Finalist® Address Quality Solution to Verify, Standardize and Correct Addresses on CMS Claims; Anticipates $50 Million Annually in Postal Savings
LANHAM, Md., October 28, 2008 - Pitney Bowes Group 1 Software today announced that Companion Data Services (CDS), LLC, a provider of information technology services to support public health insurance programs administered by the Centers for Medicare & Medicaid Services (CMS), has selected its Finalist® address quality solution to cleanse addresses and better process insurance claims.
CDS is one of three nationwide enterprise data centers (EDC) that support Medicare claims processing across the U.S. CDS helps Medicare accommodate a growing claims volume, standardize operations, expand electronic services, bolster security and lower costs. CDS has a contract with CMS to process approximately 800 million claims annually that are submitted by hospitals and physicians in 30 states, the District of Columbia and Puerto Rico. This represents about 65 percent of all Medicare claims in the country.
Finalist validates, standardizes and corrects addresses, and appends postal codes in accordance with the United States Postal Service® (USPS®) CASS™ certification requirements. Finalist enables CDS to obtain the maximum postage discounts and reduce the amount of undeliverable-as-addressed mail, providing Medicare with timely delivery of customer communications.
“CDS continually seeks innovative and emerging technical solutions to improve business performance,” said Steve Hammons, vice president and chief operating officer, CDS. “Finalist has been the internal standard at CDS and its parent company for more than 20 years and easily integrates into our claims-management system. Our confidence and familiarity with the solution will help CDS better manage Medicare operations.”
“As the volume of Medicare insurance claims grows, carriers look for technologies that make claims processing more efficient, and address quality is one area that can make a tremendous difference in cutting costs and securing timely delivery of customer communications,” said Bill Sinn, strategic industry manager, insurance, for Pitney Bowes Group 1 Software. “CDS recognizes that address quality plays a key role in improving Medicare’s productivity, and since its original implementation in 1988, Finalist has provided CDS and its parent company with industry leading address accuracy.”
About Pitney Bowes Group 1 Software
Pitney Bowes Group 1 Software, part of Pitney Bowes, Inc. (NYSE:PBI), provides innovative software solutions that help more than 3,000 organizations maximize the value of customer data to improve profitability, increase effectiveness, strengthen customer relationships and streamline mailroom operations. Its comprehensive Customer Data Management (CDM), Customer Communication Management (CCM), and Mailing Efficiency solutions span from database to delivery, adding value to every aspect of communication. Industry leaders - Entergy, ING, L.L. Bean, MapQuest, Microsoft, Safeco Insurance, Wal-Mart and Wells Fargo - rely on the company's solutions. Visit www.g1.com and www.pb.com for more information.
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