American Re Announces Exclusive Relationship Between its Affiliate AM-RE Services, Inc. and Best Doctors, Inc. for Workers' Compensation Catastrophic Care Program.Business Editors PRINCETON, N.J.--(BUSINESS WIRE)--Feb. 12, 2004 American Re-Insurance Company announced today that its affiliate, AM-RE Services, Inc., entered into an exclusive agreement with Best Doctors(R), Inc. to improve medical outcomes and help American Re's clients reduce overall workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. claims costs by providing world-class experts to consult on catastrophic injuries. The agreement between AM-RE Services and Best Doctors, which comes at the height of the industry crisis surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. adequate workers' compensation coverage and high costs associated with it, emphasizes American Re's commitment to providing unparalleled service for catastrophic injury cases to clients in all of American Re's business units. Although catastrophic injuries account for 3%-5% of workers' compensation cases, they make up approximately 50% of total medical costs. Given the infrequency of catastrophic cases, the expertise necessary to obtain the best medical outcomes becomes difficult to attain, resulting in higher medical costs. Through the American Re Cat Care(SM) program, offered only to American Re clients, Best Doctors provides claims professionals with access to renowned experts in the field of critical care, delivering the best available medical consulting to effectively manage these infrequent in·fre·quent adj. 1. Not occurring regularly; occasional or rare: an infrequent guest. 2. , but high-dollar cases. Immediate access to appropriate medical care in traumatic injury cases has been demonstrated to significantly improve outcomes and reduce overall medical costs. In cases where American Re clients have accessed Best Doctors through American Re Cat Care, documented savings ranged between $40,000 and $2.3 million in medical costs and attending care per catastrophic case. "As doctors, we know that the best care is the key to better outcomes. Best Doctors delivers the knowledge, judgment, experience and technical expertise needed to help make the best treatment decisions," said Kenneth H. Falchuk, Associate Professor of Medicine at Harvard Medical School Harvard Medical School (HMS) is one of the graduate schools of Harvard University. It is a prestigious American medical school located in the Longwood Medical Area of the Mission Hill neighborhood of Boston, Massachusetts. and Co-Chairman of Best Doctors. American Re intends to recognize the potential benefit from the use of Best Doctors by its clients in its pricing of certain workers' compensation products. "We are proud to be the only reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. of workers' compensation business to be able to offer our clients access to Best Doctors," said John Phelan, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of American Re. He added, "Given the escalating costs associated with coverage and claims costs, this alliance is a very positive outcome for our clients." Bruce Sundquist, Vice President of Claims at American Re added, "Best Doctors has demonstrated a dramatic improvement in overall medical costs while keeping the claims professional in full control of their claims. AM-RE Service's alliance with Best Doctors emphasizes our common business objective of helping people get the best medical outcomes and providing the most advanced services to our clients." Best Doctors(R), Inc. is a world leader in connecting people with the best medical care. Using its renowned database of over 50,000 doctors recognized as the best by top specialists, Best Doctors provides rapid access to the best medical knowledge and peace of mind to millions of people around the world when faced with a serious medical condition. Best Doctors services are available worldwide serving more than 10 million individuals in 30 countries. AM-RE Services, Inc. is an affiliate of American Re-Insurance Company that develops, markets, and administers the component services of American Re Cat Care(SM) to and for the benefit of various ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. insurer clients of American Re. American Re Corporation, a member of the Munich Re Munich Re AG, in German Münchener Rück AG (ISIN: DE0008430026), is the world's second largest reinsurance company with over 5,000 customers in 160 countries and has its headquarters in Munich, Germany. Group, is one of the leading providers of reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Through its subsidiaries, it writes treaty and facultative facultative /fac·ul·ta·tive/ (fak´ul-ta?tiv) not obligatory; pertaining to the ability to adjust to particular circumstances or to assume a particular role. fac·ul·ta·tive adj. 1. reinsurance, insurance, and provides related services to insurance companies, other large businesses, government agencies, pools and other self-insurers. The Munich Re Group, whose business also includes primary insurance and asset management, has a preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae position in the global reinsurance industry. It is headed by Munich Reinsurance Company of Munich, Germany, and includes reinsurance subsidiaries, branches, service companies and liaison offices in more than 60 locations worldwide, serving insurers in more than 150 countries. |
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