Carisk Partners is specifically designed to manage the most complex and challenging claims within the workers’ compensation space: Joseph Berardo, Jr.
Carisk greatly attributes its success in surpassing clients’ expectations to the strategies that prioritize placing people at the center.
Carisk Partners is a specialty risk transfer and care coordination company operating in the workers’ compensation market. Since 2016, Carisk Partners has redefined the way patients and clients access high quality care and support services. Today, Carisk continues to transform the workers’ compensation marketplace by providing seamless experiences across all products and services and empowering patients through its proprietary Pathways™ 2 Recovery care model.
Carisk Partners was founded in 2011 and is headquartered in Miami, Florida.
The Silicon Review contacted Joseph Berardo, Jr., CEO and Chairman of Carisk Partners, for an interview, and here’s what he had to say.
Interview Highlights
What are the circumstances or events that led to the founding of Carisk Partners?
Carisk Partners originated from the notion that behavioral health plays a crucial role in the recovery process, an aspect often overlooked in the marketplace. All too often, through the aftermath of a catastrophic injury, a new normal typically emerges. Prior to launching the Carisk Pathways 2 Recovery model, the industry has been inadequately equipped to address this transformation.
While physical medicine had its place, the integration and utilization of behavioral health in the recovery process was lacking. Carisk was founded with the objective that the entire individual should be treated comprehensively in relation to the outcomes of a workers’ compensation injury and recovery.
What differentiates Carisk and contributes to the company’s success?
Carisk has developed an intake process as it relates to the injured worker and their family, facilitating a scientifically created discussion. This conversation enables us to assess various aspects within the injured workers’ universe, encompassing clinical, emotional, social determinants of health, financial insecurity, transportation issues, etc. The intake process effectively gathers and organizes all information, serving as a risk adjustment factor and an integrated component of the recovery plan. Carisk greatly attributes its success in surpassing clients’ expectations to the strategies that prioritize placing people at the center.
As a leading risk transfer, care-coordination company, what are Carisk’s key focus areas?
Carisk is specifically designed to manage the most complex and challenging claims within the workers’ compensation space. This includes conditions such as traumatic brain injury, burns, amputations, gunshot wounds, and any other severe injury or diagnosis associated with workers’ compensation. The Pathways 2 Recovery model addresses all aspects of the clinical episode, recognizing everything that will influence the patient’s recovery in their life. Carisk ensures that all these factors are managed and addressed along the way, thereby enabling the patient to actively engage in their own recovery.
For clients and insurance companies that are at financial risk or responsibility for this care, Carisk provides a predictable dollar amount. The client is informed about what Carisk will deliver and the outcomes that we can guarantee in relation to this process.
Can you provide us with one or two success stories, detailing specific client challenges and how Carisk’s solutions contributed to their success?
In 2019, there was a case involving a 65-year-old nurse who had previously suffered a lower back injury while at work. This injury resulted in limited mobility and chronic pain. Despite undergoing lower back surgery, she continued to struggle with pain and depression. When referred to Carisk Partners, Barbra was facing complex challenges, including a history of opioid use, childhood trauma, and posed a severe risk of suicide. Additionally, she was caring for her son and grandson, both with existing substance use issues, which further isolated her from social activities.
The Carisk team conducted a wellness check due to Barbara’s active suicidal ideation, matching her with female mental health professionals to address anxiety, depression, and trauma. Once workers’ compensation-related treatment concluded, Barbara transitioned back to her group health coverage with engaged providers. Carisk also connected her son and grandson with appropriate community-based addiction and counseling resources that were accessible with no extra costs. Within a few weeks, Barbra experienced remarkable outcomes, entertaining the possibility of full recovery, resuming driving, attending long-avoided appointments like pain management and primary care, and expressing interest in social activities at the time of case closure.
Tell us about the Carisk team. What value do they bring to the company?
The Carisk team is the driving force behind the company’s value proposition. It is comprised of individuals who are compassionate and motivated. The team understands that the company’s success is intricately tied to doing well by doing good and consists of passionate professionals, including some of the best clinicians available in the marketplace.
In my 34 years of experience, I have never had the opportunity to work with individuals so committed to each other’s success, until now. The Carisk team is the best in the industry, it’s a team entirely focused on positive outcomes for our patients, thereby driving the company forward.
What new endeavors is Carisk currently undertaking?
Over the last four years, Carisk has employed Artificial Intelligence and machine learning to analyze over 20 years of electronic billing data for workers’ compensation from the Intelligent Clearinghouse. The project, titled Amplified Intelligence, also analyzes through evidence based proprietary algorithms, the unstructured data/notes accompanying a claims form, helping the Carisk clinical team to identify individuals who might be at risk for delayed recovery or “other adverse events.”
For example, an injured worker may appear to have a routine back injury which sounds straightforward. In over 90% of cases, there are pre-existing, co-occurring behavioral health conditions such as prior depression, PTSD and substance use that can go unnoticed or left untreated. Amplified Intelligence can identify these conditions and includes sentiment analysis that enables the carrier or the Carisk clinical team to allocate resources around the patient and their family. This allows us to intervene early for improved outcomes.
Is there anything you want to add before we wrap up?
This is just the beginning; a lot of support and opportunity lie ahead. Carisk has been experiencing significant growth, creating future opportunities for expansion and a robust strategy to address unmet needs in the industry beyond what has already been achieved. I think the approach of bundles of care is just at its infancy in the workers’ comp space. Carisk has plans for multiple types of conditions and injuries to be captured in a bundle, and you will see those programs introduced in 2024 and beyond.
“The Pathways 2 Recovery model addresses all aspects of the clinical episode, recognizing everything that will influence the patient’s recovery in their life.”
Joseph Berardo | CEO and Chairman
Joseph Berardo, Jr. has a long and successful track record of building highly motivated teams and driving substantial value in the healthcare service marketplace. He currently serves as Chairman of the Board and Chief Executive Officer of Carisk Partners. The Miami, FL based company started as a NCQA and AAAHC Accredited Managed Behavioral Health Organization (MBHO) for commercial, self-insured, Medicare, Medicaid and other government-sponsored program insurers and plan sponsors. In October of 2016, Mr. Berardo led a recapitalization and the expansion into the Workers’ Compensation and Auto/No-Fault markets.
Prior to Carisk, Mr. Berardo spent 18 years with MagnaCare, 10 years as CEO before transitioning to Non-Executive Chairman in January 2015. Mr. Berardo started his career in healthcare services with U.S. Healthcare in 1990. He subsequently held leadership positions at Mount Sinai Health System, Empire Blue Cross/Blue Shield and Multiplan. He’s a former Crain’s NY Business “40 under 40” and NJBIZ “Power 50 in Health Care”.
