The ChallengeThe internal risk and claim management department is a small group of experienced and knowledgeable persons with an enormous responsibility of coordinating numerous vendors and operations worldwide to serve in the administration and closure of claims. They have an experienced and capable Third Party Administrator who is providing daily claim administration services. The client provided us detailed loss runs for several years of data. After sorting and benchmarking the claims utilizing models and substantial risk and claim databases, Blackburn was able to organize the priorities of claims across various offices around the world. Our partners and associates focused on the key drivers of costs to determine what was applicable to the claim occurrence, and eliminate any other costs which were not associated with the occurrence. Then, utilizing our technology, products and professional services we were able to help execute closing strategies for all of the prioritized files.
Additionally, we found that our client's attorneys were following a standard process of managing and negotiating the litigation of the claims. With our assistance, the teams were able to interrupt the standard process and move the claim to closure by providing the necessary strategic resources.
How We HelpedDuring the process of analyzing our client's data, we found that an integrated Accelerated Settlement Solution approach would provide significantly reduced loss costs for individual cases and the programs versus a normal approach.
Additionally, we reviewed the normal timeframe to resolve significant claims, and compared the results with our source data. By employing an Accelerated Settlement Solution approach the teams were able to eliminate 20-25% of the time associated with "open" legacy claims.
The SolutionsAfter our analysis and with our solutions, the teams employed an integrated, specialized approach to these efforts including:
- Medical Lien Verification and Negotiation,
- Accelerated Settlement Medical Cost Projections,
- Medicare Set-Asides and MMSEA Section 111 Mandatory Data Reporting,
- Life Care Planning,
- Structured Settlements,
- Custodial Account Administration,
- Special Needs Trust Development, and
- Associated Financial Planning.
By using unique and integrated approaches, and an extensive results-oriented, technology-based benchmarking capability with experienced clinical teams, the final total costs of claims have been reduced by millions of dollars annually.