HealthPlan Services to Highlight Offerings to Help Carriers Thrive Under Healthcare Reform at World Health Care Congress Deep individual and small group market experience and innovative services will be featured by HPS in Booth #318
TAMPA, Fla., March 29, 2011 /PRNewswire/ -- HealthPlan Services (HPS) will feature its proven processes for managing medical loss ratios (MLR) and expanding sales channels that enable carriers to survive – and thrive – in today's post-healthcare reform environment at the World Health Care Congress (WHCC). HPS, the nation's leading technology and administrative services provider for the insurance and managed care markets, will be featured in Booth #318 at the conference, which takes place April 4-6, 2011 in Washington, D.C.
"Managing the MLR is a top priority because of the complexity involved in reducing administrative costs to achieve compliance and avoid rebates," said HPS CEO Jeff Bak. "Equally important is gaining control of distribution channels, which is crucial if carriers are to adjust to this new environment and gain market share. Projections are 30-50% of health insurance sales will be put at risk as brokers significantly reduce that share of their portfolios or leave the market entirely. This puts carriers under growing pressure to launch or expand internal and direct-to-consumer distribution channels to reclaim lost territory coverage and sales."
The theme for the 8th Annual WHCC is Driving Post-Reform Innovation and Collaboration to Achieve Quality, Cost-Effective Care. In response to demand from the nation's largest providers, payers and employers, the 2011 conference brings together the major sectors in healthcare to determine actionable goals and implementation strategies to demonstrate quality, consumer choice, cost-effectiveness and transparency in the wake of the Patient Protection and Affordable Care Act (PPACA).
Specific to health plans, WHCC summits will focus on business model re-engineering, insurance exchange participation, MLR compliance, provider contracting, leveraging health IT, and implementing effective business-to-consumer models. "HPS' deep individual and small group market experience and solid track record in all these areas make it an ideal partner for carriers seeking an innovative, yet cost-effective path to post-reform success," said Bak.
"Survival requires retooling critical business processes and establishing a flexible model for rapid response in a constantly shifting insurance landscape. To accomplish this, carriers need an experienced partner that can deliver the processes and the scalable technology necessary to support them," he said. "HPS has established itself as a leader in the provision of cost-effective distribution, administration and retention services through proven technology and internal expertise, which our clients can leverage to remain competitive in a post-PPACA environment."
About HealthPlan Services
HealthPlan Services (HPS) is the largest independent provider of service and technology solutions to the insurance and managed care industry. The company is an affiliate of Water Street Healthcare Partners, a strategic private equity firm focused exclusively on healthcare. Since 1970, HPS has offered customized administration and distribution services to insurers of individual, small group, voluntary and association plans, as well as providing valuable solutions to thousands of brokers and agents that sell into this market. HPS' proprietary, scalable technology provides innovative consumer-facing solutions that are turnkey self-service tools for our 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. For more information about HPS, visit www.healthplan.com.
SOURCE HealthPlan Services