Lockton
Companies Adopts PSIMedica Health & Productivity
Analytics Technology
Kansas
City, Missouri and Washington DC – June 2, 2004 |
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Lockton
Companies, the largest privately-held insurance consulting
and brokerage firm in the U.S., and PSIMedica,
a leading provider of health & productivity analytic
software, today announced a strategic contract where Lockton
will utilize PSIMedica’s technology to support its
national employee benefits consulting practice.
InfoLock, powered by PSIMedica’s Clinical Knowledge
Manager (CKM) software solution, supports decision making
to control the costs and improve the quality of healthcare
and other employee benefits purchased by employers.
“Claims analytics is a key component of the strategic
services we provide our clients”, said Mike Brewer,
Lockton Benefit Group President. “InfoLock’s
disease management, cost modeling, financial analysis and
overall flexibility will enable us to help our clients identify
and manage claims costs at a level that was previously unattainable”.
InfoLock is a web based application that integrates all
available cost and quality information on employee benefit
experience from sources including health carriers, pharmacy,
disability, workers compensation, laboratory, dental, and
absence data. The value to Lockton’s clients is control
of the critical information upon which major benefits procurement
and spending decisions are based.
“Healthcare is one of the most data-driven industries
in the world, making sophisticated informatics a high-return,
high-impact investment. Today’s environment demands
a comprehensive, flexible data warehouse and analytical engine
to ensure the maintenance of affordable benefits by the employer,” said
Nelson Rosenbaum Ph.D., President and Chief Operating Officer,
PSIMedica. “Using CKM, Lockton’s InfoLock platform
can help its clients make faster and better business decisions
on key health and productivity issues.”
About Lockton Companies
Lockton Companies, headquartered in Kansas City, MO, was
founded in 1966, and since then, Lockton locations have multiplied
from a single office in Kansas City to 12 offices located
across the U.S.; the firm now has offices in Kansas City,
Los Angeles, Dallas, St. Louis, Denver, Chicago, New York,
Atlanta, Hartford, San Diego, San Francisco and Houston.
During the 1980s and 1990s, the company demonstrated excellent
performance, and is now the largest privately held brokerage
firm in the United States. Since 1980, Lockton's staff has
grown in number from 20 to more than 1,600. The firm has
increased its revenues from $2 million in 1980 to more than
$300 million today; and annual premium placements have grown
to several billion dollars.
About PSIMedica
PSIMedica, headquartered
in Washington, DC, is the health informatics division of
Bio-Reference Laboratories, Inc.,
the largest regional clinical laboratory in the Northeast
U.S. Bio-Reference Labs is a publicly traded corporation
(BRLI-NASDAQ). PSIMedica was formed to exploit the full potential
of integrating medical and pharmacy claims data with laboratory
and radiology data to advance knowledge management in healthcare.
PSIMedica’s current applications, among others, include
health plan benefit design modeling, FASB 106 retiree reserves
valuation, support for health and productivity initiatives
such as disease management and provider pay for performance,
and employee healthcare report cards.
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