CHICAGO and PORTLAND, Ore., Sept. 17, 2024 (GLOBE NEWSWIRE) — Blackwell Captive Solutions, a leading provider of innovative captive solutions and WellRithms, the industry leading payment integrity firm, today announce a strategic relationship that integrates Blackwell’s cutting-edge stop-loss captive solutions with WellRithms’ advanced medical bill review and payment integrity services to support stakeholders throughout the self-insurance industry with a comprehensive solution. This innovative approach is designed to diminish risk and better manage high-cost medical claims for complex and chronic conditions like cancer, cardiovascular diseases and neonatal care that quickly escalate into millions of dollars and pose a substantial threat to the sustainability of self-insured health plans.
In a joint message to the marketplace, Anna Quarum, president, WellRithms and Kari L. Niblack, Esq., president, Blackwell, say, “Our partnership is focused on delivering concrete results for self-insured employers. By integrating Blackwell’s state-of-the-art captive solution with WellRithms’ precise bill review, defensible repricing, and claim indemnification, we are setting new standards in risk management. This collaboration empowers employers to protect their health plans from high-cost claims and reduce the financial pressures that drive up premiums.”
The partnership leverages Blackwell’s innovative three-layered stop-loss coverage model which provides a floating $250,000 layer of protection above a self-insured client’s specific deductible. WellRithms plays a crucial role by applying advanced repricing algorithms, alongside the expertise of its experienced team of physicians and surgeons, to meticulously review medical bills and reprice claims. This combination reduces illegitimate facility and physician charges by an average of 72%, significantly lowering healthcare costs and ensuring more affordable self-insurance options.
“Collectively, our companies not only enhance the services that each provides, but also, set the stage for upcoming marketing opportunities that support brokers, TPAs, consultants and other participants in the self-insured industry,” says Bill Mattecheck, chief sales officer and national director of broker relations, WellRithms. “The WellRithms’ relationship with Blackwell exemplifies our spirit for forging innovative partnerships in the marketplace, offering unmatched protection against balance billing and legal risks for clients. It creates a double-win by potentially returning premium surplus to clients at the end of the plan year—an unprecedented value proposition in the industry.”
Kari Niblack and Anna Quarum, along with fellow panelists, will address the future of captive solutions and how best to partner with a captive solution during the upcoming SIIA National Conference, September 24, 2024, from 10:15 AM to 11:30 AM MST. The session, Partnering with Stop-Loss Group Captive Programs – A Business Development Primer, explores the fast-growing stop-loss group captive programs segment, providing critical insights for TPAs, brokers/advisors and specialty service providers on how to position and price their services effectively in this expanding market. Attendees are also invited to visit WellRithms’ booth (#703) at the event.
To schedule a meeting during the event, please contact Bill Mattecheck at [email protected].
About WellRithms
WellRithms saves money for health plan sponsors by Leveling the Paying Field™ between healthcare purchasers and providers. The company serves group health and workers’ compensation payors who seek the most advanced medical bill review system available, the most precise repricing, and unsurpassed plan savings. WellRithms Shield Indemnification™, backed by our insurance captive, sets WellRithms apart by transferring full financial liability from the payor and participant to WellRithms, rendering balance billing tactics, collections, and pressures to overpay ineffective and unenforceable. Visit www.wellrithms.com.
About Blackwell Captive Solutions
Blackwell Captive Solutions is a leading provider of innovative captive solutions and empowers businesses to optimize their risk financing strategies by designing and implementing customized captive solutions that align with their unique risk profiles and business objectives. Headquartered in Chicago, Illinois, Blackwell Captive Solutions serves a diverse portfolio of clients across various industries, offering comprehensive services in captive formation, management, and consulting. Learn more at BlackwellCaptive.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3006305a-2858-4b60-a648-25f151a87b1b
