APPLETON, Wis., Jan. 14, 2020 /PRNewswire-PRWeb/ -- Lucent Health is pleased to announce the completion of Cypress Benefit Administrators' (Cypress) transition to the Lucent Health brand effective January 1, 2020.
Founded in 2014, Lucent's focus has been to provide data-driven solutions and cost containment programs for employers. With offices across the country, Lucent serves employers and members nationwide, offering self-funded health plans that reduce costs while improving the member experience.
Lucent Health's goal in acquiring Cypress Benefit Administrators in 2017 was to expand its mission and vision of managing cost control strategies, proactively using health plan data to help employers predict trends, minimizing risk and making better, more informed decisions. Lucent has 400 employees to serve more than 800 clients and 250,000 members in a variety of industries and group sizes.
"Since the addition of Cypress Benefit Administrators, Lucent has experienced tremendous growth of our platform and capabilities as a data-driven, self-funding solution for employers. Working with Tom Doney and Marsha Phillips, the founders of Cypress, has been key in our success," said Brett Rodewald, Lucent Health's president and CEO.
Cypress opened its doors in 2000 with a focus on forward-thinking cost containment solutions and experienced great success with its efforts. The TPA consistently kept plan cost increases below the national trend, coming in at less than 1% the last two years. Cypress's average increase from 2012 to 2018 was just 1.24% compared to 6.27% for plans nationally.
"Operating with such similar goals and high standards in serving employers and employees through self-funding, the partnership between Cypress and Lucent was a natural fit from the very beginning," said Tom Doney, Cypress's president. "We chose to make a gradual transition as the Cypress name and positive reputation have both become so well-known in the industry."
About Lucent Health
Lucent Health (@LucentHealth), based in Nashville, TN, empowers U.S. employers with personalized member care, vital healthcare plan performance data and reduces healthcare risks and costs while improving employee access to innovative services. Lucent offers a wide range of innovative data-driven and member-centric products including Lucent Traditional self-funding, Lucent Clarity™ value-based payments, e2 MEC/MV™ solutions, Lucent Vista™ level funded, Lucent Tribia™ a tribal enterprise health plan and Lucent Surity™ for captives. The Lucent Health family of companies consists of Capitol Administrators, Cypress Benefit Administrators and North America Administrators.
SOURCE Lucent Health
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