hCentive, a Leading Health Insurance Exchange Provider, Lands at #333 on the Inc. 5000 List – Company Boasts a 1,407% Three-Year Growth Rate

hCentive Offers Scalable and Integrated Exchange Solutions to Benefit Brokers, State Agencies, and Consumers Looking for Simplified and Comprehensive Healthcare Options

RESTON, VA, August 14, 2015 — hCentive, the leader in health insurance exchange solutions, announced today the company is ranked #333 on the 34th annual Inc. 5000, an exclusive ranking of the nation’s fastest-growing private companies. The firm is also ranked #19 among Virginia-based companies and was ranked #117 on the Inc. 5000 2014 list. hCentive offers state government agencies, brokers and carriers reliable and easy-to-use marketplace solutions that are compliant with Patient Protection and Affordable Care Act of 2010 (PPACA) guidelines. hCentive’s full profile can be found here: http://www.inc.com/profile/hcentive

The 2015 Inc. 5000, unveiled online at Inc.com and with the top 500 companies featured in the September issue of Inc. (available on newsstands August 18 to September 22) is the most competitive crop in the list’s history. The average company on the list achieved a mind-boggling three-year growth of 490%. The Inc. 5000’s aggregate revenue is $205 billion, generating 647,000 jobs over the past three years.

Highlights:

  • hCentive had a 1,407% annualized three-year growth rate
  • Revenue for 2014 reached $35.6 million
  • An impressive 688 jobs were added
  • Ranking #19 on the list of Virginia-based companies

Quote:

Sanjay Singh, Co-Founder & Chief Executive Officer, hCentive, Inc.

“Through our streamlined and constantly improving technology, plus hiring top talent, we have been able to achieve consistent year-over-year growth. The Inc. 5000 has reached iconic status for firms that are striving to build momentum and we are pleased with our ranking and our bright prospects for the future. We have simplified the management of health insurance plans for all parties involved, including government agencies, carriers, brokers, and, most importantly, the end consumer. We continue to refine and improve our technology and processes and look forward to accelerated growth through 2015 and beyond.”

Resources:

About hCentive:

At hCentive, our mission is to empower everyone to gain access to health benefits. We are a leader in public and private exchange solutions that simplify the distribution and management of health insurance and ancillary benefits. Our WebInsure™ solutions fully support government agencies, insurance carriers, and brokers as they engage consumers and businesses and offer transparent access to benefits choices. Our innovative technologies deliver an integrated online benefits shopping and enrollment experience that is convenient and available anytime and anywhere. For more information, visit http://www.hcentive.com.

Open enrollment for 2016 health coverage has begun, and people across New Mexico, Nevada, Oregon, Hawaii and other states are using HealthCare.gov to search for quality health coverage that they can afford. Already impacted by average rate increases of 11.4% in Nevada, 24% in Oregon, and 30% in Hawaii, HealthCare.gov is proposing to add a new user fee of 3% on top of existing premiums for these states.

Vendors failed to deliver, and four affected states used HealthCare.gov for free.

User fees charged on top of health plan premiums were expected to allow state marketplaces to be financially sustainable without additional federal support. But the original technology vendors in states like Oregon, Nevada and Hawaii never delivered functional exchange technology – and hundreds of millions in federal taxpayer dollars later, those states moved from their failed technology to using the HealthCare.gov platform – free of charge.

This new set of HealthCare.gov fees is likely just the beginning of new federal technology fees for states using HealthCare.gov – placing affordable plan premiums continually at risk.

HealthCare.gov user fees will need to be increased further because for the last three years, the federal government has been undercharging or not charging states at all for the costs of HealthCare.gov. Federal policy and a recent Supreme Court ruling confirm that Congress directed HealthCare.gov to be financially self-sustaining, just like state marketplaces. But the federal government has never made HealthCare.gov self-sustaining and in 2014, 2015, and 2016 has taken funding from other programs to recover its over $600 million deficit incurred from running HealthCare.gov at a loss. The only direction HealthCare.gov user fees and plan premiums can go is up.

New proposal for technology use fees in Nevada, Oregon, New Mexico and Hawaii.

Last month, hCentive sent warning letters to Insurance Commissioners in HealthCare.gov states alerting them that the federal government has declared that current fees charged to carriers do not fully support the costs of running the multibillion dollar federal healthcare exchange. Days later, the federal government announced it intends to levy hundreds of millions of dollars in new HealthCare.gov technology use fees on Oregon, Nevada, New Mexico and Hawaii – fees that could harm these states’ marketplaces. The proposed new fee – 3% of premiums – is on top of existing fees states need for local marketplace operations and will hamper states’ ability to ensure state specific rules and policies are enforced, and local community needs are met.

Looking to the private sector for HealthCare.gov alternatives that are better suited to states’ needs.

Given these new federal rules and responsibilities for states using HealthCare.gov, it should come as no surprise that states are realizing HealthCare.gov is going to continue to increase in price, was not built with states’ unique needs in mind, and therefore, many states are actively exploring other options. They are right to do so.

Technology firms like hCentive – with its State Exchange Lease offering – are well positioned to offer financially sustainable solutions to states as they consider alternatives to HealthCare.gov. Tell us what you think.

Josh Schultz (josh.schultz@hcentive.com) is the Senior Analyst for Government Solutions at hCentive. In this capacity, Josh coordinates all public policy and regulatory initiatives affecting hCentive’s public sector business and works to identify new avenues for states to benefit from hCentive’s financially sustainable state exchange technology. Before hCentive, Josh managed contracts with the New York State of Health Marketplace’s navigator and assister programs.
Michael Sasko (michael.sasko@hcentive.com) is the Vice President of Government Solutions and Commercial Products at hCentive. Mike brings extensive health insurance exchange experience having served in leadership roles on major government projects to include Covered California and the Federal Small Business Options Program (SHOP). On the commercial side, Mike brings a strong employer focus having served as a former Director of Strategy and Innovation and as a currently licensed agent/broker.

 

With King v. Burwell ruling coming in favor of Obamacare, the administration can finally focus on filing the remaining gaps in its strategy to have all round health insurance for everyone.

What has been keeping these uninsured away? Here are 5 quick facts that reveal strategic points for Obama administration for this current open enrollment period.

1 – First, Some Facts and Figures

Since Obamacare took the stage, nearly 16.5 million people have gained health insurance coverage. The uninsured rate has dropped to a historic low of 12 percent, and nearly 35 million people remaining uninsured. By 2019, it’s projected that about 26 million people will be without health insurance, provided Obamacare continues to enroll people at the same speed. Even with subsidies in place, the current setup might not be sufficient for enrolling the remaining people.

2 – Key Segment of Remaining Uninsured

Of the remaining uninsured, the demographics are pretty interesting. 30 percent of the uninsured are illegal immigrants who haven’t enrolled in the program for obvious reasons. 5 percent of the uninsured are people who are eligible for Medicaid, but have fallen in a coverage gap due to their state deciding not to expand Medicaid. 20 percent of uninsured are Medicaid eligible, but decided not to enroll. That leaves us with 45 percent uninsured, the crucial segment for Obama administration in this open enrollment.

This 45 percent comprises people who have access to affordable health insurance, either through employer-sponsored health insurance or through Obamacare subsidies, but have still chosen to remain uninsured. This segment is a target for the administration in this OEP.

State Exchange

3- Money is the Prime Reason behind Their Choice to Stay Uninsured

It’s not that these people do not want to enroll for health insurance, they probably do. They do not have any vested political inclinations that are keeping them away from Obamacare, it’s all about the money. For most of these uninsured, paying for health insurance, even after subsidies and other cost saving mechanisms, just does not make sense.

They are already burdened with debt and low income, and they have other priorities to take care of before having health insurance for their family. And they have been to Obamacare marketplaces and researched options, before finally deciding to stay uninsured.

4- They Prefer Penalties over Current Plans on Obamacare Marketplaces

 Most of these uninsured have checked out the available plans on www.healthcare.gov or their state marketplaces. They know how much subsidy they would receive, the cost of health plans available in the market and what the deductibles options are available

Given their current state of finances, the potential liability of health insurance premiums are significantly higher than the penalties for going uninsured – so they opt not to enroll and  find alternate means of care.

5- Availability of Alternate Methods of Care

For most of these uninsured, a prime reason for being not too concerned about health insurance coverage is the availability of alternate means of care that do not require health insurance. Hospitals and doctors who accept cash, discount drug programs, cheap remedies, and the ever-present option of emergency rooms & charity programs – all these options are making it easier for the uninsured to get care without worrying about health insurance.

These are the reasons why it is essential that the Obama administration targets this 45 percent segment in the coming OEP. Once that’s successfully done, we can move on to the other issues.

hCentive, a Leading Health Insurance Exchange Provider, Lands at #333 on the Inc. 5000 List – Company Boasts a 1,407% Three-Year Growth Rate

hCentive Offers Scalable and Integrated Exchange Solutions to Benefit Brokers, State Agencies, and Consumers Looking for Simplified and Comprehensive Healthcare Options

RESTON, VA, August 14, 2015 — hCentive, the leader in health insurance exchange solutions, announced today the company is ranked #333 on the 34th annual Inc. 5000, an exclusive ranking of the nation’s fastest-growing private companies. The firm is also ranked #19 among Virginia-based companies and was ranked #117 on the Inc. 5000 2014 list. hCentive offers state government agencies, brokers and carriers reliable and easy-to-use marketplace solutions that are compliant with Patient Protection and Affordable Care Act of 2010 (PPACA) guidelines. hCentive’s full profile can be found here: http://www.inc.com/profile/hcentive

The 2015 Inc. 5000, unveiled online at Inc.com and with the top 500 companies featured in the September issue of Inc. (available on newsstands August 18 to September 22) is the most competitive crop in the list’s history. The average company on the list achieved a mind-boggling three-year growth of 490%. The Inc. 5000’s aggregate revenue is $205 billion, generating 647,000 jobs over the past three years.

Highlights:

  • hCentive had a 1,407% annualized three-year growth rate
  • Revenue for 2014 reached $35.6 million
  • An impressive 688 jobs were added
  • Ranking #19 on the list of Virginia-based companies

Quote:

Sanjay Singh, Co-Founder & Chief Executive Officer, hCentive, Inc.

“Through our streamlined and constantly improving technology, plus hiring top talent, we have been able to achieve consistent year-over-year growth. The Inc. 5000 has reached iconic status for firms that are striving to build momentum and we are pleased with our ranking and our bright prospects for the future. We have simplified the management of health insurance plans for all parties involved, including government agencies, carriers, brokers, and, most importantly, the end consumer. We continue to refine and improve our technology and processes and look forward to accelerated growth through 2015 and beyond.”

Resources:

About hCentive:

At hCentive, our mission is to empower everyone to gain access to health benefits. We are a leader in public and private exchange solutions that simplify the distribution and management of health insurance and ancillary benefits. Our WebInsure™ solutions fully support government agencies, insurance carriers, and brokers as they engage consumers and businesses and offer transparent access to benefits choices. Our innovative technologies deliver an integrated online benefits shopping and enrollment experience that is convenient and available anytime and anywhere. For more information, visit http://www.hcentive.com.

Open Enrollment for the under 65 individual market is officially upon us. As you start to see the increase in leads, emails, voicemails, and paperwork, don’t let your sea of obligations and deadlines keep you from identifying areas of improvement. This open enrollment season take the time (as a broker or an agency) to examine your current Online Benefits Enrollment System technology and processes.

A few questions you should ask yourself:

  • Can we make it through this enrollment year with the technology we currently have and effectively serve our new and existing clients?
  • What technology options exist that address only parts or all of our organizational and customer pain points?
  • What makes sense for us budget-wise; adding one-off software solutions over time or a total replacement technology platform that manages the end-to-end process and administration for us?
As a former broker in both the individual and small/mid group markets, there were many times when I looked at all the pieces and thought, “If I only had an efficient system that could help me manage all these moving parts!” Now I know I’m not the only broker to have said this and had such a system existed at that time, my wish list of functions might have looked something like this:
  1. The ability to quote and write multiple products with multiple carriers in one system, including dental, vision, and voluntary; eliminating the need to go to each carrier to obtain my quotes
  2. A system that created my proposals for me, electronically, in a matter minutes
  3. The ability to help my clients apply for subsidies electronically and in real-time
  4. An online benefits enrollment and administration  that eliminated paper open enrollment packets including paper applications and benefit summaries

As you go through the next two months of OEP and then the Special Enrollment Period, think through your wish list and how your current vendors are stacking up.

If you’re just starting out on your enrollment technology journey we have a quick and easy checklist you can use in those initial conversations. Download here.

For more great insights, connect with me on Linkedin

hCentive, a Leading Health Insurance Exchange Provider, Lands at #333 on the Inc. 5000 List – Company Boasts a 1,407% Three-Year Growth Rate

hCentive Offers Scalable and Integrated Exchange Solutions to Benefit Brokers, State Agencies, and Consumers Looking for Simplified and Comprehensive Healthcare Options

RESTON, VA, August 14, 2015 — hCentive, the leader in health insurance exchange solutions, announced today the company is ranked #333 on the 34th annual Inc. 5000, an exclusive ranking of the nation’s fastest-growing private companies. The firm is also ranked #19 among Virginia-based companies and was ranked #117 on the Inc. 5000 2014 list. hCentive offers state government agencies, brokers and carriers reliable and easy-to-use marketplace solutions that are compliant with Patient Protection and Affordable Care Act of 2010 (PPACA) guidelines. hCentive’s full profile can be found here: http://www.inc.com/profile/hcentive

The 2015 Inc. 5000, unveiled online at Inc.com and with the top 500 companies featured in the September issue of Inc. (available on newsstands August 18 to September 22) is the most competitive crop in the list’s history. The average company on the list achieved a mind-boggling three-year growth of 490%. The Inc. 5000’s aggregate revenue is $205 billion, generating 647,000 jobs over the past three years.

Highlights:

  • hCentive had a 1,407% annualized three-year growth rate
  • Revenue for 2014 reached $35.6 million
  • An impressive 688 jobs were added
  • Ranking #19 on the list of Virginia-based companies

Quote:

Sanjay Singh, Co-Founder & Chief Executive Officer, hCentive, Inc.

“Through our streamlined and constantly improving technology, plus hiring top talent, we have been able to achieve consistent year-over-year growth. The Inc. 5000 has reached iconic status for firms that are striving to build momentum and we are pleased with our ranking and our bright prospects for the future. We have simplified the management of health insurance plans for all parties involved, including government agencies, carriers, brokers, and, most importantly, the end consumer. We continue to refine and improve our technology and processes and look forward to accelerated growth through 2015 and beyond.”

Resources:

About hCentive:

At hCentive, our mission is to empower everyone to gain access to health benefits. We are a leader in public and private exchange solutions that simplify the distribution and management of health insurance and ancillary benefits. Our WebInsure™ solutions fully support government agencies, insurance carriers, and brokers as they engage consumers and businesses and offer transparent access to benefits choices. Our innovative technologies deliver an integrated online benefits shopping and enrollment experience that is convenient and available anytime and anywhere. For more information, visit http://www.hcentive.com.