AMS Management Group to Acquire Insurtech Platform Adaptrack
Advances core strategy through innovation in clinician engagement and risk management
FORT LAUDERDALE, Fla., Nov. 29, 2022 /PRNewswire-PRWeb/ -- AMS Management Group (amsmanagementgroup.com) announced today the acquisition of Adaptrack (adaptrack.com), an AI-powered behavioral nudge insurtech platform. Terms of the deal were not disclosed. The acquisition enables AMS Management Group and its insurance offerings through Applied Medico-Legal Solutions Risk Retention Group, Inc. (AMS RRG) (amsrrg.com) to continue to evolve its industry leading physician model while advancing current reporting and analytic capabilities. Adaptrack will provide AMS RRG's 3,000 plus members with turnkey nudges that are focused on risk avoidance.
"We see great opportunity to continue to innovate within the Medical Liability industry. Bringing a flexible engagement platform, built for the frontline of healthcare, supports our long-term strategic goal of offering differentiated capabilities to our insured clients," says Richard Welch, President, and CEO of AMS Management Group.
"The combination of Adaptrack's flexibility and risk intelligence platform, with AMS Management Group's physician engagement model and high caliber team, is truly exciting," says Niraj Swami, CEO of Adaptrack. "Adaptrack's AI-powered nudges, in tandem with advanced clinical content from AMS Management Group's Specialty Medical Directors, will bring unique support to AMS RRG membership."
Adaptrack provides a behavioral nudge platform that engages with clinicians, supporting them as they face the ever-evolving challenges encountered on the frontline of healthcare. Adaptrack users have the opportunity to obtain CME (AMA PRA Category 1 CreditsTM) through point-of-care activities focused on delivering quality care and reducing burnout. Insights from Adaptrack provide a deeper dive into a clinician-centric view of the risk-management lifecycle.
Mr. Welch added, "Proactive data collection and advanced analytics provided by the platform will be valuable for our Underwriting, Risk Management, and Claims teams. Together, with Adaptrack, we look forward to bringing new solutions to market that will provide fundamental value for our members."
About AMS Management Group
Best Practices Insurance Services, LLC dba AMS Management Group, provides a full spectrum of program administration, from distribution and underwriting to risk and claims management services for medical professional liability insurers. AMS Management Group manages over $90 million in annual Gross Written Premiums. Since its inception, AMS Management Group has been the exclusive program administrator for AMS RRG. Since 2003, AMS RRG has been providing medical liability insurance to a number of physicians and physician groups across a broad range of specialties, and today is one of the nation's premier physician risk retention groups. AMS RRG's stable, flexible, cost-effective medical liability insurance options now protect over 3,000 members.
About Applied Medico-Legal Solutions Risk Retention Group, Inc.
Domiciled in Arizona as a domestic casualty insurance company since 2003, Applied Medico-Legal Solutions Risk Retention Group (AMS RRG) provides high value medical liability insurance and enterprise risk management solutions, with unparalleled service to members located throughout the United States. AMS RRG's risk management contributes to its success by offering a unique program that engages member physicians in initiatives focused on reducing errors and risks, with key objectives of overall claims reduction and improved operating profitability. Comprised of experienced and trusted healthcare executives, medical leaders, and insurance professionals, the Company's executive offices are located in Florida, New Jersey, Texas, New York, and Connecticut. AMS RRG is rated A- (Excellent) by AM Best, and A' (A Prime), Unsurpassed by Demotech.
About Adaptrack
Adaptrack is a ridiculously simple platform for today's healthcare workforce, helping to avoid costly risks, while earning point-of-care continuing education credits. Enabled by Adaptrack's proprietary AI-powered personalized nudges, healthcare providers and practice teams can track, learn from and adapt to evolving risks to reputation, performance, clinical practice, and personal wellbeing from any device and hands-free (100% voice). Adaptrack, a Delaware Public Benefit Corporation, is dedicated to helping providers and their teams work and live better. For more information, visit adaptrack.com. Follow @adaptrack on Twitter, Facebook & LinkedIn.
Media Contact
Samuel Taggard, AMS Management Group, 1 8609303216, [email protected]
SOURCE AMS Management Group
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