Archive for year: 2016
Attributes 408 Percent Revenue Growth to Customer Commitment, Industry Growth, and a Dedicated Team
Reston,VA, November 16, 2016 — hCentive today announced it ranked 205 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. hCentive grew 408 percent during this period.
hCentive’s chief executive officer, Sanjay Singh, credits hCentive’s commitment to their customers, the growth and pace of the healthcare industry, and the dedicated hCentive team with the company’s 408 percent revenue growth. He said, “We are very pleased on being selected as a Technology Fast 500 award winner again this year. It is a recognition of the best team in the business we have and their absolute commitment to the success of our clients.”
“Today, when every organization can be a tech company, the most effective businesses not only foster the courage to explore change, but also encourage creativity in using and applying existing assets in new ways, as resourcefully as possible,” said Sandra Shirai, principal, Deloitte Consulting LLP and U.S. technology, media and telecommunications industry leader. “This ingenious approach to innovation calls for the encouragement of curiosity and collaboration both within and outside the office walls.”
“This year’s Fast 500 winners showcase that when organizations are open to diverse perspectives and insights, they are able to create an environment for their employees and customers to see the possibilities and ingenious solutions that might lie ahead,” added Jim Atwell, national managing partner of the emerging growth company practice, Deloitte & Touche LLP. “Entrepreneurial environments foster change and innovation within businesses, and we look forward to watching these companies continue to drive change across all sectors.”
hCentive previously ranked 62 as a Technology Fast 500™ award winner for 2015.
Overall, 2016 Technology Fast 500™ companies achieved revenue growth ranging from 121 percent to 66,661 percent from 2012 to 2015, with median growth of 290 percent.
About Deloitte’s 2016 Technology Fast 500™
Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2012 to 2015.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
hCentive was founded in 2009 specifically to create technology solutions for the health insurance marketplaces created by the Affordable Care Act (ACA). Our mission is to assist every American in gaining access to quality healthcare. Our singular focus on marketplace technology has provided us with a unique ability to understand the industry, enabled us to exceed our clients’ expectations, and earned us the reputation of being an industry leader.
Over 25 governments, carriers, and brokers rely on hCentive’s technology, allowing over eight million ACA enrollments to be processed.
Evolves Platform to a Comprehensive Digital Solution for Brokers and Employers
RESTON, VA, JUNE 16, 2016 — hCentive, the leader in health insurance exchange solutions, announced a major update to its WebInsure Benefits marketplace, a Software-as-a-Service (SaaS) platform. The new features and several enhancements are designed to provide brokers and agents a comprehensive digital solution to serve employer groups from “quote to close”. Employers and employees use the same platform to access, enroll and administer a wide range of health, financial, ancillary/voluntary and other benefits. The WebInsure Benefits platform is already in use by clients in multiple state markets.
- WebInsure Benefits, launched in late 2014, is a benefits marketplace for brokers and agents. hCentive continues to expand the range of benefits products available on its benefits platform from national and regional carriers across Health (Medical, Dental, Vision, Wellness); Financial (Flexible Spending Accounts; Health Savings Accounts; Employee Loans); Voluntary (Life, Short-Term Disability, Long-Term Disability, Accidental Death & Dismemberment insurance; Identity Protection) and more.
- The platform allows brokers and agents to manage their book-of-business with client management, dashboards and analytical tools; brand their own exchange to market to clients; create custom plans and rates backed by compliance and validation tools to accelerate time to market; create best-fit and best-rate proposals for employers.
- For employers, the marketplace provides tools to select benefits from a wider array of carrier and product choices to fit with their business and budget; configure contribution strategies for each product; simplify administration of enrollments, status changes and work as Online enrollment software for group insurance.
- Built-in decision-support tools and calculators aid employees in smarter health and financial choices.
- WebInsure Benefits supports direct enrollment for consumers in states that use HealthCare.gov for on-exchange plans offered under the Affordable Care Act, so brokers can use the same platform as both employer group quoting and individual enrollments platform.
Derrick Cobey, Chief Product Officer, hCentive, Inc.
“We continue to build on our commitment to make WebInsure Benefits a one-stop shop for brokers and agents to efficiently serve employers for all their benefits needs. The upgrades we have made provide employers more control and options over benefits strategies while offering employers and employees more choice of health insurance and benefits products with smarter tools to select and manage those benefits.”
- hCentive – Solutions for Brokers
- hCentive – WebInsure Benefits
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.
In July, the Department of Labor and the Internal Revenue Service revealed a proposal that would significantly increase the reporting obligations for small employers by way of a new modernized Form 5500. If the proposal for revisions are passed, changes will go into effect as early as January 1, 2019.1
So what has changed?
Under the existing reporting regulations, small employer-sponsored group health plans (under 100 participants) that are either fully-insured or self-insured, aren’t required to file a Form 5500. However, under the new proposal, all employer-sponsored group health plans that are subject to ERISA (including grandfathered and retiree plans) must file a Form 5500 – regardless of a plan’s size.2
What exactly does that mean?
Simply put, small employers will now have the “privilege” of complying with the identical benefits-administrative system reporting requirements that are imposed on much larger employers. That means having to provide a tremendous amount of detail about enrollees, plan administrators, commissions, premiums and claims paid – just to name a few. This will also create a huge demand for yet even more detailed information required by tax laws. What this boils down to is that small employers and brokers alike will be held responsible for every one of these new regulatory requirements
Oh, and then there’s Schedule “J” …
In addition to the proposed change, Schedule J – a new requirement that will mandate group health plans to disclose a plethora of detailed information about their plans such as the number of participants, how many are being offered and receiving COBRA benefits, and if the plan includes coverage for not only the employee, but spouses, children, and retirees – as well as many other details.
So what exactly is your point, Lindsey?
That both of these changes are going to impose a hefty burden on all parties involved – the employer, administration, and yes, even the broker. The fact is, the 5500 filing has historically been a burden that larger employers working with better than 100+ employees have had to bear, requiring that most brokers prepare (or pay for the preparation of) the schedules required to be filed along with the employer’s return. To remain in compliance, smaller businesses will now be required to follow suit.
The bottom line is that if these new regulations come to fruition, they’ll undoubtedly create a demand for leveraging the technology capable of managing it all. The way I see it, this new regulation – and the work behind it – is going to cost employers a lot more than the mere $100 filing fee.
Without the right dose of applied technology to better manage benefits administration tasks, monthly audits that include identifying impacted accounts and participation information, will have to be assimilated manually. That means brokers who are slow to onboard technology and who continue to pencil out reports and enrollment forms on paper, should expect to spend a lot more time at the office. To learn more about how hCentive can support brokers with the right benefits technology, click here.
States have been waiting years to return to fixing how health care is delivered. But they got delayed in the process.
The ACA tasked every state with making major changes to Medicaid eligibility technology – a federally imposed mandate for all states, regardless of whether they chose to expand Medicaid. To comply with the ACA’s new eligibility rules and policies, some states attempted to build state marketplaces for private insurance plan shopping while retooling their separate Medicaid eligibility systems to accommodate the new rules for the under-65 population. This siloed approach often lead to cost overruns and lack of coordination between technology teams at each of the state marketplaces and their partner Medicaid agencies. Other states adopted marketplace systems that included an integrated “single door” for providing eligibility determinations for all state health care programs and benefits, while another set of states – the majority— wound up on HealthCare.gov.
Every state regardless of their decisions on marketplace implementation were forced to divert resources and expertise away from reforming health care and instead focusing on the changing ACA eligibility rules and associated IT systems. This often meant delaying planned work to transform how public programs like Medicaid pay for health care – one of the long-envisioned successes of health reform that hasn’t succeed on a large scale or in the private sector.
Last month, health care and hospital executives told a Washington, D.C. panel event hosted by POLITICO about their organizations’ work to return to the longer-term goal for transforming how health care is paid for and provided to patients. For example, a leader at one of New York City’s major hospital systems told the panel that his group ties almost all its patient care with value – including use of electronic medical records and emphasis on care coordination and outcomes and lowering costs. As expected, New York policy makers embraced the ACA and the state runs its own state marketplace with a single door eligibility system.
California and Massachusetts also run state based marketplaces – and similar to New York, Massachusetts has embraced an integrated single door to health coverage eligibility determinations for both private coverage and Medicaid. With state marketplaces, states retain local control over enrollment and policy decisions and their relationships with carriers and provider groups, allowing the states coordinate with these key stakeholders to influence the design and provision of health benefits and health coverage.
When states closely link health coverage with patient care, the full set of the ACA’s goals can be accomplished in ways that meet states’ unique needs, on their own terms.