Bloom Health Advances its Private Exchange Platform® Solution with Additional Capabilities
March 25th, 2014
MINNEAPOLIS — March 25, 2014 — Bloom Health, a leader in the private exchange industry, today announces their partnership with Empyrean Benefit Solutions, one of the fastest-growing, most advanced benefits technology and service firms in the United States, to enhance the Bloom Private Exchange Platform® solution.
Bloom Health has been operating private exchanges for health plans, employers and insurance agencies since 2009. The Private Exchange Platform® solution gives employees industry-leading decision support to make informed benefit decisions, while providing employers with cost predictability and administrative relief for human resource staff. Bloom Health sells its platform with insurance company sales representatives, through agents and brokers, and direct to employers.
Empyrean Benefit Solutions brings highly sophisticated and scalable technology and administrative capabilities that will benefit all customers of Bloom Health.
The combined capabilities include:
- expansion of Bloom Health’s leading education, decision support, product recommendations, and online or phone enrollment via licensed Advisors;
- additional products offered including medical, health savings account/flexible spending account (HSA/FSA), dental, vision, life, disability, and supplemental coverage;
- enhancements for employers to create ultimate flexibility – self-insured or fully insured, defined contribution or defined benefit;
- complex eligibility determination and ongoing enrollment source of truth for all products;
- increased year-round employee self-service support for life event status changes
- improved employer, agent, and health plan management tools and reports; and
- more integration options with human resources management and payroll systems.
Bloom Health also continues to strengthen its platform by adding additional carrier partners. Best-in-class dental and vision carriers will be announced soon, along with the addition of life, disability, and supplemental carriers with products, pricing, and operational processes optimized for a private exchange environment.
“The private exchange marketplace is experiencing rapid growth and extraordinary interest from employers of all kinds. In the past year, we doubled the membership on our Platform and anticipate even greater growth during 2014,” Bloom Health Chairman and Chief Executive Officer Simeon Schindelman said. “By partnering with Empyrean, who knows from first-hand experience what mid-size, large and national account employers require, we have a combined solution that positions us to successfully meet the most demanding expectations of employers and employees.”
Both organizations have management teams in place that have demonstrated success in their respective industries for years; Bloom Health as insurance industry veterans and Empyrean in the employee benefits technology solution space.
“The employer health and benefits space is increasingly dynamic, creating new challenges and opportunities,” Empyrean Chief Executive Officer Rich Wolfe said. “Partnering with Bloom gives Empyrean and our clients the opportunity to access industry leading private exchange solutions and decision support capabilities that are fully integrated with Empyrean’s broader technology and administration services.”
About Bloom Health
Bloom Health is transforming the way employers use the range of workplace benefits to help attract, retain and motivate talent. Founded in 2009, Bloom Health’s Private Exchange Platform® solution brings cost predictability to employers while consumers receive expert guidance to find the benefits options that best meet their unique personal and family needs. Bloom delivers its secure cloud-based solution and personalized support through health plan, employer and agency partners across the United States. Bloom is headquartered in Minneapolis, MN. Visit us at bloomhealth.com.
Founded in 2007, Empyrean Benefit Solutions is a leading provider of technology and services for managing large and middle-market employers’ health and benefits programs. Empyrean provides enrollment, eligibility management, and a range of other plan administration services to three distinct markets: employers, insurance brokers, and healthcare exchanges. The company’s open systems approach brings together the industry’s most advanced benefits technology platform with the market’s leading domain experts. This agile business solution drives greater value to employers and employees during increasing market uncertainty by giving them an unprecedented level of flexibility, through best-of-breed integration of other software and service providers. Empyrean’s founders are former principals with some of the country’s largest benefits administration service providers. Visit www.GoEmpyrean.com for more information.