Technology Enhancements to Conduent’s Strataware® Platform Help Workers Compensation Payers Reduce Medical Spend

Rhea-AI Summary

Conduent Incorporated (Nasdaq: CNDT) has introduced two enhancements to its Strataware® medical bill review platform aimed at increasing efficiency in the workers compensation sector. The new features, Strataware Relatedness and Strataware Rarity, utilize advanced algorithms and automation to identify unrelated medical charges, addressing the complexity brought on by COVID-19 and an aging workforce. A study of over 1 million bills revealed 33% contained unrelated charges, while 10% had rare diagnosis codes, leading to potential cost savings for clients.

Positive

• The Strataware platform processes over 26 million medical bills annually, demonstrating significant operational capacity.
• Enhancements are expected to reduce overpayments and improve billing accuracy for clients.

Negative

• 33% of analyzed medical bills contained charges not related to workplace injuries, signaling potential inefficiencies.
• 10% of bills included rare diagnosis codes, which may suggest a lack of oversight in the billing process.

Platform delivers specialized functionality, automation and business intelligence to make bill review more efficient and effective

FLORHAM PARK, N.J., April 27, 2022 (GLOBE NEWSWIRE) -- Conduent Incorporated (Nasdaq: CNDT), a business process services and solutions company, today announced two new enhancements to its highly configurable Strataware® medical bill review platform. Strataware® Relatedness and Strataware® Rarity add greater efficiency to the bill review process and help workers compensation payers reduce medical spend with proprietary algorithms, advanced logic and automation to ensure that only compensable medical expenses are paid.

Strataware Relatedness identifies medical bills which contain ICD (International Classification of Diseases) diagnosis codes for treatment not related to an injury. Strataware Rarity highlights medical services that are unlikely or rare for a workers compensation claim. Conduent analysis of more than one million medical bills using Relatedness identified nearly 33 percent contained charges for treatment not related to a workplace injury, accident, or illness. An analysis of 2.3 million medical bills using Rarity identified 10 percent of bills contained diagnosis codes for conditions that are rarely treated in workers compensation.

“The need for enhanced automation to drive payment accuracy has never been more important to workers compensation payers. We are helping our clients address an increasingly complex medical review process due to the impact of COVID-19, combined with the rise in comorbidities and preexisting conditions, an aging workforce, and changing regulations,” said Beth Fritts, General Manager for Casualty Claims Solutions at Conduent. “Against this backdrop, billing codes for unrelated health conditions can be easily overlooked during the bill review process. Relatedness and Rarity are highly automated solutions that use analytics and business intelligence to reduce overpayments and improve the effectiveness of adjusters.”

Conduent’s Strataware® platform processes over 26 million medical bills annually for U.S. workers compensation insurers and third party administrators. Conduent Casualty Claims Solutions provides industry-leading technology, clinical services and actionable analytics to the workers compensation and auto casualty markets. Solutions span bill review, injury reporting, claims intake, 24/7 nurse triage, virtual nurse case management, and automated document solutions. Learn more at https://www.conduent.com/industry/insurance-industry/casualty-insurance-solutions/.

About Conduent
Conduent delivers mission-critical services and solutions on behalf of businesses and governments – creating exceptional outcomes for its clients and the millions of people who count on them. Through our dedicated people, process and technology, Conduent solutions and services automate workflows, improve efficiencies, reduce costs and enable revenue growth. It is why most Fortune 100 companies and over 500 government entities depend on Conduent every day to manage their essential interactions and move their operations forward.

Conduent’s differentiated services and solutions improve experiences for millions of people every day, including three out of every four U.S. insured patients, 10 million employees who use its HR Services, and nearly 18 million benefits recipients. Conduent’s solutions deliver exceptional outcomes for its clients including approximately $10 billion of annual processed tolling transactions, $18 billion of total bill reductions from medical bill review of workers compensation claims, up to 40 percent efficiency increase in HR operations, up to 27 percent reduction in government benefits costs, up to 40 percent improvement in finance, accounting and procurement expense, and improved customer service interaction times by up to 20 percent with higher end-user satisfaction. Learn more at https://www.conduent.com.

Media Contacts:
Sharon Lakes, Conduent, +1-214-592-7637, Sharon.Lakes2@conduent.com

Investor Relations Contact:
Giles Goodburn, Conduent, +1-203-216-3546, ir@conduent.com

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Trademarks
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

FAQ

What are the new features added to Conduent's Strataware platform?

Conduent has introduced Strataware Relatedness and Strataware Rarity to enhance the medical bill review process.

How does Strataware Relatedness improve the bill review process for CNDT?

It identifies medical bills with unrelated ICD codes, helping to reduce unnecessary costs for workers compensation payers.

What impact does Strataware Rarity have on billing for workers compensation?

Strataware Rarity highlights rare medical services, allowing for better scrutiny and management of claims.

What percentage of medical bills reviewed contained unrelated charges according to the CNDT press release?

The analysis found that nearly 33% of the reviewed medical bills contained unrelated charges.

How many medical bills does Conduent's Strataware platform process each year?

The Strataware platform processes over 26 million medical bills annually for U.S. workers compensation insurers.