IRVINE, Calif., July 19 TC3 Health, Inc., a medical cost containment company specializing in connectivity and integration, today announced it will be providing Thomson Reuters Advantage Suite to health plans fewer than 200,000 members through a strategic distribution partnership.
This decision will give small to midsize health plans access to Thomson Reuters' industry-leading data analysis and reporting tools. TC3's extensive experience in claims systems and data integration will enable mid-market health plans to significantly offset the typical cost of implementation and ongoing maintenance of Advantage Suite. As a result, these plans will be able to be more proactive in finding innovative ways to work with consumers, employers and provider to more effectively manage cost drivers and improve quality.
TC3 will add Advantage Suite to its bundle of core loss control technologies and services currently serving the health plan market. These core TC3 services include pre-payment provider fraud and abuse prevention and investigation, clinical code edit compliance, out-of-network claims management and cost-based negotiation, and retrospective discovery and recovery services.
"The opportunity to make the Advantage Suite product available to the mid-market at an attractive price point, while at the same time having the ability to bring real, immediate ROI by effectively reducing medical claims cost with TC3's core loss control services, makes a whole lot of sense for mid-tier payers today", said Tim Huke, Vice President of Sales and Marketing for TC3.
As healthcare spending consumed over 17% of our GDP in 2009, the pressure on health plans to control costs has never been greater than it is today. Successful plans will need to leverage integrated information and technology to manage medical trend, cost drivers and administrative costs, meet stakeholder requirements, and decrease financial risk in order to maintain and grow market share. TC3's distribution of Thomson Reuters Advantage Suite will enable mid-sized health plans to achieve that objective by giving them to ability to:
"Organizations that use Advantage Suite have healthcare cost trends that are consistently lower than the national average," said Marjorie Bryen, vice president and general manager for the Healthcare & Science business of Thomson Reuters. "We're pleased to have TC3 as a distribution partner delivering this powerful application to a broader health plan market."
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About TC3 Health, Inc.
TC3 Health, Inc. provides healthcare payers with a total claims management solution to validate payment integrity and maximize savings for healthcare payers. TC3 electronically integrates claims transaction systems with pre-payment fraud, waste and abuse overpayment identification technology, out-of-network claims management systems and data analytics and reporting tools. Healthcare payers benefit from state-of-the-art loss control systems delivered through a single connectivity source to prevent claims errors and overpayments, while reducing paid claims by as much as 6% annually. Headquartered in Irvine, CA, TC3 maintains offices in Minneapolis, MN and conducts business globally. For more information, visit www.tc3health.com.
-- Generate powerful, easy-to-use analytic reporting on trends, treatment patterns, and comparisons to normative benchmarks -- Create custom reports to monitor and evaluate programs -- Access a large library of more than 1,800 measures and eliminates the need to maintain coding schemes -- Provide clinically relevant groupings with a risk-adjusted, disease-based methodology -- Support various business functions across health plan operations (e.g. care management, provider profiling, fraud and abuse) -- Integrate disparate data to create a single source of truth
SOURCE TC3 Health, Inc.