Bloom Health Selects ConnectYourCare Technology as Financial Account Technology for New Solution that Helps Employers Control Health Care Costs, Offer Tailored Health Plans
Bloom Health simplifies how employers and their employees choose and pay for health insurance and other health services
(Hunt Valley, MD) — June 9, 2010 —ConnectYourCare, a leading provider of Consumer-Directed Healthcare (CDH) account solutions, announced today Bloom Health has selected its financial back-end account technology to support the company’s new solution for helping employers fund and employees purchase "best-fit" health insurance.
Available July 2010, Bloom Health simplifies how employers and their employees choose and pay for health insurance and other health services. With Bloom Health’s solution, employers deposit pre-tax dollars on behalf of each employee into a Bloom Health account powered by ConnectYourCare technology. Employees then use Bloom Health’s proprietary recommendation engine to generate a customized list of available health insurance plans and other health and wellness services. Employees buy their desired health insurance plan and services using funds available in their Bloom Health accounts. ConnectYourCare technology manages all fund movement and transactions associated with Bloom Health accounts.
"Bloom Health is pioneering new territory when it comes to health insurance in the workplace," said Abir Sen, chief executive officer (CEO) for Bloom Health. "Our partnership with ConnectYourCare allows us to hit the ground running by integrating strong and proven account-funding technology into our solution. ConnectYourCare’s experience, third-party validation and best-in-class technology made it the right partner for us in our quest to define and control health care costs for employers and employees alike."
"Bloom Health and ConnectYourCare share a common mission to provide organizations with solutions that combat rising health care costs by providing employees the tools and knowledge they need to take control over their healthcare purchases," said Jamie Spriggs, chief marketing officer and co-founder of ConnectYourCare. "Our partnership with Bloom Health is revolutionary because it leverages our corporate synergies and applies ConnectYourCare account technology to a new type of consumer-focused solution that has the potential to help solve our nation’s healthcare woes with a market-based solution."
In addition to the defined contribution account-based technology ConnectYourCare provides Bloom Health, the company also offers other tax-advantaged account solutions, including Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), retirement healthcare accounts, transportation accounts, and more.
ConnectYourCare’s consumer-directed healthcare (CDH) benefit delivery platform provides a pathway for migration to account-based health plans, supplying tools for consumers to better manage their healthcare dollars. ConnectYourCare’s core strategy is based upon providing stewardship to its customers by helping them simplify complex health benefit concepts, motivate individuals to act, and execute a successful solution, resulting in long-term health benefit cost containment. Please visit www.ConnectYourCare.com for more information or call 1-877-495-3341.
About Bloom Health
Based in Minneapolis, Bloom Health helps employers of all sizes and industries better define and control their health-care spending. Bloom then guides employees through the complex world of health insurance, helping them to find the right health plan for them and their families with its proprietary recommendations engine. Bloom Health was founded in 2009 and is headquartered in Minneapolis. For more information, visit www.gobloomhealth.com.