Minnesota State Fund Mutual Eliminates Claims Processing Backlog with Verity MediClaim
Large Workers' Compensation Insurer Uses Verity's Paper-to-Digital Software to Cut Entry-to-Payment Authorization Time by 84 Percent
SUNNYVALE, Calif. - 2005-01-24 - Verity Inc. (NASDAQ: VRTY), a leading provider of enterprise software that enables organizations to maximize the return on their intellectual capital investment, today announced State Fund Mutual Companies, the largest workers' compensation insurer in Minnesota has experienced dramatic reduction in processing claims using Verity® MediClaim™-the company's industry-leading high volume enterprise solution for scanning insurance claim forms and automating the collection and processing of claim payment data.
A leading company in workers' compensation insurance, State Fund Mutual (SFM) handles nearly $100 million in premiums annually, and sought to boost the speed of its claims processing system by removing paper-based forms at the front end. Following an evaluation of possible vendors for imaging and optical character recognition (OCR), SFM chose Verity and its MediClaim solution, a proven software solution that replaces the costly manual data entry of standardized healthcare information forms, such as HCFA 1500 and UB 92 with efficient paper-to-digital processing.
"We receive a significant number of workers' compensation claims a day and data entry was our largest bottleneck. Verity MediClaim has allowed us to reduce the time it takes to pay bills, eliminate manual data entry and errors, and increase throughput," said David Kaiser, SFM's vice president of information services. "Processing medical claims can be time-intensive and often error-prone. The software allowed us to get data into our system much faster and eliminated any backlog."
Since implementing the Verity MediClaim solution nine months ago SFM is seeing results that are ahead of schedule and greater than expected. According to Kaiser, SFM has cut the time to it takes to process and pay bills to both providers and claimants by 84 percent. The industry standard is typically 90 days to gather all the bills and associated records, approve claims and issue payments. Prior to implementing Verity MediClaim, SFM took 51 days to process claims and issue payments to providers. That time is now down to 8 days.
"It is not uncommon in worker's compensation for rebilling to occur," Kaiser said. "Our clients and claimants are recognizing the much higher level of efficiency SFM has achieved in its claims processing; as a result the amount of rebilling we have to contend with has also been reduced. The improvement we made at our front end is further enhanced as documents, in digital form, are routed through the claims department quicker, going to the right person without delay."
The Verity MediClaim software is integrated into the SFM claims processing system that consists of an Oracle database and several custom applications. MediClaim feeds the data into the system, indexes the data for "look up" purposes and moves it into an SFM-developed workflow system. SFM is also using the Verity® TeleForm®, high volume content capture system, to scan medical records and bills that are associated with each of the medical claim forms.
"State Fund Mutual claims department is now more than ten times faster than the industry standard to enter, process and pay a workers' compensation claim," said Anthony J. Bettencourt, Verity's president and chief executive officer. "The difference is a direct result of the company's use of Verity MediClaim content capture software; a difference other insurers and health care benefits managers could also achieve by utilizing the right solution."
About Verity
Headquartered in Sunnyvale, California, Verity provides software that enables organizations to maximize the return on their intellectual capital investment. The company's intellectual capital management (ICM) solutions provide integrated search, classification, recommendation, monitoring and analytics across the real-time flow of enterprise information, along with question and answer interfaces for effective online self-service. Other Verity ICM solutions capture content and drive automated business processes. Verity technology also serves as a core component of more than 260 applications from leading independent software vendors.
Verity software solutions are used by more than 11,500 customers in the private and public sectors. Customers include American Express, AT&T, Bristol-Myers Squibb, Cap Gemini Ernst & Young, Cardinal Health, Cisco Systems, EMC Documentum, Dow Jones, Financial Times, Hewlett-Packard, Lotus, Kaiser Permanente, META Group, SAP, Siemens, the State of California, Stellent, Sybase, and the U.S. Departments of Energy and Justice.
The statements in this press release regarding the benefits that State Fund Mutual can realize from Verity MediClaim are subject to risks and uncertainties, including the risk that: the benefits may not be obtained due to technical or other reasons; and the IT and process structures within State Fund Mutual may not be conducive to realizing these benefits. These and other risks relating to Verity and its business and products are set forth under the caption "Risks Relating to Our Operations" in Item 2 of Verity's Form 10-Q filed with the Securities and Exchange Commission on January 7, 2005.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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