bswift, First Niagara Benefits Consulting & LVBCH Partner to Provide Private Exchange Services
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.”
LVBCH is a multi-state, not-for-profit coalition of employers striving to provide the finest healthcare coverage possible for their employees in the most economical fashion. The Coalition’s mission is to improve the delivery, cost and quality of healthcare in our communities through collective employer action, quality and data initiatives, value-based purchasing, and the provision of forums for the exchange of information, ideas and resources. The Coalition is also a member of the National Business Coalition on Health, the National Quality Forum and The Leapfrog Group. For more information, visit www.lvbch.com.
About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 410 branches, $39 billion in assets, $28 billion in deposits, and approximately 5,600 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. For additional information on First Niagara, visit us at www.firstniagara.com, follow us on Twitter @FirstNiagara, or like us on Facebook at FirstNiagaraBank.
bswift is changing the world of benefits administration by combining deep expertise and a passion for technological innovation with a unique consumer-driven approach. Partnering with enterprises nationwide and serving millions of employees, bswift offers cloud-based technology and services for online enrollment, interactive decision support, ACA compliance reporting and employee engagement. bswift also provides access to the bswift Marketplace which delivers the consumerism, product and consulting solutions needed to build a benefits program specialized for both employers and employees alike. For more information about bswift, an Aetna company, visit www.bswift.com.
MEDIA CONTACTEmma Frutkin