CHICAGO, IL--(Marketwire - November 15, 2012) - bswift, a leader in software and services for employee benefits administration, announced today that it has released a new white paper titled "Not All Exchange Technology is Created Equal: Top 10 Factors to Consider When Selecting a Private or Public Exchange Solution." The paper highlights many of the challenges involved in launching and operating a functional health insurance exchange.
"It seems that every day now, someone is announcing a new exchange," noted author Rich Gallun, bswift CEO. "Many of these start-up exchanges will not be able to handle the volume and complexity of the transactions. To the layperson, health care appears to be just another service or commodity that can be quickly and easily purchased online, like music, books, and hotel rooms. But the many complex rules and laws associated with health care make the purchasing and fulfillment process far more difficult for both consumers and administrators."
The white paper demonstrates the hidden complexities of administering health insurance with an example of a 26 year old who "ages out" of his parent's plan, marries and then has a child. It also highlights some of the special enrollment scenarios mandated by new rules established by the Affordable Care Act (ACA) legislation.
"These transactions seem straightforward, but they're not easy. Exchange managers who are new to the marketplace are often seduced by technology vendors with a slick front end and a video," commented Don Garlitz, Executive Director of bswift Exchange Solutions and previously a consultant to the State of Utah in developing the Utah Health Exchange, now called Avenue H. "But over time, they need something that works seamlessly for all customers -- including consumers, employers, brokers, carriers and exchange administrators."
bswift has years of experience operating numerous public and private exchanges, including Utah's Avenue H that launched in late 2009. bswift was also recently selected to provide exchange technology and services by HealthPass New York, among others, in large part for its proven technology and exchange expertise. As HealthPass New York President and CEO Vincent C. Ashton noted, "The complexity involved in operating a functional exchange is often underestimated, but bswift brings substantial expertise, technology and practical solutions to the table. With HealthPass' 13 years of experience, our requirements were detailed and varied. bswift confidently demonstrated their ability to exceed those expectations and showed us how it could handle the complexity of a multi-carrier, broker-driven, defined contribution exchange in the small group marketplace while maximizing efficiency and automation to hold down administrative costs."
With President Obama's re-election and the impending deadline for states to declare whether or not they will run their own health insurance exchanges, access to fully developed technology is critical. bswift predicts that a variety of new private and public exchanges will launch over the next several years. Brett Graham, a partner at consulting firm Leavitt Partners, noted, "Many states debated the issue in 2012, but given the uncertainty around the Supreme Court decision and the 2012 election, legislation didn't pass. Now they need to act, and bswift is uniquely positioned to get states and up and running rapidly. For states that decide not to build an exchange, bswift is also well positioned to provide technology for private exchanges."
For a copy of the white paper, please visit www.bswift.com.
Based in Chicago, bswift offers software and services that streamline benefits, HR and payroll administration for employers and public and private exchanges nationwide. bswift's state-of-the-art Software-as-a-Service (SaaS) technology and Business Process Outsourcing (BPO) solutions significantly reduce administrative costs and time-consuming paperwork, making life easier for administrators and millions of consumers who enroll in benefits with bswift. For more information, visit www.bswift.com.