Health Insurers have Enrolled and Effectuated Over 400,000 Lives Through ACA Federal and State Based Marketplaces Using the Softheon Marketplace Connector Cloud (MC2)
STONY BROOK, N.Y., May 15, 2014 /PRNewswire/ -- Softheon, Inc., a proven leader in health insurance marketplace integration and business operations, has announced that as of May 12, 2014, over 400,000 enrolled lives have been effectuated through ACA Federal and State Based Marketplaces, using the Softheon Marketplace Connector Cloud (MC2) platform, equating to roughly 5% of All ACA Enrollments by Private Insurance Companies. Softheon MC2 is a Software-as-a-Service (SaaS) solution for Public and Private Exchanges, that presently serves as the integration platform between both State and Federally Facilitated Marketplaces, through leveraging existing business processes and IT systems for over 40 Health Insurers without the need to "Rip and Replace". The Softheon MC2 platform is integrated with Federal and State Based Marketplaces, including California, Washington, Massachusetts, New York, and others.
Eugene Sayan, Softheon Founder and CEO quoted, "We are honored and privileged to work with so many innovator Health Insurers who have leveraged the Softheon Marketplace Connector Cloud, rather than taking the risk of modifying or replacing their existing assets. We are pleased to report that Insurers view Softheon as a revenue center - serving nearly half a million newly insured lives and leading Insurer's transition towards individual coverage and consumerism, as mandated by the Patient Protection and Affordable Care Act (PPACA)."
For Insurer's Public and Private Exchanges, the Softheon MC2 platform offers Plan Management, Eligibility & Enrollment including Direct Enrollment, SHOP, Premium Billing, Customer Service, and Edge Server Cloud-based solutions. This innovative integration platform provides Insurers with the ability to have public and private marketplace infrastructure and processes in production; less than 90 days, with minimal risk and full PPACA regulatory compliance- assuming all QHPs have undergone the CMS Certification Process.
"The best analogy to describe the Softheon Marketplace Connector Cloud platform is as an information highway system connecting issuers to all marketplaces. Onboarding new Health Insurers is as simple as putting more automobiles on the Softheon highway. It is our contractual commitment to keep implementation under 90 days at a fixed cost. Our clients are ensured that there will be no cost overruns and delays," Sayan added.
Softheon MC2 presently empowers over 40 regional health plans with the ability to leverage their existing IT investments and core administrative systems, including TriZetto QNXT, DST Amisys, HealthEdge, ikaSystems and EPIC, to provide health insurance marketplace integration for private, state-based, and federally-facilitated marketplace exchanges.
Softheon is uniquely qualified as the technology platform used by the nation's first full-service state health benefit exchange, since 2008. During the initial testing and implementation of marketplaces, Softheon participated in Federal and State based pilot programs, including the CMS Direct Enrollment Connectivity and Carrier Wave Testing, successfully effectuating marketplace members with multiple carrier core systems.
Empowering the nation's first state health benefit exchange since 2008, Softheon's vision and strategic direction addresses healthcare payer, provider, and government agencies' goal of meeting Affordable Care Act (ACA) milestones. Softheon provides solutions for interacting with Federal and State Health Insurance Exchange (HIX) Marketplaces, while measurably reducing administrative costs, improving member and provider satisfaction, as well as addressing regulatory compliance challenges in all managed care administrative processes.
Softheon's Marketplace Connector Cloud (MC2) has been trusted by over 40 health plans as an accelerated federal, state, and private exchange integration platform. Softheon MC2 is a Software-as-a-Service (SaaS) solution where insurers pay a one-time activation and ongoing PMPM fees for exchange members only, while eliminating most, if not all, risks associated with ACA compliance of 2014 enrollment and other mandates.
To find out more about the Softheon, visit www.softheon.com.