Fair, Isaac and Company, Incorporated, a provider of analytics and decision technology, has acquired the medical bill review business of Spectrum Managed Care, a wholly owned subsidiary of San Diego-based Ward North America Holding, Inc.
The asset acquisition will expand the volume of Fair, Isaac’s outsourced bill review business driven through the company’s bill review software. Fair, Isaac and Ward North America have entered into a 10-year partnership agreement as part of this transaction.
“Fair, Isaac is helping insurance carriers and employers in both the private and public sector significantly lower their workers’ compensation claims costs,” Sean Downs, vice president of Healthcare and Insurance Solutions at Fair, Isaac, said.
Fair, Isaac will gain Ward North America as an important new outsourced bill review client and provide service to over 300 customers, including a number of high-profile corporate risk management accounts, as well as state, county and municipal jurisdictions nationwide.
The Fair, Isaac Insurance Service Bureau will utilize its advanced software for workers’ compensation medical bill review and PPO repricing, including scanning and optical character recognition (OCR), as well as the company’s powerful Capstone® workflow software, to automatically review a significant percentage of medical bills without human intervention.
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