Utah Health Exchange Renews bswift Contract
CHICAGO, IL — Wednesday, September 21st, 2011
In 2009, bswift won the right to work with Utah officials to create the Utah Health Exchange, which now serves more than 4,600 people from 182 small businesses. The Exchange is based on a consumer-centric defined contribution model in which employers provide a specific dollar amount for employees to spend toward the health plan of their choice. The options include more than 100 plans from four insurance carriers. The online shopping experience allows employees to compare insurance options side-by-side to make informed purchasing decisions.
With this defined contribution approach, the Utah Health Exchange makes it easier for small businesses to offer health insurance to employees, and in turn, reduces the number of uninsured in Utah. Twenty-five percent of employers currently registered for the Exchange had not previously offered insurance to their employees.
bswift’s user-friendly, scalable technology is uniquely suited to the complex requirements of a defined contribution and employer-based exchange. With 11 years in the benefits administration industry, bswift has the experience and technological agility to deliver working solutions to the State in rapid fashion and within modest budgets. The ability to support the many stakeholders involved, including carriers, brokers, employers, partners, state officials and consumers, all on one platform has been a critical factor in the success of the Exchange.
The Utah Health Exchange’s focus on small businesses demands the coordination of numerous functions – including communication, shopping, enrollment, eligibility, and data exchange – in an automated and cost-efficient manner. Features of the bswift Exchange platform include:
- Consumer shopping tools, including side-by-side comparisons of plan options, provider search tools, filtering and sorting capability, and bswift’s proprietary Best Fit Plan Advisor tool
- Pricing functionality that personalizes premiums, including the employer defined contributions, for more than 100 plans and 44 different age-tier combinations
- Electronic data exchange with multiple carriers, partners, and administrators
- Eligibility and enrollment rules, including those for complex Life Events mandated by IRS Section 125 regulations
“The Utah Health Exchange is a bold experiment in health care reform that is proving practical and viable,” said Rich Gallun, CEO of bswift. “We are proud of bswift’s contribution to the pioneering of a consumer-centric, market-based solution for individuals, employers, brokers and health care insurers. Looking forward, we plan to invest substantial resources in people and technology to improve the Exchange’s scalability and support its ambitious plans to expand by hundreds of thousands of enrollees.”
About the Utah Health Exchange Further information about the exchange can be found at: exchange.utah.gov.
About the Utah Governor’s Office of Economic Development The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission.
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.
MEDIA CONTACTLaura Field