Pacific
Health Care Organization, Inc. (OTCQB: PFHO), through its subsidiaries, engages
in the management and administration of health care organizations (HCOs) and
managed provider networks in California. Leveraging a network of medical
providers, the company serves the workers’ compensation industry with two
unique HCOs designed to offer choice to injured workers. In total, Pacific
Health’s two HCO-certified programs, operating under its Medex subsidiary, have
contracted more than 3,900 individual providers and clinics, as well as
hospitals, pharmacies, rehabilitation centers and other ancillary services, in
order to provide comprehensive medical services to clients across the Golden
State.
According
to data from the Workers’ Compensation Insurance Rating Bureau of California
(WCIRB), the state’s workers’ compensation insurance system delivers medical
and wage replacement benefits to roughly 800,000 injured workers each year
(http://dtn.fm/42MQj). With a high frequency of permanent disability claims and
a higher-than-average cost of handling claims in the state, California’s
workers’ compensation premiums are the highest in the country. The WCIRB goes
on to report that these premiums have continued to grow by double-digit
percentages in recent years, spiking 11 percent from 2013 to 2014 alone. These
increases have been attributed to a number of factors, including rising medical
costs, inflation, fraud and other factors.
Medex
aims to insulate employers from these rising costs without negatively impacting
the quality of coverage and treatment received by employees. The company’s cost
containment programs have been proven to drastically reduce workers’
compensation-related costs for employers. These programs include a certified
HCO that features access to an exclusive, specialized network of medical
providers; a medical provider network (MPN) that offers less complicated
guidelines but provides less control for clients over employee’s claims; and an
integrated HCO + MPN program that combines the benefits of the two programs in
order to maximize medical control and minimize claim cost.
PFHO
was incorporated in 1970 and is based in Newport Beach, California. The company
is led by an experienced management team headed by chairman and Chief Executive
Officer Tom Kubota, who has served in these positions since 2001. Kubota is
joined by Fred Odaka, PFHO’s chief financial officer, who has been with the
company since August 2008.
For
more information, visit www.PacificHealthCareOrganization.com
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