FirstComp, a national leader in the workers' compensation insurance industry, and Rising Medical Solutions, Inc. (Rising) announced today that the two companies have entered into a professional services agreement.
Rising, a national medical cost containment organization, will provide medical bill re-pricing and cost management services for FirstComp, one of the fastest-growing workers' compensation carriers in the United States"”servicing nearly 100,000 business customers nationwide.
"We are very pleased to have been selected by FirstComp as their medical bill re-pricing partner," said Rising Chief Executive Officer Jason Beans. "Both companies have worked diligently to develop new workflow technologies that allow for real-time efficiencies between our two organizations. These innovations and protocols will help FirstComp deliver one of the quickest and most effective claims auditing processes in the market."
Initial program analysis shows that the new partnership already has produced a 26% increase in savings with a 3% decrease in program administration fees for FirstComp. Additionally, Rising's integration with FirstComp's claims system has created cohesive technology for the company's claims staff"”allowing them to spend more time administering claims and less time managing multiple systems.
"The collaboration with Rising plays a critical role in the quality of our service operations," said FirstComp CEO Luke Yeransian. "In choosing Rising, we are confident that their ability to both drive electronic efficiencies and maximize our medical savings will help us sustain our growth in this competitive landscape."
About FirstComp
FirstComp (www.firstcomp.com) provides access to workers' compensation insurance coverage for nearly 100,000 small and midsize "Main Street" businesses through more than 7,000 independent insurance agencies nationwide. Started in 1997 with three employees, FirstComp now employs more than 575 people with offices in Omaha, NE, Providence, RI, and Henderson, NV. The company currently operates in 26 states.
About Rising Medical Solutions, Inc.
Headquartered in Chicago, IL, Rising (www.risingms.com) is a leading medical-financial solutions organization that services the auto, workers' compensation and liability markets. Through its national medical cost containment and care management programs, Rising provides compelling business outcomes to payers of medical claims, including insurance carriers, self-insured employers, government organizations, and third-party administrators.
