NU Online News Service, Jan. 18, 12:46 p.m. – Healthcare Recoveries Inc., Louisville, Ky., is changing its name to Trover Solutions Inc.
Company stock will continue to trade on the Nasdaq Stock Market, but the symbol will change to TROV, from HCRI, the company says.
Trover steps in when a health insurer or other insurer pays big medical bills, or pays a large sum directly to a customer, as a result of problems caused by another party.
Insurers usually reserve the right to seek reimbursement from an insured when the insured gets cash damages from a lawsuit defendant, a property-casualty insurer or some other party.
Trover can manage the process of recovering as much cash as possible from the other parties. Trover also sells recovery software for insurers that prefer to run their own recovery programs.
Trover picked its old name in 1988, when it focused mainly on recoveries for health insurers. The company says it is changing its name to reflect the fact that it now sells recovery services to property-casualty insurers as well as health insurers.