NFP Health to Provide Private Exchange Platform for Network Health Plans
NEW YORK, May 10, 2013 /PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, announced today that NFP Health Services Administrators, LLC, a wholly owned subsidiary of NFP, has entered into an agreement with Network Health to build, implement and operate a private health benefits exchange platform in Massachusetts. NFP Health is a pioneer in the design, implementation and delivery of health benefits exchanges. Network Health is a nonprofit, comprehensive health plan for Massachusetts residents with low and moderate incomes.
Through the new private exchange platform, individuals, families, and small groups can compare plans available from Network Health and enroll online. Network Health currently offers six commercial plans to Massachusetts residents through the health plan's Network Health Choice product. NFP Health will also offer the same Network Health plans on its multi-carrier health benefits exchange, Health Services Administrators, where individuals, small businesses and producers can shop and compare plans from New England's leading health plans in one marketplace. The NFP Health benefits platform covers all administrative services, including a robust shopping portal, customer services, sales, IT, premium billing, renewals and broker tools.
Commenting on today's announcement, Nick Koulopoulos, Chief Strategy Officer of NFP Health, said, "We are pleased to work with Network Health, facilitating their entry into the commercial market with a world class shopping portal, as well as best of breed administrative services for their new members. We recognize that this is an exciting time for Network Health and we are confident that our exchange platform will provide valuable support as they expand into the commercial market. NFP Health has operated for over 40 years in New England and we have worked with most carriers in the region to offer small group and individual plans."
Also commenting, Christina Severin, President of Network Health said, "We are thrilled to begin offering coverage to an even larger percentage of Massachusetts residents, both individually and through the business community, and in doing so, expanding on our mission to improve the health and wellness of the diverse communities we serve. By partnering with NFP Health to build and operate our private exchange platform, we aim to increase accessibility for and provide options to consumers. NFP Health, with their qualifications and reputation in this marketplace, will be an important partner to us for this new program."
The Network Health private exchange can be accessed via:
About NFP Health
As a pioneer in the design, implementation and delivery of health benefits exchanges, NFP Health has a long record of operating one of the largest and most successful benefits marketplaces in New England. The leading independent and full-service insurance exchange covers over 150,000 lives with a full scope of products and services. NFP Health is a wholly owned subsidiary of National Financial Partners Corp. (NYSE: NFP). NFP Health is currently operating in New England as Health Services Administrators (www.hsainsurance.com). For more information, visit www.nfphealth.com
About Network Health
Network Health is a nonprofit, comprehensive health plan providing access to high-quality health care for more than 215,000 Massachusetts residents through Network Health Together® (MassHealth), Network Health Forward® (Commonwealth Care), Network Health Extend™ (Medical Security Program), and Network Health Choice (an individual/small-group plan). To improve the health and well-being of its members and their diverse communities, Network Health offers fully integrated, in-house care management, providing a team of medical, behavioral health, social care, and pharmacy professionals who coordinate member care. Network Health partners with more than 20,000 primary care providers, specialists, hospitals, and community organizations statewide. Network Health earned the National Committee for Quality Assurance's (NCQA) "Excellent" Health Plan Accreditation status, the highest accreditation rating, for its Network Health Together plan. In 2012, NCQA's Health Insurance Plan Rankings ranked Network Health as the third-highest Medicaid Health Plan in the United States. Network Health is among 10 health plans nationally and the first health plan in New England to earn the NCQA Multicultural Health Care Distinction.
National Financial Partners Corp. (NYSE: NFP) and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering with them to preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP's national scale and resources. NFP operates in three business segments. The Corporate Client Group provides corporate and executive benefits, retirement plans, and property and casualty insurance. The Individual Client Group includes retail and wholesale life insurance brokerage, and wealth management advisory services. The Advisor Services Group serves independent financial advisors by offering broker/dealer and asset management products and services. Most recently NFP was ranked eighth on Business Insurance's 100 Largest Brokers of U.S. Business; second on Business Insurance's Largest Agents and Brokers Headquartered in the U.S. Northeast; and as the ninth top global insurance broker by Best's Review. NFP operates the fourth largest executive benefits provider of nonqualified deferred compensation plans administered for recordkeeping clients as ranked by PlanSponsor; operates a top 10 independent broker/dealer as ranked by Investment Advisor; and has three advisors ranked in Barron's Top 100 Independent Financial Advisors. NFP is also a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.
SOURCE National Financial Partners Corp.