ITASCA, IL (April 28, 2014) -- Discovery Health Partners' cost containment support for New Mexico-based Lovelace Health Plan has resulted in $16 million in recoveries and revenue optimization in two years, announced the company.
A mid-sized health plan, Lovelace has realized nearly $7 million in subrogation and COB recoveries working with Discovery Health Partners. These savings are the result of improved data mining, analytics, and modernized workflow available through Discovery Health Partners' Intelligent Cost Containment Platform, which allows quick and accurate identification of cases for recovery.
By adding Medicare Secondary Payer (MSP) validation and premium restoration -- a service that helps Medicare Advantage plans quickly and accurately validate MSP records, correct inaccurate records, and restore underpaid premium dollars -- Lovelace has recovered an additional $7.1 million. A majority of these restorations were found within 120 days, with future revenue optimization forecast at $4.2 million annually.
"It's a critical time for healthcare organizations to improve efficiency and performance. Discovery Health Partners' reporting and analytics provided greater visibility into cases and trending. We also are impressed with how well their team partnered with ours," said Karen Eskridge, Chief Operations Officer, Lovelace Health Plan. "Since working with Discovery Health Partners, we've pursued new savings, recovery and cost avoidance opportunities, improving our bottom line very quickly."
Lovelace also engaged Discovery Health Partners for a Cost Containment Blueprint consulting engagement, which identified additional opportunities for cost savings and revenue generation.
"We look holistically at every health plan client's cost containment program. Each has its own unique challenges and requirements, which our customized plans reflect," said Paul Vosters, President and Chief Operating Officer, Discovery Health Partners. "Time and again, our clients say they value our flexible approach, partnership, and leading-edge case management and reporting tools."
About Discovery Health Partners
Discovery Health Partners helps organizations reduce and contain healthcare spend through intelligent cost containment solutions. We specialize in technology, services, and solutions for Subrogation, Coordination of Benefits, Eligibility, Claims Review and Audit. Our clients include health plans, self-funded employer groups and government agencies that want to manage more efficiently with less risk and cost with advanced technology, information analytics and modernized workflow for superior identification and transparency. Working with Discovery Health Partners, our clients realize improved recoveries, reduced cost, better control, and new levels of insight. Discovery Health Partners is a division of LaunchPoint, a provider of cloud-based analytic solutions and services for healthcare enterprises. Learn more at www.discoveryhealthpartners.com.