Release increases platform flexibility, improves the open enrollment experience and enhances data analytics platform for human resources professionals
Charleston, S.C. – September 15, 2015 – Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits management software, announced major new platform upgrades today as part of its Autumn Software Release. With the annual open enrollment period fast approaching, the latest platform upgrades further simplify the open enrollment process for Benefitfocus’ employer and insurance carrier clients.
“Benefitfocus continues to provide customers with consistent quarterly enhancements to our cloud-based benefits management platform,” said Benefitfocus President and COO Ray August. “Each new release strengthens our position in the market while helping our customers address pressing industry challenges through access to better information.”
The Autumn Software Release features a number of new platform configurations available to all clients while also moving BENEFITFOCUS® Core Analytics to general availability for interested clients. The combination of these new platform configurations, along with the general availability of Core Analytics, will improve the user experience for employees while increasing cost visibility and control for benefits professionals leading the annual open enrollment effort.
A platform trusted by over 662 large employers and 52 insurance carriers
Flexibility is critical for open enrollment success and with the Autumn Software Release, Benefitfocus introduces additional configurability to support both large employers and insurance carriers. Included in the latest release is a suite of platform enhancements designed to improve the overall employee experience while reducing administrator workload. These features include the ability to:
- Eliminate the risk of duplicate coverage. In some industries and geographies unintended duplicate coverage slows down open enrollment and drives higher insurance costs. The latest release includes automated unique person validation to eliminate the risk of employees, such as a husband and wife, duplicating benefits coverage.
- Manage employee groups automatically. Smart categories allow employers to manage employee groups dynamically by assigning rules based on characteristics that might change over time, such as age or job title. Once set, employee benefit eligibility is managed automatically over time.
- Validate provider and prescription coverage. Healthcare plan providers now have the option of allowing enrollees to validate both provider and prescription coverage during the enrollment process.
Core Analytics, the data backbone for a successful open enrollment
With the Affordable Care Act (ACA), human resource professionals are increasingly under pressure to rein in healthcare costs while also attracting and retaining top-tier talent. Through Core Analytics, human resource executives now have the support and visibility they require to better manage healthcare costs. With the latest release, participating clients will have access to:
- Health plan cost and utilization data in near real-time. Human resource professionals have long struggled to unlock the value trapped in plan participation and claims utilization data. Core Analytics unlocks this value through detailed visibility into the key drivers of healthcare costs through a suite of dynamic pre-configured analytic dashboards.
- Monitor and manage the open enrollment experience. Core Analytics provides benefit administrators access to real time enrollment progress along with key web statistics and analytics to support proactive employee communication strategies.
- Go deeper with BENEFITFOCUS® Advanced Analytics. Developed for enterprise level analysis, Advanced Analytics provides large employers and health plan providers with over 70 big data applications to identify the key drivers of group healthcare costs.
In addition to the general availability of Benefitfocus Core Analytics, the latest platform upgrade includes many additional new feature enhancements. To learn more, prospective Benefitfocus clients can schedule a personalized walk through of the platform. Current Benefitfocus clients can access an overview of the Autumn Software Release and learn more about the platform’s capabilities by visiting Benefitfocus’ customer portal, One Place 365.
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