CLARA Analytics Launches CATT
SANTA CLARA, Calif.–(BUSINESS WIRE)–CLARA Analytics, a division of LeanTaaS, a Silicon Valley healthcare SaaS provider, today announced the commercial availability of CATT, a cloud-based control tower that helps claims teams intervene early and reduce claim escalations. Early adopters have seen significant improvements in operational performance.
For example, an early adopter and California-based carrier has achieved significant improvements in outcomes by reducing attorney involvement from 13 percent of all claims to 4 percent.
“Analytics have proven their value in the workers’ compensation industry,” said Jayant Lakshmikanthan, president of CLARA Analytics. “They have brought down combined ratios through better underwriting and improved operations.”
“However, the efforts have been largely one-off,” Lakshmikanthan continued. “While this model works for some of the strategic decision-making applications (e.g., pricing), it is suboptimal for many of the common operational problems. CATT is the air traffic controller every claims team wants — and needs — to help focus their efforts and drive improved outcomes.
Market Challenges
While the majority of workers’ compensation claims are straightforward, a significant fraction of the claims in any book of business are responsible for the bulk of the costs and effort. In this highly “skewed” environment, claims teams make a heroic effort every day to scan through all of their open claims and identify those with an urgent need for management due to, for example:
- New claims that need immediate attention.
- Claims that are “escalating” in complexity.
- Claims that are heading toward attorney involvement.
- Claims where the adjuster’s estimate might need to be modified.
Furthermore, injured workers can experience delays and view nonpayment of medical expenses as a betrayal. Slight delays have been known to cause loss of trust and lead to attorney involvement.
How Does CATT Help Claims Adjusters Monitor and Manage Their Claims?
CATT is the control tower that every claims team wants. It uses a series of advanced algorithms and analytic models to isolate, in real time, all open claims that need attention. It then sends alerts and notifications to the claims teams to help them manage their book of business. The results can be easily integrated into existing workflows.
Using CATT, a claims adjuster will never miss a claim that is escalating, has a high likelihood of attorney involvement or has an adjuster estimate not supported by the evidence.
Pricing and Availability
CATT is now commercially available. Deployment is done in two phases:
- Phase 1: Setup and initial evaluation, estimated at four to six weeks for setup and model evaluation
- Phase 2: Ongoing support and refinement
Pricing for CATT is based on the size (i.e., number of new claims being received every year) of the customer. Visit https://claraanalytics.com/products/catt to learn more and schedule a demo.
About CLARA Analytics
CLARA Analytics, a division of LeanTaaS, is focused on helping insurance carriers rapidly getting the injured worker back on track using the most advanced yet easy-to-use analytic products. The PUMA search engine helps claims adjusters connect injured workers to the right provider in seconds, while the CATT control tower helps carriers reduce claim escalations and focus team efforts. Both are highly scalable and advanced SaaS technology that CLARA Analytics acquired from Axiomedics Research. The core models for PUMA and CATT have been under development for the last 10 years. Early adopters of PUMA and CATT have seen their total claim costs go down by more than 10 percent every year and litigation rates drop by more than 25 percent. For more information, visit https://claraanalytics.com/ and follow CLARA Analytics on LinkedIn, Facebook and Twitter.
PUMA, CATT and CLARA Analytics are trademarks of LeanTaaS. All other brand names and product names are trademarks or registered trademarks of their respective companies.
Tags: CATT, CLARA Analytics, LeanTaaS, workers’ compensation, predictive analytics, prescriptive analytics, claims adjuster
Contacts
TECHMarket Communications
Dottie O’Rourke, 650-344-1260
LeanTaaS@TECHMarket.com
