In 2013, Dr. John Alchemy, a Qualified Medical Examiner with twenty years of experience, identified a significant problem in the workers’ compensation system. From payers to doctors, employers to injured workers, and nurse case managers stuck in the middle, workers’ comp wasn’t working for anyone. The system’s shortcomings have led to thousands of unresolved claims, time-consuming impairment report writing, and delayed or inaccurate information about the recovery progress of injured workers.
Dr. Alchemy envisioned a standardized yet personalized workers’ compensation process where doctors could focus more on patient care and less on administrative tasks like writing impairment reports. He believed that an accurate and fair impairment rating, backed by unbiased data and science, would benefit all stakeholders.
To turn this vision into reality, he established RateFast under Alchemy Logic Systems Inc. The core of RateFast’s solution is a blend of science and technology, including five USPTO-patented technologies, including RateFast, the first-ever digital MMI tool.
RateFast Express implements Variable Thread Analytic Computation to generate accurate impairment reports. Validated studies with Hamline Univeristy in St. Paul, Minnesota, confirm that RateFast Express reduces writing accurate impairments from 90 minutes to just 90 seconds.
This proprietary technology leverages logical analysis of comprehensive medical data aggregated from over 70,000 cases and combined with American Medical Association guidelines to ensure an accurate and fair settlement.
With the database growing by several claims closed daily, RateFast’s patented research and design is a first-of-its-kind in the industry, which allows injured workers to receive more personalized predictions about their return to work and potential limitations quickly.
RateFast technology was built by experts who specialize in data, science, and the worker’s compensation system. This collaborative effort between QMEs, mathematicians, statisticians, and workers’ compensation doctors has ensured that worker’s compensation works for everyone!