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Bradenton-based Medicare set-aside company Gould & Lamb LLC has been suggesting for a while now that the federal government is going to start requiring a wider range of insurance providers to get approval of their settlements from Medicare.
The first step along that line hit with the passage of the SCHIP bill. Starting this July, liability and automobile insurers, and certain self-insured companies, will join worker's compensation insurers in having to report data on their settlements to the Centers for Medicare and Medicaid Services. Just like worker's comp, the goal of the reporting is to make sure that taxpayers aren't picking up costs through Medicare that should have been covered under an insurers settlement.
In response, Gould & Lamb has rolled out a new software product called OneSource to help insurers meet that requirement while at the same time introducing those insurers to its set-aside services.
That extra business is expected to lead to a 25% bump in revenue —roughly $9 million based on the company's $35.7 million in revenue earned in 2008 — for the next few years, according to the company's chief financial officer John McDonough.
“This is really just the first wave,” McDonough says. “There is significantly more business coming in the near future.”
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