LAKEWOOD, CO (PRWEB) February 23, 2015
ConSova Corporation, one of the nation’s leading health care cost containment companies, today announced that Equity Healthcare, LLC has selected it as the preferred dependent eligibility partner for its 40+ affiliated companies.
Through this agreement, ConSova joins forces with Equity Healthcare to offer a full range of health care cost containment solutions to the companies within the Blackstone Group’s global asset management portfolio as well as other affiliated private equity firms. Equity Healthcare’s companies will gain access to best-of-breed solutions for Dependent Eligibility Verification, Working Spouse Provision Audits and Ongoing Verification Services.
Equity Healthcare, a wholly owned subsidiary of The Blackstone Group, leverages the scale of the combined purchasing power of its portfolio companies to contract for services aimed at delivering better quality health care, while driving down costs. By collaborating with ConSova, Equity Healthcare is able to help its members strengthen their commitment to running benefit plans in a fiscally responsible manner and gain control over a major cost factor.
“We ran a rigorous RFP process which evaluated the best firms in this space. Because of their commitment to service and innovative approach, ConSova separated themselves from the field and was the clear choice for us,” said Dr. Robert Galvin, Chief Executive Officer of Equity Healthcare.
The health care cost containment solutions offered by ConSova afford Equity Healthcare members the opportunity to meaningfully reduce their annual health care spend. These savings are achieved through the identification of ineligible dependents (5-8 percent of covered dependents on average) currently covered on the plan and through the implementation of Other Coverage Verification for those organizations with working spouse rules.
Pressed between rising health care costs and mandatory health insurance rules, an increasing number of employers are looking to working spouse provisions to help contain costs. The adoption of spousal surcharges and exclusion rules (also known as carve-out rules) has created the need for verification of other coverage available at a spouse’s employer. ConSova has pioneered a Working Spouse Provision Audit that enables health plans to achieve 30 percent participation rates in these programs, well above the 8.3 percent average participation experienced by employers without proper verification mechanisms in place.
“Our ability to quickly deliver bottom line results will be a great fit for Equity Healthcare’s portfolio companies and is well aligned with their mission,” said John Cratin, SVP, ConSova Corporation. “We embrace the opportunity to work with the private equity community and share in their commitment to strengthen member health plans through greater cost containment and risk avoidance.”
About ConSova Corporation
Founded in 2003, ConSova is one of the first companies on the market to provide eligibility verification and health care cost-containment innovation for self-insured organizations. Leveraging unparalleled expertise in human resources, benefits and health care planning, the company has delivered over $1 Billion in savings on work with over 500 clients nationwide. For more information, visit http://www.consova.com.
About Equity Healthcare, LLC
Equity Healthcare was formed in 2008 by the Blackstone Group and works with private equity firms and their portfolio companies to bring innovative solutions to manage healthcare costs. Unlike traditional group purchasing organizations, EH focuses on the health of employees and their families and the quality of care they receive. EH has a several year track record of controlling healthcare costs while improving population health and has grown to 300,000 members. Currently, 7 private equity firms and 44 portfolio companies participate, with annual health expenditures exceeding $1.5B making it one of the largest private sector purchasers of healthcare services in the US. For more information, visit https://www.equityhealthcare.com/