| [October 13, 2004] |
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Fair Isaac Partners with MedInitiatives to Identify Pharmacy Fraud, Reduce Healthcare Costs; Integrating Technologies Delivers Powerhouse Decisioning Capabilities
MINNEAPOLIS & SACRAMENTO, Calif. --(Business Wire)-- Oct. 13, 2004 -- Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, announced today that its Healthcare Solutions group has forged a partnership with MedInitiatives, a leader in business intelligence technology for healthcare. The companies are joining forces to deliver interactive, Web-based fraud detection capabilities in a simple point-and-click environment.
Under the terms of the five-year contract, MedInitiatives will integrate Fair Isaac's Payment Optimizer(TM) solution for fraud and abuse detection into its current Web-based decision support technology that features anywhere, anytime access via secure Internet. The advanced detection capabilities of the Payment Optimizer solution will enable MedInitiatives' clients -- including pharmacy benefit management companies, health plans, Medicaid programs, and self-funded groups and employers -- to identify pharmacy fraud, abuse and other errors, analyze suspicious activity in detail and take action to prevent losses.
"The U.S. healthcare system may be losing up to 10 cents of every dollar to fraud," said Joel Portice, vice president of Healthcare Solutions at Fair Isaac. "Our partnership with MedInitiatives to identify pharmacy fraud through MedInitiatives' enabling technology will assist healthcare payers to reduce healthcare expenditures right now."
"MedInitiatives' business is built on providing technology solutions that help clients make informed decisions today that will deliver long-term implications for their businesses and the healthcare industry," said MedInitiatives CEO Matt Simas. "Our partnership with Fair Isaac enables MedInitiatives' clients to recapture revenues currently lost to fraud, cost-effectively and with little increased administrative burden."
Using Fair Isaac's Payment Optimizer solution, MedInitiatives' clients can reduce overbilling and duplicate billing as well as identify sophisticated emerging fraud schemes. The investigation and identification of fraudulent activities is completely automated. Payment Optimizer yields actionable information arising from atypical activity so clients can identify and take steps to prevent fraud and identify perpetrators before losses mount.
Fair Isaac's approach uses available historical data to develop profiles, and constantly updates and revises these profiles to detect new and emerging fraud schemes. The Payment Optimizer solution ranks claims according to fraud risk and pieces together a multi-dimensional picture of the healthcare delivery system to pinpoint complex and organized fraud. MedInitiatives will deliver the information in a user-friendly environment with the ability to drill into detail for further investigation.
With double-digit increases in pharmacy costs year after year, healthcare organizations are seeking efficiencies to reduce these trends. Detection of fraud, abuse and waste can lead to actionable intervention, which in turn leads to reduction of healthcare expenditures while maintaining access to appropriate therapy for members.
MedInitiatives' value is found in its ability to eliminate financial and development risks and expedite production deployment. MedInitiatives' technology provides a 'speed-to-market' advantage over building a custom solution using mainstream business intelligence technology. MedInitiatives is providing development, training, support and platform management services for some of the largest healthcare companies in the country. MedInitiatives has deployed its solution for clients on a variety of platforms, utilizing various database management systems, including IBM DB2 and UDB(R), Oracle(R), Microsoft SQL Server 2000(R) and Teradata.
About Fair Isaac Healthcare Solutions Group
Fair Isaac healthcare analytics deliver proven solutions that unlock value and improve decision-making for healthcare payers and providers. Fair Isaac technology analyzes over 600 million claims each year. Fair Isaac healthcare analytics uniquely identify fraudulent or erroneous healthcare claims before payment is issued, without slowing claims process and payment systems or violating prompt-pay legislation. The healthcare analytics suite of products is based on advanced and patented neural network modeling and profiling technologies, which Fair Isaac introduced in the financial services industry. These innovations have transformed the industry's approach to fighting fraud, helping lenders reduce fraud losses by as much as 50 percent. Fair Isaac's healthcare suite extends beyond fraud detection, to include collections and recovery solutions, consumer behavior analytics, customer relationship management, data cleansing, enterprise decision management and pharmaceutical marketing. Fair Isaac's healthcare experts provide hands-on customer service and training, earning high customer satisfaction ratings.
About Fair Isaac
Fair Isaac Corporation (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company's predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power billions of mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies. Through the www.myFICO.com Web site, consumers use the company's FICO(R) scores, the standard measure of credit risk, to manage their financial health.
About MedInitiatives
MedInitiatives, Inc. is a leader in the development, deployment and management of Web-delivered business intelligence technology for health care that offers no-risk, rapid implementation for quick time-to-value. MedInitiatives' business intelligence technology for health care is designed for both business and power users to help health care organizations plan, budget and manage patient populations through powerful data analytics delivered via secure Internet session. Health care companies managing more than 70 million lives and over $24 billion in health care expenditures use MedInitiatives' technology. MedInitiatives is an independent, privately held health care information technology company based in Rancho Cordova, California, a suburb of Sacramento. For more information about MedInitiatives, visit its Web site at www.medinitiatives.com.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac, including statements regarding its Payment Optimizer offering and the relationship described herein, and the benefits to be derived from this offering, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including any unforeseen technical difficulties related to the implementation, use and functionality of the offering, the risks that customers will not perceive material benefits from the offering, failure of the product to deliver the expected results, the possibility of errors or defects in the offering, the company's ability to recruit and retain key technical and managerial personnel, the maintenance of its existing relationships with key alliance partners, regulatory changes applicable to the use of consumer credit and other data, and other risks described from time to time in Fair Isaac's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2003 and quarterly report on Form 10-Q for the period ended June 30, 2004. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac's results could differ materially from Fair Isaac's expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
Fair Isaac, Payment Optimizer and FICO are trademarks or registered trademarks of Fair Isaac Corporation, in the United States and/or in other countries. Other product and company names herein may be the trademarks of their respective owners.
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