StrataCare, A Xerox Company, is deploying a new software solution, Network Optimizer, that provides clients the ability to quickly evaluate different medical networks used in their workers’ compensation programs while delivering significant bottom-line savings. This automated decision support tool, provides an objective comparison of multiple Preferred Provider Organizations (PPO) and Specialty Network PPO configurations using a client’s historical bill data.
Based on the client’s actual experience and measured against StrataCare’s comprehensive bill review database, the Network Optimizer is an interactive analytics tool that provides network comparisons for a more thorough and granular analysis of provider cost savings. For simplicity, network comparisons are available in multiple formats including Word documents or spreadsheets.
“As medical charges continue to escalate, new and effective applications, built on the data analytics embedded within our medical bill review technology, will continue to differentiate our platform and bring greater program efficiencies and cost containment opportunities to our clients,” said Skip Creasey, president and chief operating officer of StrataCare. “We’ve even received a patent for the Network Optimizer, which further demonstrates our commitment and our ability to continue to develop and deliver innovative decision support and workflow management tools.”
Creasey said use of the Network Optimizer has resulted in millions of dollars in reduced medical costs for payor clients. For some StrataCare clients, the financial impact has been dramatic, even doubling the savings in a single jurisdiction. For others, the tool has highlighted opportunities for specialty network realignment that has also driven significant financial impact.
As an embedded software application, the Network Optimizer is designed to help clients manage PPO and specialty network utilization. With this network management tool:
Multiple network configurations can be reviewed quickly and easily;
Each network is assessed objectively, using the same criteria, to eliminate biases and inconsistencies introduced with network self-analysis;
Savings are calculated at the service level for provider, network and jurisdiction;
Savings calculations are much more accurate—users can drill down into client-specific data, including savings, penetration and provider utilization rates.
The software tool was recently issued Patent No: US 8,700,426 B2 by the U.S. Patent and Trademark Office.
StrataCare, A Xerox Company, offers comprehensive Internet-based national bill review software, workflow and outsource solutions to the workers’ compensation payer community. StrataCare’s innovative solution saves billions of dollars annually for some of the industry’s top insurance companies, third-party administrators, managed care companies and self-insured employers. For more information, please visit www.stratacare.com or call 800-277-6512.
Since the invention of Xerography more than 75 years ago, the people of Xerox (NYSE: XRX) have helped businesses simplify the way work gets done. Today, we are the global leader in business process and document management, helping organizations of any size be more efficient so they can focus on their real business. Headquartered in Norwalk, Conn., we have more than 140,000 Xerox employees and do business in more than 180 countries, providing business services, printing equipment and software for commercial and government organizations. Learn more at www.xerox.com.