ForeSIGHT Medical Introduces Advanced Analytics Reporting Tool for Managing Escalating Workers’ Compensation Surgical Implant Costs
Workers' compensation leader ForeSIGHT Medical releases new reporting and analytics tool that helps identify and control escalating costs in surgical procedures involving implants.
Tampa, FL, November 21, 2013 --(PR.com)-- ForeSIGHT Medical, the nation’s fastest growing and most experienced company focused solely on surgical implant cost containment in workers’ compensation, today announced the launch of InSIGHT™, the industry’s first business and data intelligence reporting suite dedicated to surgical implant cost and utilization analysis. InSIGHT combines geo-specific true cost data, physician and manufacturer utilization trends, site of care variation benchmarks, and fraud-waste-and-abuse triggers in a comprehensive report that enables clients to make informed decisions regarding surgical procedures involving implants.
“The complex surgical implant supply chain, combined with the variable markup and billing practices of providers, has created a difficult environment for payers to control this escalating cost driver,” said Brian Bell, President of ForeSIGHT Medical. “Research by the California Workers' Compensation Institute shows that California hospitals were being overpaid for spinal hardware by as much as $67.5 million in 2010 alone, and it’s not just a problem in California. ForeSIGHT specializes in containing costs of surgical implant hardware across all sites of care, delivering an average savings of 61% to payers across the nation.”
ForeSIGHT’s proprietary implant management platform, Fusion™, analyzes and delivers savings across every implant-related cost category, including orthopedics, spine, and pain management. From the seemingly inexpensive hernia mesh, to the highly variable and extremely costly spinal fusion, InSIGHT is powered by an ever-increasing universe of audit and reduction metrics throughout all sites of care. The result is a comprehensive program that delivers maximum savings across 100% of the category spend for surgical implants, delivering a predictable cost structure and actionable reporting.
In the case of a major payer with a 24% year-over-year increase in claims requiring surgical intervention, ForeSIGHT was able to identify an incremental savings opportunity of greater than 54% off allowed/paid amounts. A comprehensive review of the client’s payment and utilization data was performed after a thorough application of multiple PPO reductions, Usual and Customary database benchmarks, and professional peer/clinical review. The value of ForeSIGHT’s modular based reduction methodology was demonstrated through proprietary triggering mechanisms for fraud-waste-and-abuse, oversight and scrutiny from ForeSIGHT’s panel of practicing surgeons, surgical technicians, and rigorous interpretation and application of state and local regulations. The bottom line was additional cost savings of over $1.8 million dollars for this payer.
“ForeSIGHT is recognized for our deep experience and industry-leading approach to fair, objective, and repeatable reduction methodologies for surgical implants,” said Bell. “Data and analytics are at the foundation of everything we do, and InSIGHT packages this data into clear action items for payers.”
About ForeSIGHT
Founded by seasoned workers’ compensation innovators, ForeSIGHT is a leader in developing comprehensive solutions to control the growth of surgical implant costs in the workers’ compensation industry. ForeSIGHT’s dynamic implant management platform, Fusion™, delivers objective and comprehensive savings programs for payers. ForeSIGHT’s exclusive focus is centered on cost containment programs that are easy to implement, defensible, and provide peace of mind that appropriate payments are being made for surgical implants. For more information, visit www.foresightmedical.com or call 855.481.1205.
“The complex surgical implant supply chain, combined with the variable markup and billing practices of providers, has created a difficult environment for payers to control this escalating cost driver,” said Brian Bell, President of ForeSIGHT Medical. “Research by the California Workers' Compensation Institute shows that California hospitals were being overpaid for spinal hardware by as much as $67.5 million in 2010 alone, and it’s not just a problem in California. ForeSIGHT specializes in containing costs of surgical implant hardware across all sites of care, delivering an average savings of 61% to payers across the nation.”
ForeSIGHT’s proprietary implant management platform, Fusion™, analyzes and delivers savings across every implant-related cost category, including orthopedics, spine, and pain management. From the seemingly inexpensive hernia mesh, to the highly variable and extremely costly spinal fusion, InSIGHT is powered by an ever-increasing universe of audit and reduction metrics throughout all sites of care. The result is a comprehensive program that delivers maximum savings across 100% of the category spend for surgical implants, delivering a predictable cost structure and actionable reporting.
In the case of a major payer with a 24% year-over-year increase in claims requiring surgical intervention, ForeSIGHT was able to identify an incremental savings opportunity of greater than 54% off allowed/paid amounts. A comprehensive review of the client’s payment and utilization data was performed after a thorough application of multiple PPO reductions, Usual and Customary database benchmarks, and professional peer/clinical review. The value of ForeSIGHT’s modular based reduction methodology was demonstrated through proprietary triggering mechanisms for fraud-waste-and-abuse, oversight and scrutiny from ForeSIGHT’s panel of practicing surgeons, surgical technicians, and rigorous interpretation and application of state and local regulations. The bottom line was additional cost savings of over $1.8 million dollars for this payer.
“ForeSIGHT is recognized for our deep experience and industry-leading approach to fair, objective, and repeatable reduction methodologies for surgical implants,” said Bell. “Data and analytics are at the foundation of everything we do, and InSIGHT packages this data into clear action items for payers.”
About ForeSIGHT
Founded by seasoned workers’ compensation innovators, ForeSIGHT is a leader in developing comprehensive solutions to control the growth of surgical implant costs in the workers’ compensation industry. ForeSIGHT’s dynamic implant management platform, Fusion™, delivers objective and comprehensive savings programs for payers. ForeSIGHT’s exclusive focus is centered on cost containment programs that are easy to implement, defensible, and provide peace of mind that appropriate payments are being made for surgical implants. For more information, visit www.foresightmedical.com or call 855.481.1205.
Contact
ForeSIGHT Medical
Jessica Yates
855-481-1205
www.ForeSIGHTMedical.com
Jessica Yates
855-481-1205
www.ForeSIGHTMedical.com
Contact
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