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CLARA analytics ("CLARA"), the leading provider of artificial intelligence (AI) technology in the commercial insurance industry, today announced a game-changing new feature of its CLARA claims product that provides Medicare Set-Aside Arrangement (MSA) services faster and at vastly reduced costs. The data-driven MSA solution enables CLARA claims users to compile a much richer, more detailed analysis of estimated future medical costs for injured workers — all at the push of a button. This innovative and powerful feature will debut at the National Workers' Compensation and Disability Conference, being held Dec. 5-7, 2018, at Mandalay Bay in Las Vegas.
The CLARA claims MSA feature was developed to address a significant need in the market. While MSAs are designed to provide an estimate of future medical treatment costs for injured claimants to protect Medicare's interests at claim settlement, obtaining an MSA can be a time-intensive process that often takes weeks, requiring numerous back-and-forth emails with the vendor as well as hefty fees. Currently, payers spend hundreds of millions of dollars annually on acquiring MSAs and expend significant resources when their adjusters become bogged down in this process. CLARA's MSA solution changes this in a remarkably effective way.
The new MSA feature is fully integrated within CLARA's AI-based claims product, which helps teams mitigate claim costs by identifying claims that are at risk for litigation or delays. All customers of CLARA's claims suite can receive the MSA feature incorporated into their CLARA suite product pricing. CLARA's MSA solution provides:
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· Automated identification of claims likely to need an MSA based on claim attributes
· Automated MSA report generation at the push of a button
· Ability to combine/separate multiple claims to assess cost differences
· Updated reports as often as needed based on changing treatment under the claim
· Push-button inclusion/exclusion of body parts and comorbid conditions at time of MSA generation
· Availability in traditional CMS and EBM-based formats
· CMS submission of final MSA, with amended reviews where indicated
"At CLARA, our goal is to help claims teams reduce loss costs with easy-to-use AI," said Kimberly Wiswell, vice president, managed care operations, at CLARA analytics. "While we're not a direct competitor in the MSA market because we don't 'sell' MSAs, we've developed this MSA solution as part of our artificial intelligence/machine learning-based suite of products. We believe this MSA solution, provided at no additional cost, will revolutionize the market."
CLARA will demo the MSA solution in its booth, 6530, at the National Workers' Compensation and Disability Conference. Additionally, CLARA Founder and CEO Jayant Lakshmikanthan will speak on Dec. 6, 11:50 a.m.–12:10 p.m., in the Solutions and Innovation Theater. His session, "3 Ways to Use AI to Supercharge Your Claims Operations," will provide practical advice on how to apply the power of AI to reduce costs, maximize efficiency, and achieve goals set by claims operations teams.
"The National Workers' Compensation and Disability Conference is the preeminent conference of our industry. There is no better place to unveil our MSA solution and to show claims professionals how effective AI-based technologies can be in addressing the needs of their organizations," said Lakshmikanthan. "We look forward to participating in this outstanding event and engaging with attendees as we work to transform claims operations."
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To learn more about CLARA claims and its MSA solution, please stop by booth 6530 at the conference or visit https://info.claraanalytics.com/data-sheet-msa.
About CLARA analytics
CLARA analytics improves claims outcomes in commercial insurance with easy-to-use artificial intelligence (AI)-based products. CLARA's suite helps claims teams reduce various sources of loss costs in claims handling by keeping claims on track throughout their life cycle. The suite uses the latest in AI and machine learning (ML) technology and can integrate easily into any workflow or infrastructure to rapidly start showing value. CLARA's customers include companies from the top 25 insurance carriers to small, self-insured organizations. CLARA analytics was founded in 2015 and is headquartered in Silicon Valley in California. For more information, visit www.claraanalytics.com, and follow CLARA analytics on LinkedIn and Twitter.
CLARA litigation, CLARA providers and CLARA claims are trademarks of CLARA analytics. All other brand names and solution names are trademarks or registered trademarks of their respective companies.
Tags: CLARA analytics, artificial intelligence, AI, commercial insurance, machine learning, claims, Medicare Set-Aside, NWCDC, litigation, predictive analytics, workers compensation, data science
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