TAMPA, Fla., Aug. 16, 2011 /PRNewswire/ -- HealthPlan Services (HPS), the nation's leading technology and administrative services provider for the insurance and managed care markets, announced today the launch of RebateLink, a flexible processing solution that reduces costs associated with medical loss ratio (MLR) rebates.
"Managing the MLR and administering rebates requires substantial resources and sophisticated systems that many carriers simply do not have," said Jeff Bak, president and CEO, HPS. "RebateLink provides the tools carriers need to comply with MLR mandates and manage the processing and distribution of rebates in a timely, cost-efficient manner."
RebateLink reduces administrative costs, improves compliance and mitigates the risk of civil penalties by providing the infrastructure necessary to efficiently comply with MLR mandates. RebateLink provides a full range of flexible processing solutions, including:
- Monitoring and integration of the latest MLR policy requirements
- Multiple entry and exit interface points, which provide flexibility for standalone modules
- Gather and store missing employer data
- Calculate rebate
- Create statements and disbursements
- Electronic and paper statement options, as well as multiple disbursement methods, including paper checks, automated clearing house (ACH) credits and premium credits
- Escheatment processing
- Audit support
"By taking advantage of the unique marketing opportunities presented by the rebate process, RebateLink can also turn a profit drain into a revenue gain," said Bak. "The experts at HPS work with carriers to leverage the data collected by RebateLink to improve cross-selling and design tailored retention strategies, and to provide comprehensive member support services."
RebateLink is part of the Links(SM) Suite of Services, a set of solutions designed to address the operational needs of individual, small group, voluntary and association plan providers. The Links Suite of Services leverages HPS' more than 40 years of experience providing administrative solutions that lead to profitable growth, operational efficiency and savings, and speed to market. It achieves those results with scalable, business-driven technology platforms, industry-leading billing aggregation and financial systems, alternate and traditional distribution networks and analytics-based retention programs.
For more information on Links, call (877) 300-9488 or email Links@healthplan.com.
About HealthPlan Services
HealthPlan Services (HPS) is the largest independent provider of service and technology solutions to the insurance and managed care industry. Since 1970, HPS has offered customized administration and distribution services to insurers of individual, small group, voluntary and association plans, as well as valuable solutions to thousands of brokers and agents. HPS' proprietary, scalable technology provides innovative consumer-facing solutions that are turnkey self-service tools for insurance carriers and distribution partners. HPS offers an ever-expanding array of services to a diverse and growing client base, and administers products that include medical (PPO, HMO, indemnity, consumer-driven), dental, vision, life, disability, cancer, critical illness, accident, long term care, limited medical, as well as various other ancillary insurance. HPS is committed to providing extraordinary service to its customers. HPS is a company of Water Street Healthcare Partners, a strategic private equity firm focused exclusively on healthcare. For more information about HPS, visit www.healthplan.com.
SOURCE HealthPlan Services