(Image source: Franco Signor homepage.)
Verisk (Jersey City, N.J.), a provider of data analytics solutions to the insurance industry, announced that it has acquired Franco Signor, a Bradenton, Fla.-based Medicare Secondary Payer (MSP) service provider. Franco Signor will become part of Verisk’s Claims Partners business, a provider of MSP compliance and other analytic claim services, according to a Verisk statement. The company says that Claims Partners and Franco Signor will be combining forces with the objective of becoming the single best resource for Medicare compliance. The purchase price of the company was $160 million, Verisk says.
“We’re pleased to add Franco Signor’s well-regarded capabilities to Verisk’s strong offerings in the Medicare space,” comments Mark Anquillare, chief operating officer, Verisk. “We anticipate that this acquisition will have substantive long-term advantages for the industry, as Verisk will now be able to offer unparalleled guidance and an all-inclusive solution suite for all aspects of an insurer’s Medicare compliance needs.”
Commenting on the complementarity of Franco Signor and Claims Partners, Verisk asserts that with the addition of Franco Signor’s offerings to Claims Partners’ MSP compliance suite, Verisk now offers the broadest range of Medicare solutions powered by its sophisticated analytics and the highest quality data available. The vendor says that the synergies resulting from the acquisition benefits the industry through flexible service levels that fully support insurers, self-insureds, and third-party administrators (TPAs) in their compliance needs throughout the life of a claim.
“The complexities of Medicare compliance obligations are extremely challenging,” comments Richard Della Rocca, president, Claims, Verisk. “With the addition of Franco Signor to the Claims Partners team, we can offer the insight and experience of the country’s top MSP experts under one roof for the benefit of the entire industry and look forward to providing the very best experience and service for our customers.”
Added Value to Customers
“We are excited to join Claims Partners in order to provide integrated solutions and enhanced support to claims professionals,” comments John Williams, CEO, Franco Signor. “Becoming part of the Verisk family will enable us to offer added value to our current customers through advanced analytics.”
The Medicare compliance suite includes Section 111 reporting with flexible service that is tailored to the way insurers and TPAs do business, including automated conditional payment processing, and a full range of Medicare Set-Aside (MSA) services including professional administration, according to the Verisk statement. In addition to full compliance support, including First Report of Injury (FROI)/Subsequent Report of Injury (SROI) and other Electronic Data Interchange (EDI) reporting, claims professionals can avail themselves of Claims Partners’ robust analytic solutions for workers’ compensation and liability claims and can leverage litigation analytics for improved claim results, as well as Verisk’s more comprehensive claim offerings which include fraud detection, investigation resources, subrogation support, and other capabilities, according to Verisk.