bswift Selected as Technology Provider for "Utah Health Exchange"
CHICAGO, IL — Wednesday, July 22nd, 2009
In the first phase of the Exchange’s implementation, bswift will help create the "defined contribution" model for small employers (2 to 50 employees). In this model, employers define a specific dollar amount to contribute to their employees’ health insurance premiums and then employees can "shop" at the Exchange from a menu of plans offered by participating insurers. This model enhances private competition and transparency in the health care system by giving employees the necessary information and purchasing power to make informed health insurance choices. It also offers relief to employers who will no longer bear the full burden of administering a health plan for their employees.
bswift's highly flexible and user-friendly technology is ideally suited to the Exchange's model because it can present consumers with side-by-side comparisons of plan options and costs with "drill down" details and links to forms and documents all in one location and at the “point of purchase." It can also handle the numerous administrative complexities raised by this approach, including the transmission of electronic feeds to multiple carriers and the funding of health insurance premiums from multiple sources such as the government or a spouse’s employer.
bswift was chosen by the State of Utah after a rigorous 12-month evaluation of numerous technology vendors. The Chicago-based company was selected based on its 10+ years of experience in health insurance technology, its established electronic (EDI) interfaces with carriers in Utah and across the country, and its intuitive, configurable technology. bswift will deliver a full-service, health benefits Web portal in Fall, 2009, in time for the busy open enrollment season in November.
"bswift is extremely excited to participate in health care reform in Utah and to be part of a practical, viable solution for the future," says Rich Gallun, CEO of bswift. "We started bswift over 10 years ago to help streamline and transform the health insurance marketplace and we are very proud to be selected by the State of Utah for this important mission. Given the discussions going on at a national level, we look forward to helping make Utah a successful model of an efficient, market-based solution for the consumer-centric, employer-financed purchasing of health insurance."
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 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.
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