Today we read with great interest a news story about Broadspire, a leading third party administrator for workers’ compensation claims, liability claims and medical management services, which introduced a new strategy called BOLD.
BOLD is a custom PPO network strategy that includes targeted selection of medical networks on a state-by-state basis.
Their new state-stratified, multi-tiered approach will allow them to partner with the best networks by region, industry and even company. Such customization has lots of potential to produce cost savings and better outcomes.
In a post today, healthcare blogger Joe Paduda says: “(Broadspire President Ken Martino) sees the BOLD network as a differentiator for Broadspire, a unique solution that is clearly different from those offered by the company’s competitors. Martino also noted that the extensive analysis conducted by Broadspire confirmed their belief that “greater savings could be obtained using multiple partners than relying primarily on one network.”
“I’ve seen the analysis,” Paduda continues, “and the numbers support the company’s assertion. When examining network penetration and net savings percentage, the new strategy provides better results in all but three states, and in those the difference is minimal.”
Read more about Broadspire’s BOLD.
Read Joe Paduda’s Managed Care Matters post.