Vestica Healthcare announces efficiencies to technology, processes that could deliver $2.8 million in savings to State of Wisconsin Medicaid
Today the Menomonee Falls-based company announced improvements in technology and overall processes that the company estimates could save the state of Wisconsin’s Medicaid program up to $2.8 million annually in Third Party Administration (TPA) contract rates. Vestica Healthcare has an existing contract with the State of WI for claims TPA services. The company analyzed existing infrastructures and technology and determined they could reduce their pricing structure by 28 percent to the 43,000 existing participants from a variety of programs, including Family Care, Partnership, Virtual PACE, Children’s Long Term Waiver and more.
The pricing reduction is designed to help provide ongoing affordable healthcare to senior citizens and disabled residents throughout Wisconsin who may be impacted by the rising cost of healthcare. The pricing reduction will be offered to all Wisconsin Managed Care Organizations (MCO’s) who enter into TPA agreements with Vestica Healthcare going forward.
“Residents throughout Wisconsin continue to face challenging economic times, especially for those with fixed income,” said Craig Kasten, chief executive officer of Vestica Healthcare, “We recognize that technology and innovation are key components to reduce administrative overhead and meet the performance goals of government sponsored healthcare programs, and we’re proud to announce these enhancement that will impact thousands of families throughout the state.”
The improvements in technology and enhanced internal workflows have significantly lowered the internal cost of operations for Vestica to administer the program. “We elected to pass these cost savings on to the MCOs in order to do our part to reduce program administrative costs without compromising of our quality standards” said Kasten.
Vestica Healthcare is pleased to provide this critical offering in the healthcare market today. The company is committed to providing the finest TPA offering to Wisconsin MCO’s to deliver high-quality, low-cost TPA services that maximize the exchange of information across all patrons of the organization. In addition to lower monthly fees, new clients can expect free system integration services to link Vestica TPA claims processing services with any practice management or care management software system that MCO’s may have in place.
Vestica Healthcare is a strong supporter of the Medicaid programs in the State of Wisconsin and hopes that the cost savings will result in more residents being offered the opportunity for quality health care services. N92 W14612 Anthony Ave, Menomonee Falls, Wisconsin 53051 | Phone 800.370.2720 WWW.VESTICA.COM
About Vestica Healthcare
Vestica Healthcare is a TPA that specializes in the administration of government programs. Vestica has processed over 13 million medical and facility claims during the past 10 years primarily for organizations in various Medicaid programs throughout the United States. In performing its TPA services, Vestica utilizes software developed by its sister company Wonderbox Technologies. Because of the advances in technology, the Enterprise System offers significant automation which allows Vestica to offer low-cost, high-quality TPA services and to stay on the cutting edge of technological enhancements.
About Wonderbox Technologies
Wonderbox Technologies and its staff of Healthcare administration experts, develops software that provides a significant strategic advantage to its clients by supplying software tools that enable them to generate the lowest administration and benefit costs in the health care industry. Since 1994, our fully integrated benefit administration system has been developed using the latest technology and is meant to be accessible by Anyone at Anytime from Anywhere. With its latest advances in integrated self-service web portals and automation, the claim processing engine can deliver significant cost reductions and efficiencies. Wonderbox’s software is used for administration by many of the leading health care insurance companies in the United States including: United Healthcare, Aetna, Principal Financial Group, Prudential, Coventry and Amerigroup.
