(Image source: Verisk.)
Verisk, (Jersey City, N.J.), a global data analytics and technology provider, has announced that MSP Navigator is the latest Verisk product to be made available on Duck Creek’s (Boston) Content Exchange. MSP Navigator provides casualty insurers with an efficient solution for Section 111 reporting, and they can benefit from the advanced automated reporting and analytical capabilities of the platform, facilitating compliance and avoiding civil monetary penalties, according to the vendor.
Verisk says its proprietary platform offers a simple, effective method to identify Medicare beneficiaries for timely and accurate reporting of ongoing responsibility for medical treatment, settlements, judgments, awards or other payments to the Centers for Medicare & Medicaid Services (CMS) as required by Section 111 of the Medicaid & Medicare SCHIP Extension Act of 2007.
“Verisk’s MSP Navigator helps casualty insurers meet the ever-changing landscape of Section 111 reporting,” comments Mark Popolizio, VP, MSP compliance, casualty solutions, Verisk. “This is a highly accurate Section 111 reporting solution supported by our team of legal and medical experts. The solution not only reports data but also provides CMS compliance analytics, and it’s integrated with ISO ClaimSearch as well as API integrations with many of the leading claims systems.”
Supports Compliance and Offers Rich Analytics
Verisk notes that Section 111 is a time-consuming and costly activity, with large penalties for late or inaccurate reporting. The vendor says that, with MSP Navigator, insurers can focus on timely reporting with minimal errors. Verisk reports that 99.9 percent of claims reported to CMS through MSP Navigator contained zero errors, based on 2022 data from nearly 4,000 Responsible Reporting Entities (RREs) and 1.4 million claims reported.
The platform offers advanced reporting and analytical capabilities, providing insurers with data-driven insights, which is especially critical with the announcement of the finalized Section 111 penalties going into effect in 2024, according to the vendor.
“Duck Creek is thrilled with the addition of MSP Navigator and our rapidly growing number of integrations with Verisk available on our Content Exchange,” says Oliver Werneyer, VP, product strategy, Duck Creek Technologies. “By utilizing this new accelerator, our customers will be empowered with a more simplified and modernized claims experience that leads to greater accuracy, operational efficiency, and cost savings.”
“We’re excited to expand the integration of Verisk solutions in Duck Creek’s Content Exchange with the addition of MSP Navigator,” comments Maroun Mourad, president. claims solutions, Verisk. “This collaboration will enhance the ease of use and integration for Duck Creek customers, enabling them to streamline their Section 111 reporting process and avoid costly noncompliance penalties.”
Verisk reports that Duck Creek customers can currently access a wide range of Verisk tools through the Content Exchange, including detailed information on the relative risk of vehicles, the replacement costs for specific homes, and robust telematics data from consenting drivers for usage-based insurance programs.