LAWRENCEVILLE, Ga., Nov. 28, 2016 /PRNewswire/ -- ExamWorks Clinical Solutions (ECS) announced today an exclusive agreement with structured settlement broker, Chronovo, to deliver an innovative solution to the Medicare Set-Aside (MSA) space for workers' compensation and liability settlements, called the iMSA.
The iMSA enables all stakeholders in the settlement process to save resources and gain greater security. James K. Price, CEO of ExamWorks noted, "Our iMSA not only provides parties the cost estimation tools necessary to protect Medicare's interests in the settlement, but also delivers Chronovo's industry-changing Chronograph and structured settlement financing at no additional cost to our customers. While MSAs have been structured before the iMSA leverages new technology to make the entire process seamless, immediate, and more compelling for all parties involved. We are excited to bring this value with the iMSA."
The iMSA combines ExamWorks Clinical Solutions' industry-leading MSA and Resolution Report, which successfully mitigates 94% of all contested settlement charges, with Chronovo's structured settlement financing that on average is 31% less costly than lump sum funding. When professional administration services are added to the product delivery, the injured individual may save up to 30% on post settlement prescriptions and medical care regardless if the parties choose to submit the iMSA to CMS for review.
"Structuring the MSA enables the underwriter to achieve full MSA funding for less, and provides unique advantages for the injured individual not possible without a structure," stated Ken Paradis, CEO of Chronovo. "Favored by CMS, which funds annual shortfalls when an MSA is structured, the iMSA can create a replenishing, worry-free medical fund for the injured individual."
About ExamWorks Clinical Solutions
ExamWorks Clinical Solutions is the industry leader in Medicare Secondary Payer compliance, combining Medicare Set-Aside, conditional payment, and post-settlement services. The Company provides comprehensive clinical mitigation programs and medical and vocational case management to insurers, self-insureds and third-party administrators. ExamWorks Clinical Solutions, headquartered in Lawrenceville, Georgia, is an ExamWorks company. Learn more at: www.examworks-cs.com
Chronovo has reinvented the structured settlement broker industry with a mix of new technology, new skill sets, and a new enterprise-wide business model designed to increase the use of structures to the benefit of all of the settlement stakeholders. It provides these comprehensive services through the nation's largest property and casualty carriers, third-party administrators and self-insured organizations. Chronovo's corporate office is located in Burlington, Massachusetts. Find out more at www.chronovo.com