Benefitfocus Adds Preventive Screenings Solution to Enhance Benefit Informatics Offering Data analytics software introduces reporting feature to measure plan participation relative to ACA guidelines
CHARLESTON, S.C., Nov. 21, 2013 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits software solutions, has added a Preventive Screenings Summary to the company's data analytics software, BENEFITFOCUS® Benefit Informatics. This sophisticated reporting application was developed to assist employers in complying with the Affordable Care Act (ACA) provision requiring employer-sponsored health plans to cover the full cost, of certain preventive screenings, with no co-pay or coinsurance. Employers and insurance carriers can leverage these reporting capabilities to monitor participation, track the financial impact of preventive screenings and design health plans that meet ACA coverage requirements.
Beginning January 1, 2014, the ACA requires most health plans to provide no-cost preventive screenings that are recommended by the U.S. Preventive Services Task Force (USPSTF). These USPSTF wellness checks are designed to focus on maintenance of health and quality of life, which can enhance an individual's well being while reducing overall medical costs.
The Preventive Screenings Summary expands the range of data analytics already available from the Benefit Informatics offering. The service integrates disparate sources of healthcare data into a single data warehouse and delivers reports as actionable information for finance departments, benefits departments and third party consultants. The solution is designed to support decision making during evaluations of workforce demographics and new plan designs.
"Helping companies foster employee wellness is an important aspect of the new regulations being implemented," said Benefitfocus President and CEO, Shawn Jenkins. "Benefit Informatics data analytics software is designed to help organizations leverage their employee benefits information to optimize plan design and performance. The Preventive Screenings Summary adds to this suite of tools, offering employers and insurance carriers another opportunity to effectively evaluate their benefits strategy."
The Preventive Screenings Summary gives businesses an overview of required screening procedures based on national standards, the number of eligible employees and a report on how many have had these procedures. Employers, plan administrators and wellness professionals now have one place to assess the effectiveness of preventive screenings, track long-term costs and predict future healthcare expenditures. The Preventive Screenings Summary integrated into the Benefit Informatics suite of data analytics applications offers employers a solution to help manage healthcare costs and address factors in the benefits lifecycle as a result of the ACA.
Benefitfocus, Inc. (NASDAQ: BNFT) is a leading provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. Benefitfocus has served more than 20 million consumers on its platform that consists of an integrated portfolio of products and services enabling clients to more efficiently shop, enroll, manage and exchange benefits information. With a user-friendly interface and consumer-centric design, the Benefitfocus Platform provides one place for consumers to access all their benefits. Benefitfocus solutions support the administration of all types of benefits including core medical, dental and other voluntary benefits plans as well as wellness programs. For more information, visit www.benefitfocus.com.
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the immature and volatile market for our products and services; the need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; our ability to compete effectively; our ability to maintain our culture and recruit and retain qualified personnel; privacy, security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec.cfm or upon request from our Investor Relations Department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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