New White Paper Discusses True Cost of Future Medical Care for Medicare Set Asides
Workers' Compensation Medicare Set Asides (WCMSAs) have become a standard feature in settling workers' compensation claims over the past fifteen years. This year an estimated 26,000 workers' compensation claims might be submitted to the federal government. We present new evidence that strongly suggests that this voluntary process of submission predictably and excessively inflates the cost of claims, leaving the claims payer worse off compared to not submitting a set conventional Medicare Set Aside forecasts are highly likely to greatly overstate actual medical spend. For claims payers who are concerned about the burdens of Set Asides, this problem and its solution are top news.
LAKEWOOD RANCH, Fla., July 18, 2018 /PRNewswire/ -- Care Bridge International, a data analytics firm, today announced a new white paper that uses a massive claims database to estimate the true exposure of future medical treatment and costs in Medicare Set Asides for Workers Compensation claims. The white paper shows that conventional Set Aside practices greatly inflate costs to claims payers, by as much as unnecessarily doubling the cost of Set Asides.
Workers compensation claims payers put over $2 billion a year in Medicare Set Asides. Payers have historically relied upon a cottage industry to use an optional, time-consuming subjective method for Medicare Set Aside compliance. Claims payers have long suspected that this method can over-budget for medical expenses. For the first time, big data analytical tools applied by Care Bridge confirm that the conventional method does greatly inflate Set Aside costs. It also creates unnecessary administrative burdens.
Titled, "Medicare Set-Asides: What is the True Cost of Future Medical Care?" this white paper shows the power of massive claims database analysis to deliver an innovative, efficient and cost saving method to comply with Set Aside rules.
"With the billions of of medical claim transaction data available to carriers and payers, it is more important than ever for organizations to acquire the tools and technologies necessary to gain business advantage from data," said Deborah Watkins, CEO, Care Bridge International, Inc. and its wholly owned subsidiary, MSP Compliance Bridge, LLC. "We believe that Property and Casualty Insurance companies need to understand and enable the insights available to them through the power of big data analytics for risk management and improved claims decision-making."
To download a complimentary copy of the Press Release and White Paper, visit https://carebridgeinc.com/big-data-analysis-of-the-actual-costs-of-future-medical-claims-involving-medicare-secondary-payer-workers-compensation-medicare-set-asides/
For more information, press only:
Deborah Watkins, CEO
Direct: 941-564-7575
Email: [email protected]
For more information on Product: https://www.carebridgeinc.com/DEMO
SOURCE Care Bridge International
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