Small Business Success Awards 2005

· Rutgers-Camden SBDC
Linda Diekmann
Prizm Solutions in Medical Management
Marlton
856-596-5600
www.PrizmSolutions.biz

Prizm Solutions is owned and operated by Linda V. Diekmann, RN, BA, CPUR, CPUM. She is a Licensed Registered Nurse and a Certified Professional in Utilization Review and also Utilization Management. With pre-certification as her specialty, Linda was a key decision maker in the development and implementation of a pre-certification program in the automobile industry, which serviced over one million customers.

Prizm Solutions in Medical Management offers services to automobile, workers compensation and health carriers to control costs. These services include bill reviews, medical reviews, pre-authorization of medical services and independent physician examinations.

Linda worked with Rutgers-Camden SBDC Regional Director Gary Rago to write her business plan during the fall 2001. Today, her company is working primarily with NJ insurance companies and has 32 employees, mainly registered nurses who review claims and bring suspicious levels of activity to the attention of doctors. “We are cutting down on fraud and abuse,” said Linda. The goal of the service is to lower the cost of claims for insurance companies. “We are hired by insurance companies to review the medical portion of claims to ensure that the patient truly needs the level of treatment provided,” said Linda.

Based on her knowledge of the industry and her work with Gary on the business plan, Linda felt her business had real potential, and that she should concentrate her efforts on every aspect of running it. A partner she had started the business with looked at the process and decided she did not want the responsibility. “When you sit down and put it all in spreadsheets, it really puts it all into perspective,” said Linda. Willing to proceed alone, Linda was referred by CPA Steve Applebaum to the Cooperative Business Assistance Corporation, where she took her business plan and received a micro-loan that enabled her to buy out her partner’s share and move to an office. “The timing was perfect for a loan,” said Linda.

In addition to the help she’s received from Gary, Linda has taken a marketing class at the Rutgers-Camden SBDC to learn more about marketing for her specific segment. She has also contacted and listened to what the largest insurance companies are looking for in medical management. To differentiate Prizm from other services, she had software developed that allows adjustors to log onto the system and get all their documentation electronically. “I kept talking to customers and hearing them talk about technology,” said Linda. Because of the software, Prizm has been awarded three contracts in last six month and expects more. “Technology is our main marketing differentiating factor,” she said.