WALTHAM, Mass.--(EON: Enhanced Online News)--Alegeus Technologies, the market leader in healthcare and benefit payments, today announced it was named a market leader in a recently-released Aite Group Impact Report entitled Private Healthcare Exchanges: A Looming Affordable Care Act Roadblock. The report surveyed commercial health insurers and TPA senior business executives and focuses on key areas of the emerging private healthcare exchange market – including timing, barriers, the retail-channel opportunity, and leaders and laggards among a growing list of private exchange vendors focusing on enrollment and payment technologies.
“This research report validates the dramatic growth of the private healthcare exchanges that is expected over the next few years – and we are delighted to be recognized by Aite Group as a market leader in this category”
Over the next two years, Aite Group expects employers of all sizes to adopt private exchanges, drawn by deeper plan options, richer tax benefits, larger-group purchasing power, and lure of offering all employee benefits through a single outsourced platform. The report predicts that private exchanges will lead more employers to switch to defined-contribution health benefit plans, and will serve as a growth engine for high-deductible health plans (HDHPs) and related benefit accounts.
In the Aite Group report, Alegeus Technologies is singled out as one of the exchange vendors most frequently mentioned by respondents as ‘leading the market.’ The report also recognized Alegeus for cultivating deep premium billing and payments capabilities within its exchange platform – suggesting that those capabilities will become increasingly important as the market matures.
Alegeus entered the private exchange market with its acquisition of Workable Solutions in April, 2013. The acquisition and subsequent launch of the Alegeus private exchange platform (now called WealthCare Marketplace) supports a market shift in how health benefits will be delivered, and offers distinct value for Alegeus clients – creating new opportunities for revenue expansion, cost savings and efficiency gains. The expansion of the Alegeus solution portfolio to include private exchange technology also reinforces Alegeus’ commitment to delivering industry-leading benefit solutions to help clients succeed as the market evolves.
“This research report validates the dramatic growth of the private healthcare exchanges that is expected over the next few years – and we are delighted to be recognized by Aite Group as a market leader in this category,” said Tom Torre, Alegeus CEO. “Since our announcement of the Workable Solutions acquisition in April, we have seen tremendous interest from clients and prospects. Feedback from the field is confirming the importance of a comprehensive exchange platform that addresses both the front-end consumer shopping experience, as well as the necessary back-end payment and operational aspects of operating an exchange.”
The Alegeus WealthCare Marketplace solution combines a powerful recommendation engine to facilitate benefit selection based on personal data input, an enrollment tool to capture elections and payroll deductions for all benefit options, robust payment settlement features to enable premium aggregation, billing, collection and reconciliation, and a maintenance interface to facilitate life event updates. Through integration with carriers, payroll systems, and benefit account platforms (including the Alegeus platform), the solution enables combined benefit enrollment, consolidated premium billing/payments, and centralized member account maintenance – all online, through one single interface and workflow.
To purchase the complete Aite private healthcare exchange report, visit: http://www.aitegroup.com/Reports/ReportDetail.aspx?recordItemID=1112
About Aite Group
Aite Group (www.aitegroup.com) is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, securities & investments, and insurance, Aite Group's analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston with a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.
About Alegeus Technologies
Alegeus Technologies is the market leader in healthcare and benefit payments – offering the industry’s most comprehensive platform for the administration of tax-advantaged benefit accounts (FSAs, HSAs, HRAs, MERPs, VEBAs, DCAPs and transit accounts), the industry’s most widely-used benefit debit card, and leading services for the outsourced management of claim payments and associated data exchange. Over 500 clients – including health insurance plans, third party administrators and financial institutions – leverage Alegeus’ deep expertise and proven technology to administer benefit accounts for more than 17.5 million members and process more than $18 billion in healthcare payments annually. As the healthcare and benefit markets continue to evolve, Alegeus delivers solutions that enable clients to evolve their service offerings, operate their businesses more efficiently, and focus on their customers. The company is headquartered in Waltham, MA with operations in Carrollton, TX, Orlando, FL and Milwaukee, WI. To learn more about Alegeus, please visit www.alegeus.com.