Bill To Restore Double Health Insurance Sailing Through Legislature

thelundreport | June 09, 2019

A union-backed effort to restore double health insurance coverage for couples both employed by the government has picked up steam.Unions and school district administrators had loudly protested a 2017 health care cost reduction package that lawmakers touted as a $178 million savings measure  a figure budget officials later revised to between $149 million and $163 million. Among other things, the package eliminated double coverage for public employees enrolled in health plans through the Public Employees’ Benefit Board or the Oregon Educators Benefit Board, which cover nearly 300,000 public employees and their dependents.But a bill to restore the benefit sailed through the Oregon House of Representatives last Thursday, passing 25-4."The opt out (elimination) was supposed to save the state money, but as it turned out that's not necessarily going to be case," Rep. Julie Fahey, D-Eugene, said. "More importantly, it could have a profound impact on state budgets. The opt-out is an important tool used by school districts to mitigate the cost of their employees' premiums."When two adults in the same household are both enrolled through the boards, they can use one policy to cover health care expenses and have the other one to pick up costs like copays. Also, employees who opt out of health coverage receive a taxable monthly payment of $233, and yet they can still retain coverage through their spouse or partner’s plan.

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RISK MANAGEMENT

Marsh McLennan Agency Acquires CS Insurance Strategies

Marsh McLennan Agency, Marsh | July 08, 2022

Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of CS Insurance Strategies, Inc., a full-service insurance agency based in Chicago. Terms of the acquisition were not disclosed. Founded in 2009 by CEO Charles Smith, CS Insurance Strategies is a minority-owned brokerage providing employee health and benefits, business insurance, and risk management consulting services to organizations of all sizes across the US. CS Insurance Strategies serves clients across all industries, with specialized expertise in municipal, non-profit, and minority-owned businesses. All ten employees will join MMA. “Over the years, CS Insurance Strategies has grown to be a dynamic and influential organization under Charles’ leadership. The agency’s commitment to helping clients navigate complicated risk and insurance issues very much mirrors our own passion for serving growing businesses. We are looking forward to welcoming the CS team to MMA,” commented Tony Chimino, CEO of MMA’s Midwest region. Mr. Smith added: “This is an exciting next step for CS Insurance Strategies. By joining MMA, our capacity to deliver more competitive strategies and innovative solutions to mid-market clients has increased exponentially. In addition, the growth opportunities for our colleagues and dedication to serving the local community will continue to expand.” About Marsh McLennan Agency Marsh McLennan Agency (MMA) provides business insurance, employee health & benefits, retirement, and private client insurance solutions to organizations and individuals seeking limitless possibilities. With 9,000 colleagues and 160 offices across North America, MMA combines the personalized service model of a local consultant with the global resources of the world’s leading professional services firm, Marsh McLennan (NYSE: MMC). About Marsh Marsh is the world’s leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $18 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.

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INSURANCE TECHNOLOGY

Roostify Partners with Covered Insurance to Streamline Homeowner's Insurance Process

Roostify | May 18, 2022

Roostify, a leading mortgage technology provider, now supports integration with the Covered Insurance Marketplace to streamline the homeowners' insurance buying process and shorten the loan lifecycle. This integration gives borrowers flexibility to shop and compare quotes from over 30 leading insurance companies and quickly purchase it within the Roostify platform. Our integration with Covered is a major step in continuing to simplify the home lending process by elevating the customer experience when shopping for home insurance, We're helping lenders to offer greater convenience in their workflow and improve customer satisfaction, further exemplifying Roostify's goal of providing the most customer-friendly, streamlined homeowner journey from start to close." Roostify co-founder and CEO Rajesh Bhat. Lenders are able to offer competitive advantages through increased operational efficiency by creating a tailored homeowners insurance buying experience within their workflow. They can deliver a self-service borrower experience by allowing borrowers to see eligible quotes in less than 90 seconds and finalize a policy in just 15 minutes, saving an average 3 days in funding their loan. Our embedded insurance capabilities are providing a more personalized borrower experience, accelerating transaction timelines and intersecting with the customer when and where they need it most, Roostify's integration with Covered allows both organizations to truly elevate the home lending experience, with customer satisfaction and convenience at its core." Ross Diedrich, CEO, Covered. Through this seamless experience within the lender portal, borrowers can explore multiple insurance quotes within minutes and quickly compare the annual premiums, dwelling limits, and deductibles. Within the Roostify platform, users can easily connect with Covered Insurance Advisors for education and support through the communication channel of their choice. This integration expedites the loan lifecycle by giving borrowers the flexibility to shop for the best quotes and choose their path to complete the homeowners' insurance process. The integration of the Covered Insurance Marketplace is another step forward in the digitization and simplification of the home lending process. It further highlights Roostify's leadership and ingenuity within the space, along with the company's continued commitment to help facilitate a better lending experience for both lenders and borrowers. About Roostify Based in San Francisco, Roostify was founded in 2012 to modernize and simplify the manual, inefficient mortgage process and create a more enjoyable experience for the customer and lender. Today, Roostify is helping lenders process more than $50 billion in loans each month, from large enterprise banks to thriving independent brokerages. We empower lenders to accelerate and simplify the lending process to help lenders and customers alike unlock more of life's big moments. About Covered Insurance Solutions, Inc. Covered is the leading embedded insurance platform and most trusted partner for lenders, banks, servicers, and fintech companies. As a leading independent, innovative InsurTech, we offer a comprehensive online insurance marketplace with over eight insurance products, personalized quote options from 30+ carriers, and multiple policy purchase methods. We make it easy to compare, shop, and purchase personalized insurance in minutes with the best coverage and rates, while our licensed Covered Advisors add a human touch to the insurance shopping experience by providing tailored service to each customer.

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HEALTH INSURANCE

HealthSmart® Launches DFW SmartCare™ Health Plan

HealthSmart | May 20, 2022

HealthSmart, one of the nation's largest third party administrators of health plans for employers and plan sponsors, announced the launch of DFW SmartCare™, a comprehensive level-funded health plan that offers market leading discounts to DFW-area small to mid-sized employers. The plan offers significant savings and protection for plan sponsors and features access to the Baylor Scott & White Quality Alliance (BSWQA), inclusive of Catalyst Health Network (CHN). BSWQA is a clinically integrated network of hospitals, facilities, and doctors that members can access through Employers Health Network (EHN). DFW SmartCare delivers a transparent, all-inclusive model that offers predictable costs through a level-funded plan with no additional risk for employers and significantly lower premiums than mainstream fully-insured programs. The program also offers financial security with stop loss coverage to protect plans from catastrophic claims. In addition to a comprehensive health benefits plan, DFW SmartCare boasts a superior member experience through its Concierge Advisor Team who works to guide members and help them navigate their healthcare journey every step of the way. This new health plan designed especially for the DFW Metroplex is a perfect example of how HealthSmart approaches our organizational mission of reducing costs for plan sponsors and delivering premium healthcare solutions to our members, This program demonstrates an innovative approach to help plan sponsors in North Texas control their health benefit costs by providing deeply discounted access to the BSWQA clinically integrated network through EHN.This is big news for DFW small and medium employer groups and DFW SmartCare is truly a game-changer for our broker community in terms of providing quality healthcare options with deep discounts." Craig Julien, CEO for HealthSmart. Plan sponsors typically must work with several players to build their health plans, By bringing together experts in the areas of most concern to small and mid-sized plan sponsors, we have created a one-stop solution that offers a top-quality, focused provider network, critical stop loss coverage, and comprehensive third-party administration services, relieving area health plan sponsors of the burden of shopping for these services individually." Omar Haedo, president of Elan Insurance Group About HealthSmart HealthSmart is one of the largest third party administrators in the country and the premier provider of innovative, customizable and scalable healthcare solutions for employers, brokers and payers. We partner with plan sponsors to provide key services needed to reduce healthcare costs and manage members with dignity and respect. HealthSmart is the one-stop source for health plan needs, including health plan benefit administration, pharmacy benefit management, care management and wellness programs and provider networks.

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INSURANCE TECHNOLOGY

ZENTIST IMPROVES THE VERIFICATION OF INSURANCE ELIGIBILITY AND PATIENT BENEFITS

Zentist | June 08, 2022

The denials management feature in Zentist's Remit AI software revolutionizes the way dental support organizations (DSOs) and dental practices utilize Electronic Remittance Advice (ERA) while meeting the crucial challenge of dealing with denials. Claims are commonly returned to dental practices unpaid and under a 'pending' status because they were submitted with insufficient information.While eligibility and coverage issues render some claims unpayable, many more are closed prematurely, leaving hundreds of millions of dollars on the table. This money goes unpaid, to the benefit of the insurance company instead of the patient. According to the National Association of Dental Plans, just 4% of insurance company revenue is used to pay patient benefits. Our goal is to help dental practices minimize denials to almost 0 by providing actionable data that improves eligibility and benefit verification and eliminate blind spots in revenue cycle management." Ato Kasymov, CEO and Co-founder of Zentist. Remit AI decreases the level of accounts receivable (AR) by cleaning the claims coming from payment information. The software automatically filters all ERAs and Explanations of Benefits (EOBs), gathering and categorizing denials. Remit AI identifies any further actions to be taken before a denial can be resubmitted. We have an enormous ability to control our revenue cycle management process with Remit AI and are excited with the results we achieved with Denials Management. Our team's efficiency to manage claims has at least quadrupled and we have clear data as to how we can improve and drastically reduce claim denials pretty fast." Semira Avanessian, Director of Revenue Cycle Management for Cambridge, Massachusetts-based Boston Pediatric Dental Group. When Remit AI is able to identify the cause of an unpaid claim and solve that problem, preventing other claims from being returned for the same reason, the software pays for itself – eventually tenfold." Mr. Kasymov. About Zentist Zentist is a platform that uses advanced technology to simplify and automate insurance revenue cycle management (RCM) for dental practices. At a time when dental businesses lose an estimated $2.1 billion due to legacy billing systems, Zentist leverages robotic process automation (RPA) and machine learning to place otherwise tedious billing tasks on autopilot. Zentist's platform is fully and easily scalable to meet the more complex billing needs of the modern dental industry—which has been marked by aggressive consolidation and unprecedented pressures for scaling RCM. Its software minimizes human error, maximizes insurance payout, provides advanced analytics on revenue, and improves the patient-provider relationship.

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Spotlight

We are seeing unprecedented change in the ways that people can interact with service and consumer goods providers. As a result, consumer expectations are changing, driven by enhanced experiences that have introduced people to newer, easier, and more immediate ways of doing business with service providers.

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