Software promotes healthcare benefit data exchange.
Press Release Summary:
Standardizing way data is formatted in healthcare benefits industry, Benefitfocus® Max(TM) Standard Solutions lets users streamline operations through automated transaction exchange. Definition of data exchange standards helps carriers promote data integrity and automated maintenance of change and renewal information for large numbers of employers. Able to integrate with legacy systems, solution supports real-time or batch processing.
Original Press Release:
Benefitfocus(R) Introduces New Technology Facilitating Frictionless Data Exchange Between Systems
Benefitfocus Max(TM) allows users to streamline operations through automated transaction exchange
CHARLESTON, S.C., Sept. 30 -- Benefitfocus(R), the largest healthcare benefits software provider in the U.S., announced today revolutionary new technology aimed at standardizing the way data is formatted in the healthcare benefits industry. Benefitfocus Max(TM) Standard Solutions, the company's newest family of benefits communication technology solutions, allows insurance carriers and employers to realize the full benefit of their online benefits management investment by synchronizing transaction connections through a comprehensive data format. By streamlining the transmission of data between carriers and the employers they serve, Benefitfocus Max simplifies the communication process between the many parties involved in benefits administration.
The Benefitfocus Max family was created to help carriers drive up adoption within the small employer market without having to be dependent on a manual process. Since small employers generally have less specific configurations than larger employers, manual loading is neither scalable nor cost-effective. In order to get the most out of their investment with Benefitfocus, insurers and employers need to migrate large volumes of users and associated data to new online platforms. Additionally, new applications and established systems must be continuously synchronized in real-time. By defining data exchange standards, the Max family provides carriers with a scalable solution for migrating large numbers of employers onto the Benefitfocus platform and for the ongoing maintenance of those employers within Benefitfocus applications.
Originally created with gMax and iMax, these file layouts and import processors were designed to electronically capture employer group and individual member data, respectively, from carriers and allow Benefitfocus to load this data without manual intervention. The Max family then grew to include aMax, which assists the carrier in creating agency data and capturing changes to agent and agency information, and hrMax, which creates and captures changes to employer administration accounts.
Before Max, loading an employer was labor-intensive. Carriers had to manually configure and load employer, agent and HR administrator information into Benefitfocus eEnrollment(TM) and manually maintain and renew this information. Now, following an initial one-time setup to synchronize transmissions, Max enables carriers and employers to accurately communicate and transmit large amounts of data. This brings improved data integrity, reduced labor costs and automated maintenance of change and renewal information. Through automation, Benefitfocus significantly accelerates a process which used to take weeks to complete to minutes.
The Max family's leading advantages and offerings include:
-- No manual intervention required - As soon as an employer is renewed within the carrier's membership system, it can be transmitted and configured in Benefitfocus eEnrollment.
-- Easy maintenance and renewal - Once implemented, Max allows for high volume data exchange between systems without manual intervention.
-- Return on Investment - Enabling users and data for use sets the foundation for adoption of new systems, which in turn, drives return on investment.
-- Legacy system integration - The Max family allows for integration with older legacy systems.
-- Real time or batch processing - Users can choose to work through Web services for real-time processing or traditional batch processing.
-- Greater flexibility - The Max file formats give carriers greater flexibility when it comes to integration options and are critical components in supporting things such as Single Sign-On.
-- Frictionless data exchange - By streamlining the transmission of data, Benefitfocus allows employer customers to see frictionless data exchange with their benefits partners.
Having seen the initial benefits of automated employer load within the small employer market, Benefitfocus has since enhanced gMax to allow automated employer load for larger, more complex companies. The expansions include support for categories, benefit enablement, additional benefit types, plan attributes such as co-pays and co-insurance, and the ability to create more complex carrier number algorithms. These enhancements provide carriers with the ability to pick and choose what type of insurance they are going to provide and have greater control over the complexity of the interface.
Our Max family of products is standardizing the way healthcare information is formatted. This is a dramatic change for the industry which will lead to significant administrative cost savings across the board," stated Nancy Sansom, Benefitfocus vice president of product management. "We are excited to release this new set of tools which provide all our partners with a competitive advantage as the healthcare benefits market place continues to grow and evolve."
About Benefitfocus
Benefitfocus is the largest healthcare benefits software provider serving 267,665 employers, 410 insurance carriers, and 42 million consumers. Our technology solutions reduce costs, expand market share, manage risk and improve consumer satisfaction. Benefitfocus gives a competitive edge to carriers, employers and brokers as they help consumers manage complex decisions in an ever-changing healthcare environment. Benefitfocus can be reached at 843-849-7476 or at www.benefitfocus.com.
