Benefitfocus has added new tools to its healthcare benefits platform through the recent acquisition of Benefit Informatics, Inc., an Oklahoma-based provider of data analytics.
Shawn Jenkins, Benefitfocus' CEO, said the Aug. 10 acquisition "offers a whole new set of data" that will allow members to plumb historical information as well as examine "what if" scenarios. This includes, he said, aggregate claims, lab and pharma data.
"We're constantly adding ways to help employers make decisions" and health benefits, he said.
The acquisition also adds more than 2.7 million consumers to the Benefitfocus Platform, which serves more than 11 million consumers, 327,000 employers, 59,000 brokers and almost 3,000 carrier representatives. Benefit Informatics serves more than 50 payer organizations and 5,500 business and health plans.
"This is a great opportunity to combine the infrastructures of two dynamic software-as-a-service companies," said Philip Kurtz, president of Benefit Informatics. He said his company's software "complements the Benefitfocus Platform and adds depth to the information provided to employers, health plans and consumers. Customers that fully deploy these technologies in tandem will realize added value from a complete package of benefit enrollment and health plan analysis tools."
According to Jenkins, CFOs, business administrators, human resource managers and consultants who use the Benefitfocus Platform will be able to drill down as far as the individual explanation of benefits (EOB) level, analyzing specific healthcare expenses and determining cost-drivers. Plan modeling and forecasting tools further allow users to plan ahead, calculating the financial impact of claims and estimating future costs and the effects of design modifications.
Healthcare cost transparency "is the next evolution of tools and data needed by consumers," he said. "This is a market leap ahead for us."