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Mitchell International Finalizes Acquisition of Fair Isaac Medical Bill Review Business Unit
Workers' Compensation, Auto Casualty and Managed Care Cost Containment Business Unit Significantly Expands Company's Portfolio
| Source: Mitchell International
SAN DIEGO, CA--(Marketwire - May 12, 2008) - Mitchell International, Inc., a leading
provider of information, workflow, and performance management solutions to
the property and casualty claims and collision repair industries, today
announced that it has completed the purchase of the workers' compensation,
auto casualty and managed care cost containment business of Fair Isaac
Corporation. This transaction follows the agreement announced on April 3,
2008, with the resulting new business unit to operate side-by-side with
Mitchell Medical, the Company's auto casualty solutions division, under the
name Mitchell SmartAdvisor™ Solutions.
"We are thrilled that we've been able to extend our product reach to
include the workers' compensation realm," said Alex Sun, President and CEO
of Mitchell International. "With this acquisition of a national brand, we
not only acquired superior solutions, services and talented individuals,
but we greatly enhanced our overall auto casualty market position that
allows us to offer our customers even greater capabilities to settle claims
across a broader set of lines."
Through industry-leading product offerings such as its Decision Point®
and ClaimIQ™, Mitchell Medical currently offers the broadest set of cost
containment technology and service solutions to the auto casualty claims
market. Decision Point medical bill review, rules engine and workflow
software is used by many of the nation's largest automobile insurance
carriers to control their first-party and third-party medical claims costs.
ClaimIQ offers sophisticated claims decision-optimization applications and
delivers automated best practices, predictive analysis and real-time
recommendations, enabling its customers -- auto and general liability
insurance companies -- to drive claims processing efficiencies across their
entire claims organization.
Fair Isaac, well known and respected in the workers' compensation industry
as well as the auto casualty industry as a market-leading provider of
medical cost containment technology and services, offers a comprehensive
suite of medical bill review solutions including its flagship technology
solution -- SmartAdvisor -- which helps provide increased workflow
automation, maximized speed, accuracy and savings to its customers.
SmartAdvisor Solutions also has an extensive and robust portfolio of
outsource and medical professional review offerings, which Mitchell is
looking forward to leveraging to help customers increase profitability,
grow their business and lock-in customer loyalty.
Tom McCarthy, Executive Vice President of Mitchell and Founder of Mitchell
Medical, added, "Just as we have done in auto casualty claims cost
containment, we look forward to supporting the SmartAdvisor team as they
bring innovation, creative solutions and great customer service to both the
auto casualty and workers' compensation markets. We have retained all of
the management of the Fair Isaac Unit and most of the employees, and look
forward to welcoming them as an integral part of Mitchell."
About Mitchell International, Inc.
Mitchell International (www.mitchell.com) is a leading provider of
information, workflow, and performance management solutions to the property
and casualty insurance claims and collision repair industries. Mitchell
facilitates millions of electronic transactions between more than 25,000
business partners each month to enhance their productivity, profitability,
and customer satisfaction levels.