Paul Travis and Matt Kay, co-founders of Talem Health Analytics, met back in University, both studying to be Physiotherapists. Looking back at their days in the clinic, they often observed patient dissatisfaction which came hand in hand with longer recovery times and legal involvement. In an effort to improve this process, it became clear there were problems in clinics such as unwarranted and no-value added treatment, as well as significant issues related to inflated billing, growing litigation and fraudulence. Talem Health Analytics shifted force to seek technologies that could improve patient satisfaction and outcome, while helping insurance companies mitigate costs more effectively.
With a team knowledgeable in rehabilitation, biomechanics and claims management, Talem Health Analytics is striving to improve the speed and accuracy of injury causation. Their platform utilizes clinical and forensic engineering insights paired with augmented AI to predict the severity of injuries resulting from auto collisions. For the person who’s injured (the claimant), this approach aims to solve the problem of ineffective treatment. Their goal is to not only improve the treatment of auto collision victims, but also to combat medical fraud and runaway medical costs and litigation severity.
According to Paul, “everybody should be working towards a value-based care approach, especially on the claims side. Claims will hold back the insurance industry from changing and leapfrogging to become innovative. Our current settlement and negotiation system is a very long process, both financially and socially changing the way an individual carries on with their life.”
“Transparency should be a priority of change on the claims side of things; transparency of the injury, management, recovery and settlement. Fraudulence and growing claims costs have a potential to directly affect insurance premiums, thus we need to change the way we manage claims right now and influence premiums in the direction customers want,” says Matt. “In order to create a change in the system, we need to create a value-based experience for the customer and the insurance company, which our technology does.”
To learn more about Talem Health Analytics, visit their website.