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FINEOS Enhances Claims Solutions for Workers' Compensation

Solution to support productivity, efficiency, customer service and claims payment accuracy

FINEOS Corporation, a market leading provider of claims management software solutions, today announced that it has significantly enhanced its FINEOS Claims for Workers’ Compensation solution. The new version, launched at the annual RIMS 2011 Annual Conference & Exhibition in Vancouver, Canada, has been improved with additional capabilities and functionality around Medicare and FROI/SROI reporting; real-time operational and financial reports and medical bill review.

FINEOS is a global leader in Workers’ Compensation claims systems. Last year it launched its solution for the US market to address complex, multi-state compliance and reporting requirements. FINEOS Claims for Workers’ Compensation offers insurance carriers, TPA’s, self-insureds, state funds and other government entities complete claims lifecycle management including intake, payments, reserves, provider management, and other claims processes. The US solution has been specifically designed to address issues such as compliance, fraud detection and medical management. It can also integrate with industry-leading databases to help organizations evaluate claims status against accepted the claims handling and recovery timelines.

This announcement coincides with FINEOS’ expansion into the broader US Property & Casualty market. FINEOS Claims for Property & Casualty has been developed to serve all major lines of business and leverages FINEOS’ industry experience internationally to create a solution that is uniquely geared toward addressing claims issues faced by US P&C insurers. The solution integrates with complementary claims services to offer a comprehensive solution that can help insurers achieve the benefits reported by current FINEOS customers in areas such as productivity, efficiency, customer service, and claims payment accuracy.

Commenting on the announcement, Michael Kelly, CEO, FINEOS Corporation said, “We are pleased to launch this new version of our Workers’ Compensation solution. Using FINEOS Claims will enable carriers and state funds’ to offer a more consistent and transparent claims service, which in turn creates mutually beneficial outcomes for employers, providers, Workers’ Compensation writers, and injured workers. We also look forward to replicating the success we have experienced with FINEOS Claims for P&C in other parts of the world in the US market.”