TruthMD, MedFax™ Sign Multi-Year Agreement With MedMal Direct Insurance Company
April 24, 2017
LOS ANGELES--(BUSINESS WIRE)--
TruthMD has entered into a strategic, multi-year agreement to utilize its service MedFax™ with Physicians Trust, Inc. and its subsidiaries MedMal Direct Insurance Company (MedMal Direct ) and CorePRO Insurance, LLC.
MedMal Direct will leverage MedFax™ Physician Data and Monitoring Services to aggressively accelerate the healthy growth of their medical professional liability insurance business across a twelve-state region.
TruthMD Executive Vice President, William Moss, said, “MedFax™ offers our MPL insurer clients both a shield and a sword. It provides added protection against unwittingly underwriting or improperly pricing non-standard risks, while simultaneously enhancing the acquisition of a desirable new business. MedFax™ provides the first real opportunity for MPLI companies to optimize loss ratios through both decreased losses and increased written premium, in a single fact-based solution.”
MedMal Direct Chief Executive Officer, Butler Ball, explained, “The TruthMD partnership is central to our strategic plan. Combining the unprecedented real-time insights of MedFax™ with our direct-to-consumer approach will bring a powerful disruptive force to the medical professional liability industry. The data will improve our risk selection, increase the speed with which we issue quotes and enable us to proactively target those risks which we deem best fit our underwriting philosophy.”
MedFax™ is a highly accurate, up-to-the-minute medical data platform that collects, aggregates and distributes primary source information, including demographic, education/training, practice, licensing, certification, investigation, disciplinary and legal records for every MD and DO in the United States. The data is transformed into actionable provider intelligence by standardizing, indexing and cross-referencing each piece of information on a daily basis, enabling users to realize powerful insights in real time.
The technology enables medical professional liability insurers to quickly optimize new business acquisition, customer retention, operational processing and risk/claims management, by accelerating physician community risk awareness.
TruthMD Founder and Chief Executive Officer, Gemma Cunningham said, “Our new relationship with MedMal Direct is well aligned with our corporate mission to lower costs and improve outcomes in health care through greater transparency and accountability within the U.S. healthcare industry.”
“MedFax™ enables proactive identification and rapid assessment of risk within very specific target market segments in a very short amount of time,” said Moss. “Our data solutions are providing our customers with a critical strategic market advantage. No one else provides this level of unbiased and comprehensive real-time analytics to customers,” he added.
TruthMD was founded in 2012 and launched the company’s first service, MedFax™. MedFax™ unifies the data needs of healthcare providers, payors, P&C insurers, policymakers and patients within a user-friendly platform that automatically and continuously consolidates and cross-references more than 10,000 sources of information on MDs and DOs, making the data available at the touch of a button. TruthMD is a privately held company, located in Southern California. For additional information, please visit www.medfax.com.
About MedMal Direct:
MedMal Direct Insurance Company is a multi-state medical malpractice insurance carrier which offers its policies direct to physicians. The company enables physician practices in Florida, Georgia, Illinois, Missouri, North Carolina, Ohio, Pennsylvania, Oklahoma, and Texas to realize significant savings on one of their largest expenses – medical professional liability insurance premiums. MedMal Direct has earned and maintains a Financial Strength Rating (FSR) of B++ as issued by A.M. Best and a Financial Stability Rating® of A, Exceptional, from Demotech, Inc. The company is backed by Liberty Mutual Insurance Company and a panel of A.M. Best A (Excellent) and A+ (Superior) rated international reinsurers with $425 billion in assets. Visit MedMalDirect.com for more information.
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