SAN DIEGO, CA—May 18, 2016—Mitchell International, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) insurance industry and their supply chain partners, has published its Industry Trends Report (ITR) for the second quarter of 2016. The report evaluates the latest industry trends and data to help P&C insurers, bill reviewers and payers navigate the current market.
In the ITR, Edward Olsen, Senior Casualty Consultant at Mitchell, introduces the Medical Price Index (MPI) for workers’ compensation claims and compares the data to that of the auto casualty index and overall consumer price index as reported by the Bureau of Labor Statistics. The workers’ compensation claims and auto casualty MPIs aim to provide a fair comparison of provider charge behaviors as reflected by both coverage types.
The workers’ compensation claims MPI looks at charge data on a quarterly basis associated with medical procedure codes most frequently billed by providers on the CMS-1500 form beginning in the first quarter of 2006. The identified codes were then categorized by their prevailing service type into eight different service categories: Emergency Service, Evaluation and Management (E&M), Major Radiology, Minor Radiology, Nerve Testing, Physical Medicine, Major Surgery and Pain Management.
“When we compare each MPI to one another and to the CPI, interesting similarities and differences are revealed,” said Edward Olsen, DC, CPCU, Senior Casualty Consultant at Mitchell. “For example, the national auto casualty index remains consistent with CPI for all services, however the workers’ compensation index has experienced half the increase in per-unit charge.”
First published in April 2001, Mitchell's ITR reaches more than 33,000 collision and casualty industry professionals and provides meaningful visibility into data-driven trends in the P&C market. The complete report is available at www.mitchell.com/industry-trends-report.
For further collision repair and property casualty industry updates and perspectives, follow Mitchell on Twitter @Mitchell_Intl, @MitchellClaims, @MitchellPBM and @MitchellRepair and LinkedIn.
About Mitchell International
Headquartered in San Diego, California, Mitchell International, Inc. is celebrating its 70th year of enabling better business outcomes for its customers in the Property & Casualty insurance industry. Mitchell delivers smart technology solutions that simplify and accelerate claims handling processes, driving more accurate, consistent, and cost-effective resolutions. Mitchell integrates deep industry expertise into workflow solutions, which provide unparalleled access to data, advanced analytics and decision support tools. Mitchell's comprehensive solution portfolio and robust SaaS infrastructure connect its customers in ways that enable tens of millions of electronic transactions to be processed each month for more than 300 insurance companies and over 30,000 collision repair facilities across the Americas and Europe. For more information, please visit www.mitchell.com/.