How TruNorth.Tech is Disrupting the Workers’ Compensation Landscape
Gary Lavoie, CEO of TruNorth.Tech was interviewed at Mission Matters Money Podcast by Adam Torres
Gary Lavoie says his offerings are poised at the forefront of technology optimization, aiming to create a workers’ comp process that values everyone.
Listen to the full interview of Gary Lavoie with Adam Torres on Mission Matters Money Podcast.
Workers’ Compensation - The Current Scenario
“There’s a lot of distrust and bias in the system,” Lavoie says of the employer/employee dynamic with regard to workers’ compensation. “No one’s actually winning… and from the carrier perspective, there’s an internal push and pull that’s happening between the necessity of data utility and automation versus the other side of the equation, which is a staff that believes in simplicity.”
The kicker, Lavoie says, is that both sides have valid complaints. “They're both correct,” he explains. “We need to build a new system driven by useful information that brings simplicity back into the administration of worker health risk and injury management.”
Taking into account the industry’s growth and performance over the last two decades, workers’ compensation is currently a $58 billion dollar industry, but Lavoie says it’s seeing a decline in lost time claims over those same two decades. There’s also the issue of heavy administration and wastefulness: the things that injured workers distrust, and the bias that results from it, which makes working in the system far less enjoyable for everyone.
“This isn't about creating worker centricity (exclusively), but building for the worker and the employer dynamic as well,” Lavoie says. “It's about all of the stakeholders that are in the system. We need to recreate purpose in jobs that administrate risk; we don't want them to become paper pushers and billers in the system.”
How does TruNorth.Tech help?
TruNorth.Tech, Lavoie says, is the result of technology born at Tempus Work Environment and Risk Solutions. Its solutions have evolved alongside the expertise that exists at Tempus in the realms of workers’ comp, occupational safety, and medical case management. Its tech team is aligned with an advisory group with expertise in orthopedic surgery and behavioral health elements relevant to the workplace. Once launched, TruNorth.Tech will work with small and mid-sized businesses via carrier partnerships. It also strategically aims to connect with enterprise-level businesses that have already made the shift into the self-insurance realm, with supporting administrators for workers’ compensation risk management.
“We are bringing a new data set to the table,” shares Lavoie. “We engage in partnerships surrounding injury management and advocacy, which is a spend item that most carriers and administrators in the system are already experiencing. So, with Tempus, we can deploy data that has meaningful utility right into the operation itself to make culture change and a technology transformation growing from within.”
The Road Ahead
“We went to a couple of the partners that were engaged with Tempus right at the onset, and pitched the idea, and it lit a fire in our community that led to a $825,000 seed round raise.” Lavoie notes that the company is closing this seed round at this very moment.. “We're going to be launching within the next week,” he says.
TruNorth Tech plans to integrate corporate partnerships with Tempus and aims to change how medical case management, injury management, and advocacy can change the way the system is administered and measured holistically.
To learn more about Tempus and TruNorth Tech, visit https://www.tempusrisk.com/
Publicist for Adam Torres and Mission Matters Media KISS PR Brand Story PressWire
Brand Publicity Partners KissPR.com
For more details, visit Kisspr.com Content Marketing Experts. KISS PR Digital PR & Marketing powers the Mission Matters Business podcast with brand storytelling. T: 972.437.8942
There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.