Symbility Solutions Inc.

Symbility Solutions Inc.

October 03, 2012 08:30 ET

Adjudicare® Successfully Concludes Its Annual Partner Summit

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2012) - Adjudicare, a division of Symbility Solutions Inc.® (TSX VENTURE:SY), is pleased to announce it successfully celebrated its second annual Adjudicare Partner Summit. Adjudicare is a web-based software solution that enables a network of insurance brokers and third party administrators across Canada to adjudicate health and dental claims on behalf of their group benefit clients.

From September 24th to September 27th, a wide variety of Adjudicare partners and strategic vendors from across Canada gathered at the historic Fairmount Banff Springs Resort in Banff in Alberta. The conference offered participants the opportunity to hear from industry experts on a series of current hot topics that included; drug plan design and cost containment, practical workplace wellness solutions, and working with other industry participants such as Labour Unions and the Third Party Administrators Association of Canada (TPAAC). Our development team also announced new product updates, including online claims submission technology, designed to help them differentiate themselves in the ever-competitive Canadian group benefits industry.

The keynote presentation - Harnessing the Power of Analytics: Understanding Unique Drug Trends in the Adjudicare Block of Business - delivered by Mike Sullivan, President of Cubic Health, provided insightful information that highlighted specific opportunities for Adjudicare partners to apply to their own group plan designs. Main observations of the presentation included:

  • Over the most recent 24 month period, the Adjudicare Pay Direct Card Block had an average amount eligible per claim 9% lower than the Cubic Health National Benchmark.
  • While utilization of cost-effective generic drugs is far higher than the National Benchmark, there is room to drive greater cost-effectiveness elsewhere to keep plans sustainable and ensure ability to pay for new innovations.
  • Utilizing Adjudicare's Plan Design flexibility and partner offerings, the opportunity exists to create more meaningful Prior Authorization Programs, and enhanced restrictions to curb the inappropriate use of Drug Cards.

"I was honoured to be invited to attend and speak at this year's Adjudicare Partner Summit. Using our leading edge analytics platform, we have revealed that the Adjudicare block out performs national benchmarks in many areas related to prescription drug claims. These results demonstrate that Adjudicare partners across the country are able to offer solutions to plan sponsors which ensure their ability to contain benefit plan costs," commented Sullivan. "The collaboration and interaction made this an exceptional industry event, which I look forward to attending again."

"We thank all of those who attended and extend a special thank you to those customers, partners and guest speakers who shared their stories and expertise," states Richard Adair, President, Adjudicare. "We were particularly pleased with the response from our customers to the specific programs and recommendations around plan design that our strategic vendors were able to identify. These programs will enable our partners to reduce rising costs and improve their value as trusted advisors to their plan sponsors."

We would also like to thank our conference sponsors, RSA Travel Insurance Inc., WorldCare, Arete Human Resources, Advica Health, Sirius Benefit Plans Inc., and BioScript Pharmacy Ltd, who helped us make this event such a success. Planning is already underway for the 2013 conference, and we encourage all clients and partners to attend.

About Symbility Solutions Inc.

Symbility Solutions (TSX VENTURE:SY) is a progressive software company dedicated to developing applications for the insurance industry. The organization currently has two product family brands: Adjudicare® and Symbility®.

Adjudicare is an advanced, practical web-based software solution used by a network of Employee Benefits Brokers and Third-Party Administrator partners across Canada in the adjudication of health and dental claims. Adjudicare's rules-based engine and leading-edge features ensure that claims are precisely adjudicated and paid in real-time, giving our partners' customers optimum flexibility, along with transparent disclosure on the benefit plan's financial performance.

The Symbility platform is a cutting-edge, easy-to-use, cloud-based claims processing and estimating technology that optimizes claims performance for the Property & Casualty insurance industry. Relying on the most extensive and defendable property cost data developed by Marshall & Swift/Boeckh ("MSB"), our collaborative workflow management, mobile estimating, claims triage solutions and analytical services allow insurers to reduce costs while delivering a market-leading claims experience. Symbility Claims solutions, used in conjunction with MSB's Underwriting Solutions, means property insurers now have a dynamic, market-driven enterprise solution. Providing a virtual feedback loop between claims and underwriting systems, this enterprise solution allows insurers to manage property risks more proactively and effectively.

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