MultiPlan Appoints Industry Veteran to Lead Surprise Bill Arbitration Services

Rhea-AI Summary

MultiPlan Corporation (NYSE:MPLN) has announced the appointment of Liz Longo as Vice President of Subrogation & Arbitration Solutions. Longo will oversee the company’s arbitration services under the No Surprises Act, aimed at preventing unexpected medical bills. Her experience comes from leading Subrogation services at Discovery Health Partners. MultiPlan is positioned to assist healthcare payors in complying with the Act's regulations, addressing the upcoming deadlines effectively. Longo aims to ensure that customers are well-prepared and compliant.

Positive

• Appointment of Liz Longo expected to strengthen leadership in Surrogation & Arbitration.
• Positioning to effectively assist customers in complying with the No Surprises Act.

Negative

• Potential challenges in meeting compliance deadlines for the No Surprises Act.

Longo appointment formalizes MultiPlan’s end-to-end approach to help healthcare payors comply with No Surprises Act regulations

NEW YORK--(BUSINESS WIRE)-- MultiPlan Corporation (NYSE:MPLN), a leading provider of data analytics and technology-enabled cost management, and payment and revenue integrity solutions to the U.S. healthcare industry, announces the appointment of Liz Longo to Vice President, Subrogation & Arbitration Solutions. In this position, Longo will lead MultiPlan’s surprise bill arbitration services, a critical component of the No Surprises Act, passed in December 2020. She joined the Company with the acquisition of Discovery Health Partners in March 2021, where she created and led the Company’s Subrogation services.

The No Surprises Act is aimed at protecting consumers from unexpected medical bills and prohibits providers from balance billing patients for certain out-of-network charges. Other provisions include ensuring patients are only responsible for in-network cost-sharing amounts for these services, and establishing a dispute resolution process for any provider-payer disputes. In the wake of these requirements, payors and providers are faced with a variety of challenges to meet new requirements and aggressive deadlines.

“Liz’s expertise in the complexities of arbitration is invaluable as she works with our customers to comply with the regulations of the No Surprises Act,” said Dale White, MultiPlan President, Chief Operating Officer. “Deadlines for a variety of the mandates are approaching quickly and MultiPlan is prepared to lead its customers through the challenges these requirements present.”

Previously Longo was Chief Legal Officer at Discovery Health Partners, before assuming leadership of the Subrogation service offering. She was instrumental in building and growing the Subrogation offering including product development, data integration, testing, quality assurance, sales, marketing and operations.

“MultiPlan is preparing our customers to move rapidly by using our range of existing solutions to adapt to the new rules and help ensure all parties are fairly reimbursed for administered services. Our customers can be confident that our sophisticated reimbursement, subrogation and arbitration strategies can be customized to their specific needs and have them compliant quickly,” said Longo.

Preparing for No Surprises Act and Transparency in Coverage rules

MultiPlan is well-positioned to help customers understand and comply with the new rules and regulations of the No Surprises Act and is actively working with customers to prepare them in advance of the required deadlines. Using a combination of existing and new services, MultiPlan customers can reduce the occurrence of surprise bills, and strategically negotiate reimbursements when they do occur. For additional information about MultiPlan’s surprise billing and transparency solutions, please visit their Knowledge Hub https://www.multiplan.us/category/solutions/no-surprises-act/.

About MultiPlan

MultiPlan is committed to helping healthcare payors manage the cost of care, improve their competitiveness and inspire positive change. Leveraging sophisticated technology, data analytics and a team rich with industry experience, MultiPlan interprets clients’ needs and customizes innovative solutions that combine its payment and revenue integrity, network-based and analytics-based services. MultiPlan is a trusted partner to over 700 healthcare payors in the commercial health, government and property and casualty markets. For more information, visit www.multiplan.com.

Forward-Looking Statements

This press release includes statements that express our and our subsidiaries’ opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “forecasts,” “intends,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release, including the discussion of the Company’s future strategies and operational plans, and these forward-looking statements reflect management’s expectations regarding our future growth, results of operations, operational and financial performance and business prospects and opportunities. Such forward-looking statements are based on available current market material and management’s expectations, beliefs and forecasts concerning future events impacting the business. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results, including: the impact from the COVID-19 pandemic and its related effects on our projected results of operations, financial performance or other financial metrics; loss of our customers, particularly our largest customers; decreases in our existing market share or the size of our Preferred Provider Organization networks; effects of competition; effects of pricing pressure; the inability of our customers to pay for our services; decreases in discounts from providers; the loss of our existing relationships with providers; the loss of key members of our management team; pressure to limit access to preferred provider networks; the ability to achieve the goals of our strategic plans and recognize the anticipated strategic, operational, growth and efficiency benefits when expected; our ability to identify, complete and successfully integrate acquisitions; changes in our industry; interruptions or security breaches of our information technology systems; our ability to protect proprietary applications; our inability to expand our network infrastructure; our ability to remediate any material weakness or maintain effective internal controls over financial reporting; changes in our regulatory environment, including healthcare law and regulations; the expansion of privacy and security laws; heightened enforcement activity by government agencies; our ability to pay interest and principal on our notes and other indebtedness; the possibility that we may be adversely affected by other political, economic, business, and/or competitive factors; other factors disclosed in our Securities and Exchange Commission (“SEC”) filings; and other factors beyond our control.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and potential effects on our business. There can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by us. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date made. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026005256/en/

Investor Relations

Luke Montgomery, CFA

SVP, Finance & Investor Relations

MultiPlan

866-909-7427

investor@multiplan.com

Shawna Gasik

AVP, Investor Relations

MultiPlan

866-909-7427

investor@multiplan.com

Media Relations

Pamela Walker

Senior Director, Marketing & Communication

MultiPlan

781-895-3118

press@multiplan.com

Source: MultiPlan Corporation

FAQ

What is the significance of Liz Longo's appointment at MultiPlan?

Liz Longo's appointment as Vice President is significant as she will lead crucial arbitration services related to the No Surprises Act, enhancing MultiPlan's compliance capabilities.

How does MultiPlan plan to help customers with the No Surprises Act?

MultiPlan aims to assist customers by providing solutions to navigate the new regulations and reduce instances of surprise medical bills.

What challenges may arise for MultiPlan regarding the No Surprises Act?

The primary challenge is the urgency to meet compliance deadlines imposed by the No Surprises Act, which could impact service delivery.