(Image source: TruthMD homepage.)
Sapiens International Corporation, a Holon, Israel-based global provider of software solutions for the insurance industry, and TruthMD (Alpharetta, Ga.), which provides insurers and patients with data analytics on healthcare providers, have announced a partnership that will deliver insurers real-time, accurate provider data, according to a Sapiens. The partnership will enhance medical practice liability and workers’ compensation insurers’ ability to identify desirable insureds, assess risk, competitively price, underwrite and manage claims, the statement asserts.
TruthMD’s MedFax machine learning-based solution is based on more than 15 years of accumulated historical data from physicians, which the company has harnessed to deliver up-to-date visibility into provider legitimacy, ad-hoc search reporting and alerts on status changes. The Sapiens-TruthMD partnership will combine MedFax along with Sapiens CoreSuite for Property & Casualty and CoreSuite for Workers’ Compensation platforms, which Sapiens says will enable insurers to seamlessly reference MedFax’s rich data within highly efficient and automated workflows. The companies say their partnership will strengthen their positions in the market by offering medical practice liability and workers’ compensation insurers an enhanced solution that meets their evolving digital needs.
“We are excited to begin this partnership with Sapiens as their innovative, client-focused mission mirrors our own,” comments Gemma Cunningham, CEO and Founder, TruthMD. “Working side by side with the Sapiens team provides us with an immediate outlet for our proven, best-in-class medical data solutions, including sanctions monitoring and provider data analytics, while aligning us with a highly reputable, client-focused partner.”
Identify Invalid Billings
Sapiens contextualizes the partnership as addressing the problem of healthcare industry that has long been hampered by inaccurate and outdated physician data and has seen credentialing, onboarding, underwriting and provider directories compromised as a result. With more than 20,000 primary data sources collected in real time and boasting more than 95 percent accuracy, TruthMD has filled this void for numerous clients, helping identify invalid billings, reduce loss and expense ratios and save an average of $716,000 for every $10 million in annual written medical liability insurance premiums, Sapiens says.
“The future of insurance will be driven by digital transformation, and digital transformation will be driven by data,” comments Roni Al-Dor, President and CEO, Sapiens. “By providing insurers with ready access to rich, reliable, real-time data, the Sapiens-TruthMD partnership will play a vital role in helping medical practice liability and workers’ compensation insurers unlock the opportunities presented by the evolving insurance landscape.”