The medical community is gearing up for the Affordable Care Act (ACA), and a SaaS-based solution is designed to help insurance carriers, other third-party payers and health plan sponsors with regulatory compliance for the upcoming healthcare exchange.
The SaaS-based payer solution from HighRoads’ Benefits Plan Management System, called The Source, is designed to help payers comply with the ACA by creating and publishing compliance documents, notably the Summary of Benefits and Coverage (SBC) consumers receive.
“SBC regulations created a new set of obstacles for payers, and we are meeting the challenge with our Benefits Plan Management System,” said HighRoads CEO Michael Byers. “Payers and employers are realizing that manual approaches to health care reform compliance fail due to the complexity and bulk of the regulations taking effect. They are choosing our Benefits Plan Management System, which gives them complete governance over managing data, ensures accuracy and replaces manual tasks that are error-prone.”
The Source SaaS system was developed to eliminate manual processes and enable payers to manage data holistically, according to the company. Data is only entered into the system once, and then automatically populated throughout plan, account and compliance documents, helping to maintain data accuracy and efficiency. The system enables payers to generate custom benefits documents, apps and websites.
Millions of Americans will be making decisions about health care during open enrollment in the coming 2014 exchange marketplace. According to HighRoads, accurate and timely SBCs are essential to both compliance and consumer goodwill during this process.
Brendan Miller, vice president of business development for America’s Health Insurance Plans, notes that “exchanges present significant challenges and opportunities to payers who not only have to create new products for customers but also communicate these choices in a timely, consistent and accurate manner.”
Edited by
Alisen Downey
