RICHMOND, Va., July 7 /PRNewswire/ -- "It's time for Plaintiffs' attorneys to do their fair share in helping our healthcare crisis, and we are making that happen," says Stephen Ambrose, CIO of the SubroShare(R) data exchange.
SubroShare is a startup healthcare IT company which utilizes Collaborative Subrogation(TM), a technology predicated upon a common activity known as a request for a patient's health record. This transaction typically takes place between a health provider's office and an attorney, representing an injured party, who had received care from the provider. Such record requests are an everyday necessity, aiding attorneys in substantiating and in part valuing the amount of monies asked for in a lawsuit or injury claim. Such claims are a large part of an estimated $241 billion-per-year industry.
Even though a patient's health services had been paid by their health insurance, under the law in most states, the attorney has the right to bill the services again to the party they are suing -- and at full rates. This "double-dipping," or duplicate billing and payment on health services, greatly increases the cost of health insurance payments, resulting in a passing along of costs in policyholder premiums.
In order to combat such duplicate payments, many insurance plans have a legal right known as subrogation, which allows a plan to recover their payments if the patient recovers a significant amount of money in a successful injury claim settlement. However, due to the use of prior mediocre data, such overpayments have been very difficult to find for insurers. Moreover, attorneys generally have no obligation to notify the health insurer, even if they do know the patient's policy should be repaid.
The patent-pending data exchange of SubroShare now identifies many missed claims by receiving part of a records release from a health provider who is a member of SubroShare.
The data given to the network identifies the patient, their attorney and health insurance company of the patient. The patient's retaining of a legal firm denotes an extremely high likelihood of an injury claim filing and that there is a legally responsible third party. No such database exists today because most injury claims are settled privately.
After collecting a portion of the data, SubroShare creates a Certified Recovery Report(TM), which is a new medium designed to replace today's recovery software, which generate non-specific leads from patient claims data. SubroShare predicts that by having providers and insurers working collaboratively, today's recovery software will eventually go the way of the dinosaur, in time being replaced by Certified Recovery Reports.
SubroShare has three types of members: health providers and hospitals, information vendors and health insurers throughout the country.
The company has positioned its data exchange to be a free-to-search add-on tool, allowing insurers to keep their existing recovery software, operations and vendors -- only paying for unique recovery opportunities they have missed. It's web-based and has no joining, update or support fees.
CONTACT: Stephen Ambrose, CIO SubroShare(R) Phone -- (804) 750-1389 Email -- email@example.com Webpage:http://www.subroshare.com
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