Business News: FM Global, Kustom US, Foresight Medical

FM Global, a commercial and industrial property insurer, broke ground on the construction of a new loss prevention training and operations center, located in the Singapore Science Park, a research, development and technology hub in Singapore.

A groundbreaking ceremony marked the start of the construction phase for the six-story, 125,000-square-foot (11,610-square-meter) facility that will house the FM Global Asia SimZone, the company’s first hands-on training facility in Asia, and the first of its kind on the continent. The $80 million building will be constructed by Ascendas-Singbridge and is expected to be operational in early 2019.

A key focus of FM Global’s business will continue to be helping companies become more resilient by providing them with a better understanding of the property hazards that can affect their business continuity and delivering the best loss prevention advice based on scientific research and engineering, rather than solely relying on insurance for protection. The center aims to extend these services with training facilities that help the business community on the continent thrive by increasing their appreciation for resilience and knowledge of how to effectively reduce their property risk exposure.

Interactive laboratories and learning areas will allow the safe simulation of property risks, such as natural hazards, fire, ignitable liquid, construction, electrical hazards and industrial equipment malfunction, in a protected environment to help visitors better understand how local hazards can be mitigated.

FM Global has established partnerships with educational, technical and governmental organizations around the world, including the Institute of Catastrophe Risk Management, which serves as a trusted advisor to Singapore and other governments in the region.

Florida-based Kustom US, a national property restoration firm, announced it has acquired Seattle-based Fenix Restoration. Terms of the deal were not disclosed.

The acquisition marks the first in Kustom’s nearly 50-year history and is part of a long-term strategic plan to accelerate growth nationwide. Kustom will now boast a physical presence in 11 states while servicing clients in all 50 states.

Kustom US specializes in providing turnkey rapid response to ensure a continuation of business operations following a property loss event. The company was founded in 1968 by Zavodney’s grandfather in Ohio.

Fenix’s leadership team, made up of President Michael Whalen, Chairman Imel Wheat, Jr., and Boh Ramsey, as well as all employees will remain in place. Whalen said he expects a seamless transition.

Kustom US worked closely with LCG Advisors, an investment banking firm; Buckingham Doolittle & Burroughs, counsel; and Weidrick Livesay & Company, certified public accountants, to consummate the transaction.

ForeSight Medical has launched Encompass Specialty Surgical Network, a specialized orthopedic, spine and pain management surgical network for workers’ compensation payers.

A provider of surgical device cost containment in workers’ compensation, ForeSight leveraged its domain experience and extensive surgical data and analytics platform to develop the first narrow network of best-in-class providers, world renowned physician groups and ambulatory surgical centers that are customized for their surgical techniques.

Encompass manages surgery from the initial surgical consultation through discharge, streamlining authorization, reserve-setting, scheduling, patient relations, billing and payment processing. Encompass utilizes a proprietary scoring system to ensure patients see the highest quality, most responsible providers early in the treatment path to ensure the best outcome. Surgical Care Coordinators schedule the procedure with a top quality surgeon who has privileges at an in-network ambulatory surgical center. The coordinators proactively support all aspects of patient care and customer service. An advanced outcomes reporting platform delivers actionable analytics to medical managers, including comprehensive savings, outcomes and provider performance metrics.

The industry’s first specialty surgery management organization, Encompass focuses on the quality of surgical outcomes, lower surgical revision rates and off-label utilization, and post-operative medical expenses that reduce return-to-work rates.

In addition to its vast, true-cost, geo-specific surgical data, Encompass has a management team with 50 combined years of experience in the surgical care continuum.

For more information, please contact Encompass 844-427-4251 or visit www.encompasssurgicalnetwork.com.