STONY BROOK, N.Y. May 21, 2018 – , a national leader in cloud-based health insurance exchange integration and services, announced today Foundry BI; a new health plan business intelligence, analytics, and reporting suite within its flexible Foundry data platform designed for health plans, State-Based Marketplaces, and third-party administrators (TPAs).
Foundry BI features configurable, state-of-the-art, easy-to-use tools for non-technical users to “slice and dice” data. This delivers comprehensive, real-time analysis of member demographic, geographic, transactional, and financial data points complete with the pre-built ability to filter, sort, and view reports.
With its near real-time capabilities—on average a 15 second delay from production systems—Foundry BI tracks and reports transaction trends, key performance indicators (KPIs), and related cost comparisons involved with health insurance member premium invoicing. Foundry BI also displays fulfillment / presentment and invoice payments and facilitates the ongoing digital transformation trends from manual (paper) to self-service electronic (online and IVR) and automated (autopay) transactions.
“Softheon’s technology upgrade is designed for health plans to ‘run’ their premium invoicing and payment collection business in real-time, not just ‘observe’ the business retroactively,” stated Bill Gaynor , Group Executive of Health Plan Solutions at Softheon. “Foundry BI is already in production and available to current clients,” Gaynor added.
Earlier this month, Softheon released a national, multi-payer index report examining member premium invoicing and payment trends utilizing Foundry BI. The Consumer Premium Bill Presentment, Bill Payment Index (CPBP2) highlights key data points for issuers, providing them with actionable insights, offering highly valuable information and comprehension for health insurance operators, policymakers, and regulators. The report is based on data from more than 60 commercial health and dental plans across 29 states, presenting over 3.2 million covered lives of the commercially insured U.S. population under the Affordable Care Act, and more than $4 billion-member premium transactions in 2017.
Softheon’s mission is to make healthcare affordable, accessible, and plentiful. Softheon’s cloud-based Software-as-a-Service (SaaS) and Business Process-as-a-Service (BPaaS) solutions for federal and state governments have solved complex challenges that are associated with administering public health insurance exchanges. Softheon solutions work to transform the way agencies operate by delivering unparalleled healthcare capabilities including but not limited to: Individual and SHOP Marketplaces, Special Enrollment Period (SEP) verification, Advance Premium Tax Credit (APTC) validation, Electronic Data Interchange (EDI) Validation, Electronic and Paper-based Payment Processing, Carrier Reconciliation Facilitation, and Federally Facilitated Marketplace (FFM) Population Analytics. In 2017, Softheon has been trusted by over 60 healthcare payers, serving 33% of lives on ACA.