ATLANTA, April 16, 2012 /PRNewswire/ -- Broadspire, a
Crawford Company (NYSE: CRDA; CRDB) and leading third party
administrator of workers compensation claims, liability claims and
medical management services, is launching the multi-dimensional,
multi-tiered BOLD Rx Network, another addition to its family of
services designed to help control the growing medical costs
associated with workers compensation claims.
The BOLD Rx Network uses a multi-leveled strategy to achieve
superior penetration rates and savings compared to the rest of the
industry. Rather than just partnering with one pharmacy benefit
management (PBM) company, as is traditionally seen in the
marketplace, Broadspire leverages multiple partners based on the
value they bring to clients, creating a stronger pharmacy
program.
"Medical expenses continue to be the biggest cost driver in the
current workers compensation system, and the Bold Rx Network is our
latest strategy to help our clients manage those costs and return
healthy employees to productive work," said Broadspire President
and CEO Danielle Lisenbey.
The network will provide more comprehensive coverage,
flexibility and better value to clients, Lisenbey said. "If a
pharmacy is not a member of one network, we are able to leverage
additional networks to help ensure engagement of our proprietary
formulary and clinical processes," she said. "This will increase
penetration, control utilization and help manage the increasing
costs of opioids and other medications."
Pharmacy benefit management partners must meet Broadspire's
rigorous standards for coverage, clinical expertise, technology,
reporting and pricing. Broadspire staff will handle medical
questions and utilization management, helping to see that injured
workers are dispensed clinically appropriate medications. The
Company will continue to use its extensive analytic capabilities to
evaluate each network partner's outcomes and harness key clinical
information to improve performance and recoveries.
In recent months, Broadspire has introduced a number of new
services to help clients manage the cost of workers compensation
claims and provide quality medical care to their employees. As a
result, Broadspire's cost containment results are typically 10 to
15 percent better than those produced by other TPAs and medical
management companies.
Among Broadspire's new services are a durable medical equipment
(DME) formulary, a chronic pain management protocol, and the BOLD
Network, a custom preferred provider organization (PPO) that
successfully introduced the multi-level strategy now used in the
new pharmacy network.
Broadspire also recently brought together representatives from a
number of key industry organizations to discuss challenges in
prescription drug management during its first pharmacy summit.
Workers compensation prescription drug use is on the rise and
accounts for 19 percent of all medical costs related to claims,
according to the National Council on Compensation Insurance (NCCI),
which manages the nation's largest database of workers compensation
insurance information.
About Broadspire
Broadspire (www.choosebroadspire.com), a leading international
third party administrator, provides risk management solutions
designed to help clients improve their financial results.
Broadspire offers casualty claim and medical management services to
assist large organizations in achieving their unique goals,
increasing employee productivity and reducing the cost of risk
through professional expertise, technology and data analytics. As a
Crawford Company, Broadspire is based in Atlanta, Ga., with 85 locations throughout
the United States. Services are
offered by Crawford & Company under the Broadspire brand in
Europe (www.Broadspire.eu),
including the United Kingdom
(www.BroadspireTPA.co.uk).
About Crawford
Based in Atlanta, Ga., Crawford
& Company (www.crawfordandcompany.com) is the world's largest
independent provider of claims management solutions to the risk
management and insurance industry as well as self-insured entities,
with an expansive global network serving clients in more than 70
countries. The Crawford System of Claims Solutions(SM) offers
comprehensive, integrated claims services, business process
outsourcing and consulting services for major product lines
including property and casualty claims management, workers
compensation claims and medical management, and legal settlement
administration. The Company's shares are traded on the NYSE under
the symbols CRDA and CRDB.
SOURCE Crawford & Company