Mark King
Roseville, CA (USA)
Role(s):
Founder/Owner/Principal
IO Medsoft
Find More Startups
Startup
Location:
Roseville
Industry:
Technology/Web
Year Founded:
2013
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Limited Partnership
Description:
IO Medical Research replaces personal injury insurance companies 20 year history of imbalanced market practices of using biased, overly defensive, and non-medical adjusting tools with; precise medical diagnoses, thorough treatment, insightful financial analysis for third party lien holders, and appropriately adjusted settlements for the 5.5 million people covered by personal insurance policies (PIPs), who obtain only 7% to 10% of the face value of these policies after a valid injury post motor vehicle collision due to current market biases.
The IO medical and financial analysis software as a service (SAAS) consistently interrupts that cause the current lack of adequate settlements amounts for the direct costs of care post motor vehicle trauma, current $9K settlements on average (with costs estimated at $89K), and the massive indirect costs of care (estimated at $162K to $300K per chronically injured patient). It does so while supporting substantial profit for third party lien funding companies, (the rate of return for cases utilizing IO Medical Research is 10 fold higher than current market rates) and show significantly decreased financial risk.
One outcome is the net societal gain of minimizing of the current $200 billion to $414 billion in cost shifting from personal injury policy payments for the validly injured patients post trauma to alternative private and public funds each year.