MINNEAPOLIS, MINNESOTA (PRWEB) November 30, 2012
Certifi, a leading healthcare-industry software and services provider, has completed a successful implementation of all financial services for Avenue H (formerly the Utah Health Exchange), implementing new best practices along the way.
As Avenue H’s financial partner, Certifi now handles all financial transactions for the health insurance marketplace and is processing all invoicing, collections and disbursements of insurance premiums, commissions, and administrative fees. Certifi’s cutting-edge treasury solution, William™, consolidates all transactions, calculates risk adjustments, and performs accounting functions.
Certifi was awarded the contract in June 2012 and was ready for parallel system testing in August, an unprecedented speed of implementation due to the highly configurable nature of the Certifi system, an in-house, on-shore technology team, and the dedication of Avenue H staff to the project.
Certifi has successfully completed October and November billing runs, including risk adjustments across all participating health plans on Avenue H. Certifi also implemented processes to ensure the accuracy of employer and broker banking data which, for the first time, enabled 100% of financial transactions to be completed electronically.
“Certifi’s William™ technology will allow Avenue H to see improved efficiency and accuracy in our financial transactions,” said Patty Conner, Director of the Utah Office of Consumer Health Services, which oversees Avenue H. “William™ is a valuable tool for not only Avenue H, but also for our brokers and consumers. They benefit from a streamlined payment process that makes the financial aspect of our system quick and easy.”
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 Avenue H 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 an 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, most recently launching billing & accounting software and services specifically for public and private health exchanges.
About Avenue H
Avenue H is Utah’s answer to health reform. As the nation’s only functioning exchange focused on helping small businesses cover their employees, Avenue H has helped formulate best practices for other state-based exchanges. Since being created in 2009 as the Utah Health Exchange, Avenue H has steadily added new employer groups month over month. Employer groups on Avenue H have realized the benefits that an exchange-type system presents: choice and value. This has resulted in a 93% renewal rate for groups on Avenue H — far above the industry average.