SAN FRANCISCO and CHARLESTON, S.C., June 16, 2011 /PRNewswire/ -- Benefitfocus today unveiled its Medical Loss Ratio Rebate App, which helps health insurance companies calculate premium contributions and manage rebates as they adjust to new medical loss ratio (MLR) requirements. The announcement was made at AHIP Institute 2011. The MLR Rebate App facilitates the collection of premium contribution data by person, group or other desired category, allowing insurance companies to easily determine rebate allocation percentages through the BENEFITFOCUS® Platform.
When calculating rebate values, many insurance carriers face a challenge if multiple parties – employers, employees, associations, unions – have contributed to healthcare premiums. The MLR Rebate App provides a configurable survey through the Benefitfocus Platform, which requires employers to report on their contribution percentages or values and then electronically sign and submit the information online. Benefitfocus collects and manages all of the data, allowing the insurance carrier to quickly determine contribution percentages and provide accurate rebates to each premium contributor. Insurance carriers can also use the Platform's billing capabilities to distribute rebates electronically.
"Health insurance carriers are focused on providing quality care to their customers, and in some cases they must adjust their business practices to meet MLR requirements - especially during this first year," said Nancy Sansom, Senior Vice President of Marketing and Communications for Benefitfocus. "With the MLR Rebate App, Benefitfocus is able to help insurance companies manage the MLR rebate process with industry leading technology, simplifying what could otherwise be a challenging data collection process."
The MLR Rebate App integrates directly with the Benefitfocus Platform, so existing users access it from the same portal they use to manage employee benefits enrollment and view and pay invoices. Employers not on the Platform use self-registration capabilities to quickly create a new account and complete their MLR percentage contribution survey. The App also provides an annual import of roster data and premiums paid per person or category to facilitate data collection and an export of all premium contribution data collected with the Benefitfocus Platform.
"Our goal at Benefitfocus is to align our product strategy with the needs of a changing marketplace," said Sansom. "The MLR Rebate App is a great example of the product innovations that are part of our healthcare reform roadmap, designed to help insurance carriers and employers quickly adapt to the new requirements and regulations that will be rolled out over the next few years."
If you are attending AHIP's Institute 2011, be sure to stop by booth 241 to learn more about the Benefitfocus MLR Rebate App.
Benefitfocus is the largest healthcare and voluntary benefits software provider in the U.S. with 13,394,461 consumers, 303,997 employers, 60,248 brokers and 3,377 carrier representatives live on the Benefitfocus Platform. Benefitfocus offers a single Web-based platform for benefit shopping, enrollment, management and industry-standard data exchange. Benefitfocus – All Your Benefits. One Place. www.benefitfocus.com