(Minneapolis, Minnesota, USA) - Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced that the company will team with FairPay Solutions, a premier specialty review company, to offer enhanced workers' compensation services. The agreement will enable Fair Isaac to offer FairPay's cost containment analytics services to Fair Isaac clients in 47 states, including licensed and ASP clients of Fair Isaac SmartAdvisor® workers' compensation medical bill review software, and outsourced bill review customers of the company's Insurance Service Bureau.
Fair Isaac's technologies for medical bill review are designed to maximize savings and increase productivity for insurers. The company's software automates the labor-intensive process of reviewing and accurately re-pricing medical bills to the amounts allowed by state law, usual and customary practices, and PPO network contract rates.
"FairPay specializes in controlling charges for hospital and ambulatory surgery center services," said Richard Leonardo, President of FairPay's Workers Compensation Division. "We do this by establishing baseline payment amounts based on the cost of providing specific medical services and then adding a market-based profit margin. We are delighted to be working closely with Fair Isaac's team to bring our innovative, analytics-based products to Fair Isaac's loyal customers. We look forward to supporting Fair Isaac's commitment to delivering long-term value to workers' compensation and auto liability payors."
"FairPay is known for applying analytics-based processes to reduce excessive medical costs while recommending fair and equitable payments for a range of medical procedures," said Bill Hayes, vice president of Healthcare and Insurance Solutions at Fair Isaac. "This agreement can help enhance our already proven cost-containment services for our clients. It also underscores Fair Isaac's commitment to help our clients manage their workers' compensation and auto medical costs more effectively."
Fair Isaac software products and services process more than $4 billion annually in property and casualty claims. They are used in the operations of the 10 largest U.S. property and casualty carriers and 65 percent of the nation's state workers' compensation funds.
About FairPay Solutions
FairPay Solutions is an Addison, Texas based specialty bill review provider whose medical charge review and re-pricing services deliver significant medical cost savings for the Worker Compensation, Health and Auto Industries. Established in 1999, FairPay serves over 320 direct and 1000 indirect clients which include insurance carriers, reinsurance companies, self-insured companies, TPAs, bill review firms, federal agencies and PPOs. With more than 300 million transactions in FairPay Solutions' database, each payment recommendation is fair and legally supported. Its reviews and analyses comply with each state's specific rules and precedents. For more information about FairPay Solutions, go to www.fairpaysolutions.com or call 1-888-847-5215.
About Fair Isaac
Fair Isaac Corporation (NYSE:FIC) combines trusted advice, world-class analytics and innovative applications to help businesses make smarter decisions. Fair Isaac's solutions and technologies for Enterprise Decision Management turn strategy into action and elevate business performance by giving organizations the power to automate more decisions, improve the quality of their decisions, and connect decisions across their business. Clients in 80 countries work with Fair Isaac to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. Fair Isaac also helps millions of individuals manage their credit health through the www.myFICO.com website.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac, including statements regarding its Fair Isaac SmartAdvisor workers' compensation medical bill review software and the relationship described herein, and the benefits to be derived from this offering, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including any unforeseen technical difficulties related to the implementation, use and functionality of the offering, the risks that customers will not perceive material benefits from the offering, failure of the product to deliver the expected results, the possibility of errors or defects in the offering, regulatory changes applicable to the use of consumer credit and other data, and other risks described from time to time in Fair Isaac's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2006 and its quarterly report on Form 10-Q for the period ended March 31, 2007. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac's results could differ materially from Fair Isaac's expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
Fair Isaac and SmartAdvisor are registered trademarks of Fair Isaac Corporation, in the United States and/or in other countries. Other product and company names herein may be the trademarks of their respective owners.
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