Verity Inc., a provider of enterprise software that enables organizations to maximize the return on their intellectual capital investment, announced State Fund Mutual Companies, the largest workers’ compensation insurer in Minnesota, has experienced dramatic reduction in processing claims using Verity MediClaim -the company’s high volume enterprise solution for scanning insurance claim forms and automating the collection and processing of claim payment data.
State Fund Mutual (SFM) handles nearly $100 million in premiums annually, and sought to boost the speed of its claims processing system by removing paper-based forms at the front end.
Following an evaluation of possible vendors for imaging and optical character recognition (OCR), SFM chose Verity and its MediClaim solution, a software solution that replaces the costly manual data entry of standardized healthcare information forms, such as HCFA 1500 and UB 92 with efficient paper-to-digital processing.
Since implementing the Verity MediClaim solution nine months ago SFM is reportedly seeing results that are ahead of schedule and greater than expected.
The Verity MediClaim software is integrated into the SFM claims processing system that consists of an Oracle database and several custom applications. MediClaim feeds the data into the system, indexes the data for “look up” purposes and moves it into an SFM-developed workflow system. SFM is also using the Verity TeleForm, high volume content capture system, to scan medical records and bills that are associated with each of the medical claim forms.
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