The Quantum Group has filed an application to become a third party administrator with the state of Florida, US. The company has incorporated a new subsidiary, Renaissance Administrative Services (RASI), to provide administrative claims processing services to its existing partners.
A third party administrator (TPA) provides an outsourced solution to companies providing insurance. While the risk of loss remains with the company providing the insurance, the TPA offers the capability to administer the claims process including claims administration, premium collection, enrollment and other administrative activities.
Traditionally, a TPA is contracted by a health insurer or self-insuring companies to administer services. The company expects to receive approval of the application from the state by the end of 2008.
Noel Guillama, president and CEO of the Quantum Group, said: The launch of RASI is another significant milestone for Quantum. We expect to provide greater efficiencies to the process of paying healthcare providers. With our industry expertise and dedication to implement proven technologies and processes, we expect to reduce the time a provider typically waits for receipt of payment by 50% or more by the end of 2009.