Bethlehem, PA — Monday, June 29th, 2015
The Lehigh Valley Business Coalition on Healthcare (LVBCH) today announced its selection of bswift’s technology to power a private exchange for its member employers. Concurrently, bswift announced that First Niagara Benefits Consulting (FNBC), a division of First Niagara Risk Management and subsidiary of First Niagara Bank, N.A., will manage the LVBCH private exchange.
The LVBCH private exchange is designed to assist employers with managing costs more effectively. It also offers competitive benefit options for employees by leveraging existing LVBCH products and the robust technology that bswift has developed over the past 15 years, including the following functions and capabilities:
- A flexible, defined contribution platform for employers and employees
- Online shopping tools, decision support and guided enrollment services for employees
- Seamless integration with preferred carrier partners
- ACA tax compliance and reporting tools
- Reporting, dashboards and alerts
- Electronic Data Interchange (EDI) files and transmissions to carriers and payroll
The LVBCH private exchange will help manage overall healthcare spend by introducing more choice and personal accountability, while driving greater consumerism and reducing over-insuring. By providing greater choices and more sophisticated decision support tools, employees will be able to select benefits that are best suited to meet their unique needs and coverage objectives. The exchange will be offered to LVBCH member firms with 100 or more employees.
“bswift has a proven track record in powering private exchanges and offers a full range of services and functionality, from its state-of-the-art decision support and shopping tools for employees, to its accurate and reliable billing reports and services for employers and carriers,” noted Tom Croyle, LVBCH President. “We are also confident our members will benefit from FNBC’s extensive expertise in managing private exchanges for its multiple employer health plan and consortia clients and its strong partnership with bswift to develop a wide range of defined contribution strategies and private exchange solutions.”
bswift CEO Rich Gallun remarked, “FNBC has designed an innovative private exchange to help LVBCH employers control benefits costs and improve employee experience in today’s increasingly competitive landscape for attracting and retaining talent. The combination of our robust technology with the highly personalized service delivered by FNBC will set the LVBCH exchange apart.”
“First Niagara Benefits Consulting is proud to partner with LVBCH, given its track record of delivering innovative and value-added products and services to its employer members,” said Scott Fair, First Vice President of FNBC. “We look forward to helping LVBCH’s members achieve their strategic benefit plan objectives through the effective delivery of private exchange solutions.”
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