Tricast, a health care consulting firm in Wauwatosa that monitors and analyzes pharmacy benefit data, has formed a board of directors to provide guidance and strategic direction as it expands into the software development industry.
Tricast has been rapidly expanding and aggressively hiring software developers at its headquarters at 10400 W. Innovation Drive in the Milwaukee County Research Park.
Tricast developed a software program that helps insurance companies track pharmaceutical fraud. Algorithms written by Tricast developers find irregularities in pharmaceutical claims —fraudulent prescriptions getting filled or patients receiving the wrong type and amount of certain drugs — and flag them for insurance companies.
The idea is to quickly notify benefit providers of fraud so they can reject those claims. The company experienced a surge in demand from benefit providers over the last two quarters of 2015, according to a statement released by the company in February.
Members of the company’s newly formed board of directors include: chairman Fred Morris, a partner at Brook Ventures; Andrew Tichenor, a partner at Blue Heron Capital; Colleen Jones, senior manager of billing compliance at Walmart and senior FWA subject matter expert; Ron Lyons, assistant professor and director of drug information at Hampton University and principal at Pharmacy Benefit Resources; and Greg Rucinski, president and CEO of Tricast.
“The appointment of our board underscores the steps we are taking to build the premier company in our market space,” Rucinski said. “The board will provide extensive and applicable experience that will complement the skill of the TRICAST executive team. We are very excited to be working with such a strong leadership group.”