In honor of celebrating our 10-year anniversary, we want to share some of our favorite milestones that have made Ametros the industry leader it is today.
Over the last decade, professional administration has evolved to help tens of thousands of injured individuals manage medical care after settlement. Prior to the early 2000s, there were hardly any organizations dedicated to helping injured parties with their care post-settlement. The few small companies that offered professional administration provided the basic services injured individuals would need, but at high startup costs without additional benefits or value add. These services primarily ensured medical treatment was covered by Medicare and handled the required paperwork and reporting for Medicare Set Asides.
Focused on the comprehensive challenges injured individuals would face after settlement, Ametros was able to introduce innovative technology and business practices. Ametros developed a more comprehensive suite of services to support injured individuals and all settling parties, while considerably lowering the cost for professional administration services. Below you’ll find a timeline of milestones and solutions that set new standards for how a professional administrator can help facilitate settlements across the industry and developed Ametros into a trusted industry-leader.
The Beginning of a New Decade in Professional Administration (2010-2013)
Ametros was founded in 2010 with the vision of making healthcare easy and more navigable for injured individuals post-settlement and anyone that is paying for their medical needs out-of-pocket. As a resource for injured individuals who have received funds from workers’ compensation and liability settlements, CareGuard was developed to help save money on their ongoing medical expenses, protect future medical funds, and make managing care after settlement simple. As a core component of our CareGuard professional administration service, we patented the first unique card, similar to an insurance card, for injured individuals to provide their pharmacy and providers to facilitate medical billing. Since our first member activation in 2010, we’ve developed cutting-edge settlement solutions to address common settlement barriers our partners and injured individuals experience during settlement.
- Ametros Certificate of Incorporation Issued
- First Member Activated
- CareGuard Professional Administration Service Patented
- Early Stages of Developing Proprietary Technology System
New Developments & A Solution for Self-Administration (2014 – 2017)
During this time, major service enhancements, product developments, and additions to our executive team led us to new growth. With 15 full-time personnel we automated full cycle medical claims processing and increased our efficiency, extending our resources to better service more injured individuals after settlement. In this time, we also launched our first online portal for CareGuard members, giving them full transparency into their accounts and the ability to interact with Ametros digitally. In 2016, two new products were launched. We released CareQuote to help parties at the settlement table have greater visibility into discounted pricing for specific medical items and services through Ametros’ partner medical networks. CareQuote provides customized post-settlement pricing for home healthcare, skilled facility, and durable medical equipment services to injured parties so they have better visibility and transparency into the true cost of care once they settle.
To ensure we had a solution for all settlement recipients, including those that wanted to self-administer in order to have full control over their settlement funds and medical care, we released Ametros’ self-administration tool, Amethyst. This settlement tool provides injured individuals with access to discounts and helpful resources for additional guidance after settlement. In the case of an MSA, Amethyst helps individuals compile any required reporting to the federal government to maintain compliance with Medicare guidelines while self-administering.
By 2017, we had three innovative solutions for injured individuals and settlement parties, including CareGuard, Amethyst, and CareQuote, and we were continuing to enter a more extended phase of growth. Ametros received a growth capital investment from Long Ridge Equity Partners. The investment was instrumental in providing resources to build more comprehensive services to support our members while navigating an evolving insurance, settlements, and healthcare landscape. The new investment helped us expand upon our service offerings to provide solutions for more complex settlements and to build the systems and infrastructure to scale the company’s operations effectively. Additionally, our team grew to 60 full-time employees requiring a new collaborative space for our team to continue to innovate new solutions. In 2017, we moved into our current office in Wilmington, MA.
As we grew, we understood that various of government benefits could be impacted by settlement, and that this was a large concern for injured individuals thinking about settling. So, in 2017, we launched our Benefits Advisory service that helps injured individuals retain and maximize their various government benefits after settlement. This includes consultations on services like Social Security and Disability Incomes (SSDI), Supplemental Security Income (SSI), Medicare (Part A, B, or D), Medicare Advantage Plans (Part C), Medicaid, and more.
- Automated Full Cycle Claims Processing
- 15 Full-time Employees
- Member Portal Launched
- Amethyst Launched
- CareQuote Launched
- New Growth Capital Investment from Long Ridge Equity Partners
- Benefits Advisory Solution Launched
- Moved into Current Office Location in Wilmington, MA
- 60 Full-time Employees
Creative Solutions and Services for Settlement (2018 – 2020)
One reason Ametros has become an industry leader is due to our ability to adapt to the injured individual and industry needs. We aim to continuously develop outward thinking solutions for any obstacle that may present itself during the settlement process. We have also continued to grow as a company, with a focus on our employees and creating a fun and collaborative work environment. Over the past few years, we celebrated various awards and achievements that have demonstrated the impact we are making on the industry and as a place for our team to grow.
During this span of time, we were recognized for numerous awards and achievements including:
- Two consecutive years of awards for the Built in Boston Award for 2018 and 2019 as one of the best small companies to work for
- An award from Boston Business Journals, recognized as the 8th fastest- growing privately held company in Massachusetts in 2019, making the list again in 2020.
- In 2019, Marques Torbert received IAIABC’s NextGen Award, which honors talented individuals who are under the age of 40 and who are making their mark on workers’ compensation
- Recognition on the 2018, 2019, and 2020 Inc. 5000 List, recognizing entrepreneurial leaders and innovation.
Between 2018-2019, we launched various innovative settlement solutions, pushing the boundaries of what a professional administrator can offer during settlement. In 2018, our Health Navigator service was launched. It was developed to provide injured individuals with advanced post-settlement resources to better understand their medical care and treatment regimen, and 1-on-1 clinical attention and advocacy after they settle their cases. Our Priceseeker settlement tool was also launched in 2018. Priceseeker was developed to provide settlement parties insight into real-time Ametros pricing for prescription drugs with our network discounts compared to what an individual would pay on their own.
In 2019, we realized injured individuals struggled with depositing their funds after settlement without being subjected to predatory banking solutions. In response, we launched Ametros Banking that provides a free and secure way to deposit non-medical settlement funds that may be generated from a settlement.
As part of our goal to provide convenient technology and transparency for our members, our CareGuard Mobile App was released, allowing members real-time access and insight into medical bill details, savings and their overall account balance. The app provides on-the-go access to member ID cards by storing a digital version of the member card in case the physical card was left at home, as well as the ability to engage with other aspects of the account.
In 2019, we also made major strides towards industry compliance, education, and access to supporting settlement resources by establishing the Ametros Regulatory Council.
The mission of our council is to continually be aware and informed on regulatory changes and best practices that could impact our clients, partners and members. Given the important interaction that professional administration, workers’ compensation, and Medicare Secondary Payer industries have with healthcare, data security, banking, insurance and other regulatory sectors, we believe that there should be considerable oversight and resources for our company as well as the broader industry.
This year, our team grew to over 100 full-time employees dedicated to supporting our partners and making service improvements for our members. We made an improvement to our CareGuard professional administration service to further help our members remain safe after settlement. For years, Ametros’ existing safety protocols have included alerting pharmacists prior to dispensing to notify them of validation of refill timing and potential drug-to-drug interactions across all pharmacies. We made enhancements to ensure our frequently abused drug safety protocols were following The Center for Medicare and Medicaid Services’ (CMS’) new opioid guidelines.
It’s an honor to have crossed this 10-year milestone in the history of our company. Our success story is not complete without the support of our partners and staff who have played a major role in Ametros’ continued growth. What began as a small team with just a handful of employees has risen to become a leading professional administration service helping thousands of injured individuals after settlement. We look forward to the next ten years of growth!
- Received Built in Boston Best Companies Award 2018
- Health Navigator Launched
- Priceseeker Settlement Tool Launched
- Recognized on 2018 Inc. 5000 List
- CareGuard App launched
- Ametros Banking Launched
- Boston Business Journal Fastest Growing Companies
- Received Built in Boston Best Companies Award 2019
- Recognized on 2019 Inc. 5000 List
- Ametros Regulatory Council Established
- Boston Business Journal Fastest Growing Companies Award
- Recognized on 2020 Inc. 5000 List
- Ametros Expands Drug Monitoring Program
- Over 100 Full-Time Employees