RED BANK, N.J., Dec. 4, 2024 /PRNewswire/ -- Fiduciary In A Box (FIAB), the leading SaaS platform for ERISA health and retirement plan compliance, has announced a groundbreaking partnership with Homa Health, an innovative AI company. This collaboration brings the power of artificial intelligence to plan sponsors and fiduciaries, enabling seamless, automated contract reviews to ensure compliance with ERISA regulations and the Consolidated Appropriations Act of 2021 (CAA).
Business professional in a suit analyzing a futuristic holographic interface displaying health benefits plans, contracts, and gag clause review, surrounded by charts, checklists, and digital visuals in a modern office setting, with colleagues collaborating in the background.
Through this partnership, FIAB users can now have their uploaded plan contracts reviewed by Homa's advanced AI system. The resulting report provides a detailed evaluation of compliance with federal requirements, including the critical prohibition of gag clauses under the CAA. Gag clauses restrict transparency around cost and quality information, a practice explicitly barred by the law.
The announcement comes at a pivotal time for plan sponsors, as Gag Clause Prohibition Compliance Attestations are due by December 31st, 2024. The Department of Labor is ramping up enforcement efforts and high-profile class-action lawsuits against companies like Johnson & Johnson, the Mayo Clinic, and Wells Fargo are bringing renewed scrutiny to fiduciary practices. FIAB and Homa Health's solution empowers plan sponsors to stay ahead of these challenges, avoiding costly penalties and reputational damage.
"This partnership sets a new standard for compliance in the ERISA space," said Jamie Greenleaf, Co-Founder of Fiduciary In A Box. "With Homa Health's cutting-edge technology, our users can identify and address non-compliance issues quickly and confidently, well in advance of their next Gag Clause Prohibition Compliance Attestation (GCPCA), due December 31."
"Homa Health is thrilled to partner with Fiduciary In A Box to tackle one of the most pressing issues in the benefits space," said Raju Kattumenu, CEO of Homa Health. "Together, we're equipping fiduciaries with the tools they need to meet evolving regulatory demands and safeguard plan participants."
This partnership represents a significant leap forward for the industry, combining FIAB's comprehensive compliance platform with Homa Health's AI expertise. As regulatory complexity grows, this collaboration underscores the importance of leveraging technology to streamline compliance processes and protect stakeholders.
About Fiduciary In A Box Fiduciary In A Box is a SaaS platform designed to help employers establish and document fiduciary processes for managing ERISA health and retirement plans. By guiding users through best practices and compliance requirements, FIAB ensures organizations stay aligned with their legal responsibilities.
About Homa Health Homa Health is an AI-powered solution provider transforming the healthcare and benefits ecosystem. By automating complex tasks and delivering actionable insights, Homa Health helps organizations navigate regulatory requirements with ease and precision.
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