Contact : Elizabeth Glaser
Dodge Communications
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SCIOinspire Acquires SOCRATES, INC.
Hartford, CT - May 28, 2008 - SCIOinspire Corp., a premier provider of healthcare cost-containment services, announced its acquisition of SOCRATES, INC., which provides coordination of benefits (COB), subrogation/reimbursement outsourcing, technology, and consulting cost containment and recovery solutions to the healthcare payer industry, using its leading-edge software platform, MY SOCRATES®. The capabilities and services of SOCRATES, INC. augments the comprehensive SCIOinspire approach to reducing administrative and clinical costs, recovering revenue, and optimizing business practices across the healthcare payer value chain.
"Other party liabilities including subrogation and COB represent a great opportunity for health plans to recover lost revenues," notes Siva Namasivayam, Chief Executive Officer for SCIOinspire. "We are delighted to offer our clients the advanced service offerings of SOCRATES, which have been developed specifically to maximize recovery results while reducing costs."
SOCRATES, INC. provides clients with wholly outsourced or co-sourced subrogation/reimbursement and COB services, as well as a centralized, stand-alone software solution. MY SOCRATES® software allows an in-house subrogation department to effectively streamline and manage their processes. The key features include:
- Imports, filters, scrubs, and identifies claims;
- Investigates and generates member contact letters and follow-up communications;
- Manages cases, records history events, generates letters and documents;
- Reviews and tracks subrogation/reimbursement cases; and
- Provides a range of standard and customized reporting options, including best practices reports.
"SOCRATES, INC. has long been dedicated to providing claims recovery services to clients that are looking for complete or partial outsourcing solutions. The firm offers industry leading technology and tools that enable in-house, other-party liability departments to effectively and efficiently process a large volume of cases," says Paul J. Gitnik, Founder of SOCRATES, INC. "The synergy with SCIOinspire will create a dynamic force in the industry, resulting in higher recovery rates through highly flexible and customizable delivery models."
Industry experts estimate that payers lose $4-10 on every $100 in claims due to other-party liabilities such as COB and subrogation. "This represents a significant drain," says Namasivayam. 'The combined forces of SOCRATES, INC. and SCIOinspire will help healthcare payers recoup this revenue and strengthen their bottom lines."
The acquisition of SOCRATES, INC. advances SCIOinspire’s stated objective of offering a wide array of knowledge and data-driven tools and services to help healthcare payers save money on every major aspect of cost management and revenue recovery. Utilizing innovative and efficient service delivery methods, SCIOinspire combines the expertise of clinical and analytical resources with advanced software applications to improve and manage business processes.
About SCIOinspire
A premier provider of cost-containment services for health plans, SCIOinspire offers innovative, results-oriented analytics, cost containment, and claims management solutions. Freeing clients to focus on their core competencies, SCIOinspire draws upon an expert pool of medical and analytical resources, complemented by technology and knowledge assets. To learn more about SCIOinspire, please visit www.scioinspire.com.
About SOCRATES, INC.
A leading healthcare claims recovery firm since 1991, SOCRATES, INC. has been providing outsourcing services and software solutions to health payers so that they achieve recovery rates that exceed industry norms with unparalleled case management from virtually any claims processing platform. The MY SOCRATES® software has been developed and enhanced by accounting, legal, claims recovery, and programming experts, whose depth of knowledge and range of experience you will not find elsewhere, combined with 24x7 access via its SOCRATES® -WEB VIEWER technology. To learn more about SOCRATES, INC., please visit www.socratesinc.com.
