MARSH SIGNS PACT WITH PARADIGM TO GIVE CLIENTS ACCESS TO SERVICES AIMED AT REDUCING WORKERS COMP CATASTROPHIC COSTS
November 15, 2007 (PRLEAP.COM) Health NewsMarsh, the world’s leading insurance broker and risk advisor, has entered into an agreement with Paradigm Management Services that will give Marsh the exclusive right to offer clients access to Paradigm’s case management services for catastrophically injured workers and those with chronic pain issues.
Even when they account for a small percentage of an employer’s total workers compensation claims, workers with catastrophic injuries and chronic pain issues can trigger dramatic increases in an employer’s workers compensation costs and have broader consequences on employee morale and productivity.
“For almost two decades, Paradigm has specialized in catastrophic and medically complex injuries and has a proven track record on thousands of cases for achieving improved outcomes for these injured employees, which in turn ultimately helps employers manage their costs,” said Mark Noonan, a managing director of Marsh and leader of the firm’s national Workers Compensation Practice. “In addition to clear benefits for the injured workers, effective management of these complex cases ultimately can result in lower premium rates for employers with insured workers compensation plans, as well as reductions in collateral requirements by capping costs and improving closure rates of catastrophic cases.”
Notably, Paradigm provides a fixed cost for all compensable medical expenses required for an injured worker to achieve a specific functional level - giving clients the benefit of guaranteed financial outcomes and a higher functional level and improved quality of life for the injured employee. In its experience over the years with thousands of catastrophic injuries and chronic pain cases, Paradigm has been able to achieve significant savings in lifetime medical costs, substantially improve return-to-work outcomes, and reduce attorney involvement.
“We’re pleased to be working with Marsh and feel strongly that our capabilities complement the wide range of approaches and solutions the firm offers clients to manage workers compensation costs,” said Michael Costigan, Paradigm’s President. “The combination of services offered by Paradigm and Marsh will give clients the industry’s most comprehensive solution set for managing workers compensation costs and exposures.”
Marsh, the world's leading insurance broker and risk advisor, has 26,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with more than 54,000 employees and approximately $11 billion of annual revenues. MMC also is the parent company of Guy Carpenter, the risk and reinsurance specialist; Kroll, the risk consulting firm; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. MMC’s stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. MMC’s Web Site is www.mmc.com. Marsh’s Web site is www.marsh.com.
About Paradigm Management Services, LLC
Paradigm Management Services, LLC is the nation’s leader in providing catastrophic and complex medical management services for injured workers. For the past 16 years, Paradigm has specialized in the management of injured workers who have sustained complex brain injuries, spinal cord injuries, severe or complex burns, multiple trauma or chronic pain. Paradigm works closely with the injured worker, family and their medical team to optimize functional and clinical outcomes, while managing cost for the insurer and employer. For additional information about the organization, please visit the web at: www.paradigmcorp.com.