Initiative Utilizes AI, Machine Learning & Predictive
Models
SOUTHFIELD, Mich and ALPHARETTA, Ga., May 8, 2024
/PRNewswire-PRWeb/ -- Verifi1, Inc., a provider of innovative risk
mitigation and verification solutions and Life2, Inc., an innovator
in healthcare outcome analytics and risk mitigation, announced
today their employer health plan collaborative managed service. The
combined initiative provides Verifi1 a license to utilize Life2
artificial intelligence (AI), machine learning and predictive
modeling technologies to bring new products and services to
market.
"Our partnership with Life2 allows us to
rapidly leverage and integrate new, emerging technologies into our
platform. These include innovative services such as real-time
claims analysis/audits and predictive utilization, plan design and
stop/loss services."
Terry Niles, President of
Verifi1, said: "Our clients and partners value our range of
eligibility applications and risk mitigation services, including
Dependent Verification and Life Event Services. Our partnership
with Life2 allows us to rapidly leverage and integrate new,
emerging technologies into our platform. These include innovative
services such as real-time claims analysis/audits and predictive
utilization, plan design and stop/loss services. These provide
client benefits such as reducing wasteful and fraudulent claims
expenses, optimizing health plan design, and proactively mitigating
future hospitalizations and medical, pharmaceutical, and other
health claim events."
The first offering - a comprehensive Claims Analysis Service -
officially launched on May 1st. This
service provides both a Retrospective Claims Review as well as a
Real-Time Claims Analysis. The retrospective review performs
automated historical claims audits of any volume and any type of
claim such as medical, pharmaceutical, dental and vision. This
analysis provides comprehensive reports on an administrator's past
claims adjudication performance, billing leakage via waste,
fraud, abuse and administrative errors, and plan
remediation. The Real-Time Claims Analysis flags suspect claims and
determines proper claim amounts prior to payment. This reduces
ongoing billing leakage of all types and unnecessary administrative
work by catching problems before claims are paid.
The fully integrated managed services offering generates new
insights, risk predictions, and variance analysis that optimize
outcomes and lower costs. The Companies project a conservative
annual savings of 3% to 10% of annual healthcare spend for its
clients. The service can be used by all members of the health plan
services market, including benefits advisors, brokers, third party
administrators, care management firms, and stop/loss carriers.
Richard Egan, President, and CEO
of Life2 said: "Verifi1's commitment to deliver value and improve
financial outcomes for its partners and clients is an exciting
match for our company and platform. Our technology and business
model were specifically designed to deliver immediate value to
partners that want to rapidly commercialize new offerings to their
markets. Our licensing model, deep technical expertise and platform
makes us a perfect partner to quickly deploy complex technologies
such as AI and machine learning into existing products and
services. Our team looks forward to helping Verifi1 grow revenue
and market share."
Media Contact
Rick Egan, Life2, Inc., 1 (404)
805-1812, rick.egan@life2inc.com, www.life2inc.com
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SOURCE Life2, Inc.