"The system's ability to manage financial transactions, billing and payment processes across brokers, consumers, and carriers is extremely valuable to the Exchange's mission and goals."
Minneapolis, Minnesota (PRWEB) August 20, 2012
Certifi, a leading healthcare-industry software and services provider, was just named financial partner for the Utah Health Exchange.
As an Exchange partner, Certifi will handle all financial transactions of the Utah Health Exchange system and will be responsible for processing all necessary invoicing, collections and disbursements of insurance premiums and commissions. Certifi’s cutting-edge treasury solution, William™, will be a valuable tool in servicing the Exchange.
As one of only two state health care exchanges currently in operation, the Utah Health Exchange is at the forefront of the nation’s health reform initiative. This gives Certifi a unique opportunity to lead practice on the financial aspects of reform. Certifi’s William™ will power all financial transactions on the Exchange, including employers funding their coverage, carriers receiving risk-adjusted premiums, and brokers receiving commission payments.
“We couldn’t be more excited to be a part of this strategic effort with the Utah Health Exchange as it continues to lead innovation in the market-based health care exchange space,” said Jay Belschner, Certifi’s managing partner. “As Utah prepares for rapid exchange growth, the system will ease administration efforts for employer groups, automate and consolidate all transactions, enforce balanced accounting and provide infinite scalability.”
“What impressed us most about Certifi’s William™ technology was its strength and flexibility,” said Patty Conner, director of the Utah Office of Consumer Health Services, which oversees the Exchange. “The system’s ability to manage financial transactions, billing and payment processes across brokers, consumers and carriers is extremely valuable to the Exchange’s mission and goals.”
The real value of the technology lies in its ability to intelligently consolidate payments and send them to the appropriate receiver. The efficiencies created by William™ allow the Exchange to keep costs down while improving services to its customers and stakeholders.
William™ currently calculates over 8 million transactions a month for Certifi clients.
Certifi, (http://www.certifi.net) is a Minnesota based, industry-leading software and services company created by healthcare benefits experts with over a century of combined experience in information management, compliance and business optimization services. The firm’s areas of focus include software, services and consulting within the health benefits administration domain.
About the Utah Health Exchange
The Utah Health Exchange is Utah’s answer to health reform. As the nation’s only functioning exchange focused on helping small businesses cover their employees, the Exchange has helped formulate best practices for other state-based exchanges. Since being created in 2009, the Exchange has steadily added new employer groups month over month. Employer groups on the Exchange have realized the benefits that an exchange-type system presents: choice and value. This has resulted in a 93% renewal rate for groups on the Exchange — far above the industry average.