medical care to their employees. As a result, Broadspire's cost containment results are typically 10 to 15 percent better than those produced by other TPAs and medical management companies.
Among Broadspire's new services are a durable medical equipment (DME) formulary, a chronic pain management protocol, and the BOLD Network, a custom preferred provider organization (PPO) that successfully introduced the multi-level strategy now used in the new pharmacy network.
Broadspire also recently brought together representatives from a number of key industry organizations to discuss challenges in prescription drug management during its first pharmacy summit. Workers compensation prescription drug use is on the rise and accounts for 19 percent of all medical costs related to claims, according to the National Council on Compensation Insurance (NCCI), which manages the nation's largest database of workers compensation insurance information.
Broadspire (www.choosebroadspire.com), a leading international third party administrator, provides risk management solutions designed to help clients improve their financial results. Broadspire offers casualty claim and medical management services to assist large organizations in achieving their unique goals, increasing employee productivity and reducing the cost of risk through professional expertise, technology and data analytics. As a Crawford Company, Broadspire is based in Atlanta, Ga., with 85 locations throughout the United States. Services are offered by Crawford & Company under the Broadspire brand in Europe (www.Broadspire.eu), including the United Kingdom (www.BroadspireTPA.co.uk).
Based in Atlanta, Ga., Crawford & Company (www.crawfordandcompany.com) is the world's largest independent provider of claims management solutions to the risk management and insurance industry as well as self-insured entities, with an expansive global network serving clients in more than 70 countries. The Crawford System of Claims Solutions(SM) offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management, workers compensation claims and medical management, and legal settlement administration. The Company's shares are traded on the NYSE under the symbols CRDA and CRDB.
SOURCE Crawford & Company