Insurance
Home›Insurance›Industry & Deals›MedRisk CEO details how AI and workers’ comp data cut…
MedRisk CEO details how AI and workers’ comp data cut costs and friction
MedRisk processes around 40 million workers’ compensation bills each year, with the data scale now being used to accelerate cost and care improvements via AI.
MedRisk CEO Sri Sridharan said the company is using large-scale workers’ compensation medical bill data, AI, and provider insights to improve patient care, lower costs for clients, and speed payment and reduce friction for providers in the claims ecosystem. In an interview with Risk & Insurance, he described three company objectives: better health outcomes, better cost outcomes, and faster payments for providers.
Sridharan said MedRisk has built its dataset over many years, processing around 40 million bills per year, which he characterized as about 55 to 60% of total spend in the workers’ compensation ecosystem. He said AI is now accelerating the company’s ability to apply that data at key points in the recovery and claims workflow.
On the patient engagement side, Sridharan said MedRisk reaches patients multiple times during recovery, including appointment reminders and follow-ups on how visits went. He added that the company is moving toward what it calls context-based patient empathy, using AI and data to tailor messages based on whether a patient is recovering well.
Sridharan also outlined MedRisk’s three divisions, including a physical therapy provider network, a bill review and advanced savings business, and a payment business, saying provider partnerships are central to the strategy of improving both health and cost outcomes.