|By Marketwired .||
|February 20, 2014 08:00 PM EST||
SAN DIEGO, CA -- (Marketwired) -- 02/20/14 -- Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, today announced that it will acquire FAIRPAY Solutions, an industry-leader in workers' compensation, liability and auto cost containment and payment integrity services. This acquisition will expand Mitchell's robust solution suite of bill review and out-of-network negotiation services and complements its acquisition of National Health Quest (NHQ) in 2012. The terms of the transaction were not disclosed.
FAIRPAY Solutions provides customers with its specialty bill review solution that delivers jurisdiction-specific savings on medical charges from high-value bills. The company's proprietary methodology incorporates data assets from more than 20 public and proprietary databases containing cost, charge, and accepted payment data for over 300 million medical transactions. FAIRPAY Solutions also provides out-of-network negotiation services, known as Knowledgeable Provider Negotiation (KPN), for instances where specialty bill review does not apply. As a result, FAIRPAY Solutions services can provide significantly increased savings for high value, complex medical bills, achieving additional discounts after bill review of up to 55% for clients.
"This strategic investment in FAIRPAY Solutions reinforces our steadfast commitment to producing measurably better outcomes for our clients, providing exceptional Mitchell solutions and services that help them continue to be competitive in an ever-changing industry," said Alex Sun, President and CEO of Mitchell. "Combining FAIRPAY Solutions, the market leader in specialty bill review services, with our industry-leading bill review and out-of-network negotiation services will offer our clients the broadest set of cost containment products and services available from a single provider."
"The P&C industry now has an exciting opportunity to take advantage of the most comprehensive bill review and negotiation solutions on the market in Mitchell and FAIRPAY Solutions services," said Chad Birckelbaw, President and CEO of FAIRPAY Solutions. "As a result, we can continue to offer the P&C market differentiated solutions that create even greater value and drive significant cost savings for customers."
In concert with Mitchell's NHQ product, Mitchell plans to offer FAIRPAY Solutions specialty bill review to both the auto and workers' compensation markets, along with out-of-network negotiation services. Mitchell will maintain relationships with other bill review and negotiation service providers as well, in order to offer Mitchell clients the service options that are best suited to their needs. Mitchell has no immediate plans to change its relationships with its bill review and negotiation service partners.
For more information on Mitchell's breadth and depth of solutions and services, please visit www.mitchell.com.
About FAIRPAY Solutions
Based in Addison, Texas, FAIRPAY Solutions is focused on finding the fair and reasonable cost of healthcare for workers' compensation, auto and liability payers. Coupling strong industry expertise and technology, FAIRPAY has delivered more than $1 billion in savings to our clientele while minimizing provider disputes. Our suite of capabilities includes specialty bill review for workers' compensation as well as negotiation services for long-term care and out-of-network medical bills for various payer types. To learn more about our suite of services, contact a FAIRPAY representative, call FAIRPAY Solutions at 1-888-847-5215 or visit us online at www.FAIRPAYsolutions.com.
Mitchell is uniquely positioned to simplify, enhance and accelerate claims handling processes across the P&C industry through deep workflow solutions that include unparalleled access to data, advanced analytics and decision support tools. Our expert workflow and adjusting solutions advance the claims management process by enabling automotive physical damage, bodily injury and workers' compensation clients to process claims more accurately, consistently, and cost-effectively.
Mitchell's solutions provide an expert level of decision support and connectivity within the claims organization and with industry partners to achieve optimal outcomes. Mitchell's comprehensive solution portfolio and robust SaaS infrastructure enables tens of millions of electronic transactions to be processed each month for over 300 insurance companies, including the majority of the top 25 insurance carriers, and over 30,000 collision repair facilities. With an expanding global footprint, Mitchell products are currently utilized in the Americas, Europe and Asia. Privately owned by leading global investment firm KKR, Mitchell is headquartered in San Diego, California, and has 2,000 employees. For more information, please visit www.mitchell.com.