Benefits Science Technologies Forms Innovative Partnership with Hollis Consulting
BST's ability to augment actuarial science with in-depth analysis, predictive and prescriptive direction validates innovative cost-saving strategic initiative.
BOSTON, Feb. 27, 2020 /PRNewswire-PRWeb/ -- Benefits Science Technologies (BST) and Hollis Consulting (HCI) form an innovative partnership with the goal to improve the economic alignment of medical and supplemental health plan designs. The model leverages new insights from advanced analytics to improve risk assessment, modify contribution strategies and enable cost-sharing to lessen the impact on self-funded plan sponsors and their participants.
"I tried to implement this concept years ago", said Amy Hollis, President of Hollis Consulting, "but the tools just weren't available. BST's mathematically derived insights provide the foundation for a paradigm-shifting strategy that can potentially lower the overall medical cost-share between the employer, the employee, or possibly in some situations, both. The risk stratification availed through BST may support our ability to define designs and contribution scenarios that would create a win for the employee and employer, as well as the VB provider. It's exciting to explore with BST where this concept could lead."
BST normalizes disparate data sources and produces in-depth analysis, applying predictive and prescriptive plan configuration recommendations while obeying the overall premium, business quality, and other plan owner specified criteria. This enables the integration of the VB carrier into the core of the plan design in a precise and balanced way. The result is a shift from the traditional medical and supplemental health plan model. By leveraging sophisticated insights, the aligned insertion of the VB Carrier into the plan eases the cost burden on the employer and their participants and creates a new opportunity for the carrier.
"Amy's considerable experience working with large case employers with complex plan designs through multiple consulting organizations, and her unmatched expertise in the VB space, brings tremendous value." said Marc Kutter, Director of Sales for BST. "We are excited to partner with the Hollis team to help design smart health plans and cost-containment strategies. They are a perfect fit to translate our optimization and machine learning capabilities into meaningful actions that produce results for self-funded plan sponsors. The benefit market wants better alignment between traditional health plan offerings and supplemental insurance products, with Hollis Consulting, Benefits Science can bring tremendous value to our consultant, carriers and employers."
About Benefits Science Technologies
BST provides data analytics software/analysis to employers, consultants and insurance carriers to help manage the risk of self-funded health plans. Plan holders improve their connection to data, empowering optimal decisions to control costs, and improve the quality of care for plan members.
Founded in 2012, the company is recognized as a world-leading research and applied science team, applying advanced analytics and Robust Optimization to complex health insurance decisions. Led by a 30-year MIT professor and Co-Director of the Operations Research Center, the MIT-trained team combines world-class technical knowledge and practical financial experience.
A powerful and unique feature of the platform lies in its ability to provide prescriptive recommendations. The company's Health Plan Optimizer designs optimal health plan configurations while obeying overall premium, business quality, and other plan owner-specified criteria. These tools enable consultants/brokers and employers to model "what if" scenarios for plan configuration, including stop-loss and supplemental plan design. BST delivers timely, customized business intelligence, tailored to the specific healthcare needs of the group, empowering decision-makers to maximize every healthcare dollar. The company is headquartered in Boston, MA, with offices in Atlanta, GA, and Houston, TX.
About Hollis Consulting
Amy Hollis is known as one of the top industry experts in the design, implementation, marketing, communications and enrollment of voluntary benefit programs, predominantly within the large employer market. She has more than 20 years of benefits experience, and while her most recent focus has been in voluntary benefits, she also has broad-based experience ranging from core benefits, employer-paid plans, comprehensive benefit delivery, and benefit administration. Throughout her career, Amy's passion has been to creatively intersect voluntary and core benefit strategies, reducing cost or elevating plan value, in order to optimize a total rewards approach.
SOURCE Benefits Science Technologies
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