Specialty Markets, L.L.C Launches MedWize

MedWize will help lower the workers compensation costs while providing a great additional health care benefit. Early intervention can be a game changer for the right company.

Specialty Markets, L.L.C announced the launch of MedWize powered by CirrusMd, offering a platform with an extremely quick response. Workers’ compensation is a required and heavily regulated line of insurance which means specific guidelines are established and typically revised annually which makes it extremely difficult for employers and insurance brokers to keep up with the ever changing landscape. In fact, most premium overcharges are unintentional, but they exist due to the complications and difficulties inherent within the Workers’ Comp. system itself. Workers’ compensation premiums are based on a number of variables and CompWize was developed to analyse those data points , however a major part of the premium cost is based on high E-Mod rates. E-Mod rates are based on claims and losses. There have been numerous studies over the years pointing to significant savings with early intervention. Based on this complexity – unintentional mistakes are made, resulting in overcharged premiums for 86% of our clients! Current regulation allows employers to go back up to 7 years to identify, correct and recover these overcharges.

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“After our successful launch of “Compwize” in 2023, we are now introducing “MedWize”. “This virtual primary care service for employees will help reduce workers’ compensation insurance premiums while providing employers with an added level of health care benefits for their employees”, was announced by Edward J. Kelly, Jr., President of SMP CONSULTING GROUP.

“The lack of detailed knowledge on how premiums are determined and the mountain of statistical information that directly affects them, as well as deductions and options that are available, have really left most insureds in the dark about why they pay so much and what can be done to reduce the costs!” stated, Brian Kelly, Managing Partner at SMP.

MedWize will help lower the workers compensation costs while providing a great additional health care benefit. Early intervention can be a game changer for the right company.

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