Health Insurance Exchanges (HIXs) will bring changes to the individual and small group markets that will result in risk selection problems for health insurers. Financial Management is a business process that can help mitigate the impact by providing financial protection for health insurers.
Softheon Exchange Connector (SEC) Financial Management allows health plan issuers to process payment intake, payment information, invoice members and provide a complete and transparent solution for all financial activities associated with the HIX. Softheon Financial Management provides functionality that allows health insurers to reconcile basic cash, receivables, and payable transactions between members and HIXs.
Additionally, Softheon Financial Management acts like a robust reporting system to support financial operations and meet the regulatory reporting requirements. Health plans using Softheon Financial Management will have the ability to define and control their financial management activities while complying with all HIX requirements.
Opportunities and Benefits
Softheon Financial Management allows the health plan issuers to:
- Interface to HIXs and CMS to receive payment or subsidy information
- Utilize robust financial reporting capabilities
- UX 2014 inspired issuer payment portal
- Lower operation costs associated with technology maintenance
- Leverage established investments in technology
- Seamlessly interact with existing core technologies
- Meet customer demand quickly and precisely