Serial entrepreneur Abir Sen wants to revolutionize how employers buy health insurance for their workers as well as provide more control and choice to employees in how they choose health benefits.
Archives
Private exchanges offer alternative
We were profiled in Politico.com’s Pro series for launching the nation’s first private exchange.
Private Exchanges Gain Traction
Minnesota-based Bloom health will announce today that two large managed care companies will start using its private health exchange platform. That includes Michigan’s largest insurer, Blue Cross Blue Shield of Michigan as well Medica, which has 1.66 million members in the Upper Midwest. Both are big gets for Bloom, which currently has about 50 employers with 25,000 members using its Private Exchange Platform. It also dovetails with what PULSE has been hearing a lot about lately: employers gravitating towards offering defined-contribution health benefits via a health exchange.
Bloom Health Launches Nation’s First Private Exchanges With Two Health Plans
Bloom Private Exchange Platform™ Enables Health Plans to Personalize Group Benefit Offerings Through Defined Contribution Solution
MINNEAPOLIS – July 6, 2011 — Bloom Health announced today that two health plans have begun to sell and market health benefits to employers through the company’s newly-launched private exchange. The private exchange is currently available through the largest insurer in Michigan and through Medica, a Minnesota-based health plan.
The Bloom Private Exchange Platform™ is a turnkey solution that allows health plans to offer their employer clients a defined contribution solution to predict health care costs and provide personalized benefits in a group market setting. This new offering geared toward health plans further enhances Bloom Health’s suite of products, tools and services that help employers responsibly engage their workforces in making their own health benefit purchasing decisions.
“We’ve heard from health plans that they need a way to offer more customized, individually-tailored benefits to their employer clients who are looking for more choice in a tough economy,” says Abir Sen, CEO of Bloom Health. “As the insurance marketplace transforms over the next few years, health plans are increasingly looking for ways to ensure that they are offering employers value and choice they can’t get elsewhere. The Bloom Private Exchange Platform™ does just that.”
A leader in defined contribution health benefits, Bloom Health works with employers of all sizes to move the employer-sponsored system toward better cost predictability for employers and increased choice and personalization for employees. The company currently works with nearly 50 employers, representing more than 25,000 members. The Bloom Private Exchange Platform™ is the company’s first health plan-specific defined contribution solution.
The Bloom Private Exchange Platform™ aggregates on one platform the various insurance products and services that employers can make available to their workforces. Within the private exchange, employers can set an amount they are willing to contribute to the coverage, and employees then select the coverage that is best for them according to their health, financial situation and appetite for risk. The private exchange also offers health plans an existing platform from which to sell medical, dental, wellness and other ancillary products and services.
In addition to facilitating the selection and sale of health coverage, the Bloom Private Exchange Platform™ also offers health plans an end-to-end solution that eases burdens associated with other sales channels. Specifically, the exchange platform includes customized branding capabilities and a comprehensive communication toolset – including sales, employer, and employee support; sales training plan and materials; employer on-boarding process and step-by-step implementation guide; and enrollment, eligibility, billing, and recordkeeping functions.
“Employers want their benefits programs to truly help attract, motivate and retain the best workforce possible,” said Simeon Schindelman, Medica senior vice president of commercial markets. “Bloom’s Private Exchange Platform™ gives us the opportunity to do this for employers with our new defined contribution product, distributed by appointed and credentialed agents, brokers and consultants.”
The Bloom Private Exchange Platform™ also includes:
- A full employee website experience, including a recommendations engine and exchange marketplace
- An employer portal to self-initiate and manage on-boarding, reporting, and ongoing life events
- A reporting package with enrollment, payroll, customer service, and satisfaction statistics
- A comprehensive “t-minus” project plan and template for operational readiness
- A dedicated project team and subject matter experts to ensure successful launch and implementation