NEW YORK, NY and CHICAGO, IL--(Marketwire - Nov 13, 2012) - HealthPass New York, an independent, not-for-profit, commercial health insurance exchange for small businesses, and bswift, a leader in software and services for employee benefits administration, announced today that they have finalized an agreement in which bswift will provide exchange technology and services to HealthPass New York. The end-to-end bswift solution for HealthPass includes numerous functions and capabilities that will benefit the private exchange's more than 30,000 members represented by about 3,500 small employer clients, including:
- employer tools, including reporting, dashboards, and alerts
- broker tools, including analytics, benchmarking, and aggregated group data
- shopping tools, decision support, and enrollment for employees
- Electronic Data Interchange (EDI) files and transmissions to carriers
- call center assistance
- financial management including employer billing, collection and broker commission payments
HealthPass New York conducted an intensive search for a strategic partner with comprehensive technology and services and chose bswift for a number of reasons, including:
- its proven track record in powering multiple exchanges of similar size and scope, including the Utah Health Exchange and numerous private exchanges
- its full range of required services and functionality -- from state-of-the-art decision support and shopping tools for employees, to accurate and reliable billing reports and services for employers and carriers
- a strong cultural fit between bswift and HealthPass management
"bswift 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," noted Vincent C. Ashton, President and Chief Executive Officer of HealthPass New York. "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 for our platform were detailed and varied. bswift confidently demonstrated their ability to routinely exceed those expectations."
bswift CEO Rich Gallun remarked, "We look forward to a partnership with HealthPass to help strengthen and extend its leadership position in the small group private exchange marketplace in the New York region. Every day, we see players announcing new exchange start-ups, but there are not too many successful exchanges out there in large markets with 30,000+ existing members. Our exchange solutions stand up to second generation buyers who appreciate the administrative complexities and ask the right questions."
Don Garlitz, Executive Director, bswift Exchange Solutions, added, "We look forward to putting our bswift technology to work in New York in a broker-driven, multi-carrier private exchange. We believe there is a strong future for exchanges of this type, and regional leaders like HealthPass are getting a head start on the many changes starting to take place in the small group and individual markets. HealthPass New York is likely to be a significant player in the post-2014 world."
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.
About HealthPass New York
HealthPass New York is an independent, not-for-profit, commercial health insurance exchange offering small businesses and sole proprietors in the New York metropolitan area quality, affordable, and flexible health care coverage. Since 1999, the HealthPass model has empowered employees to individually choose their benefits based upon their unique needs and budgets. Employees select from a menu of options through four leading carriers, with choices including medical, dental, vision and life & disability coverage. Employers benefit from the extensive support provided by the HealthPass team including COBRA Administration, member-claims advocacy, a streamlined administrative process and world-class customer service. HealthPass serves small businesses in the 14 downstate counties of New York.
For more information, please visit www.healthpassny.com