CompReview And Risk Data Corp. Merge To Form HNC Insurance Solutions
CompReview, providing healthcare information technology for the workers' compensation and auto personal injury markets, has merged with Risk Data Corporation, an insurance information system solution provider and statistical research company. Both firms are subsidiaries of HNC Software Inc. and will combine their operations to form HNC Insurance Solutions. The new company will provide predictive software solutions to the insurance industry.
"The integration of CompReview and Risk Data Corporation will allow us to deliver enhanced value to our customers, such as the ability to manage a seamless flow of data, faster development and adoption of new predictive solutions for the markets we serve," said Lee Kaaren, M.D., CEO and co-founder of CompReview. Kaaren will serve as the CEO of the new entity.
The combined HNC business unit will be reorganized to focus on its three primary markets - workers' compensation, auto, and group health. Sean Downs, senior vice president for Risk Data Corporation, has been appointed president of the Workers' Compensation Business Unit. Michelle T. De Lizio, president of CompReview, is the new president of the Auto Business Unit. Mark Tager, M.D., president of Risk Data Corporation, has been appointed president of the Group Health Business Unit.
Both CompReview and Risk Data Corporation provide predictive information technology solutions in the workers' compensation market. CompReview's CRLink software provides a link between its customers' claim systems and a sophisticated medical bill repricing system which is integrated with a suite of managed care options including managed care fee negotiations, preferred provider organizations, electronic data interface, and management/provider outcomes reporting.
Risk Data's flagship product, MIRA (Micro Insurance Reserve Analysis), provides an easy-to-use, integrated information system for estimating workers' compensation claim loss reserves. VeriComp, a new claimant fraud detection system, reviews workers' compensation claim characteristics and identifies those claims which fit historical patterns of fraud and abuse. eCMDirector, another new workers' compensation product, is a predictive software solution for identifying those claims that would benefit most from case management. Other Risk Data Corporation products include PMAdvisor, which performs utilization review of physical medicine services, CompCompare, a benchmarking database, and ProviderComp, a physician profiling system.