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| La Cruz Azul de Puerto Rico, (Blue Cross of Puerto Rico), Chooses Benefitfocus eBilling to Enhance Customer Service and Drive Operational Efficiencies
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Mount Pleasant, SC and San Juan, Puerto Rico – November 14, 2005 – Benefitfocus.com, Inc., the leading provider of electronic billing software for the insurance industry, today announced that La Cruz Azul de Puerto Rico (LCA), has selected the Benefitfocus® eBilling web-based invoicing solution. LCA will be the first in its market to offer its 180,000 members multi-language, online self-service to review, adjust, approve and pay invoices electronically. Using eBilling, LCA anticipates significantly reducing invoice processing costs, streamlining IT operations, and lowering day sales outstanding, while setting new industry standards in customer service.
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Healthcare in the United States is a $2 trillion industry with over 30% of all costs attributed to paperwork and administration, according to Gartner research group. With an increasingly competitive market, insurance carriers can no longer depend on product differentiation, but must focus on operational efficiency and customer service to maintain a competitive edge. LCA realized that one area of high operational costs and frustration for both brokers and their customers was the manual and complex invoicing process.
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"With millions of invoices processed every year, billing represents a critical interaction with our diverse group of customers and their specific product and service needs," stated Marcos Vidal, President and CEO of La Cruz Azul de Puerto Rico. "We believe that Benefitfocus’ online solution can help us reduce the cost and administrative workload for invoice processing while bringing substantial value to our groups." LCA chose Benefitfocus to provide electronic enrollment in May of 2005.
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With both Benefitfocus® eBilling and eEnrollment, LCA will be offering the industry leading web capabilities to the Caribbean and over three million member insurance market within Puerto Rico.
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"Benefitfocus’ intent is to do away with the administrative burden, streamline communication and automate transactional processes within healthcare," said Shawn Jenkins, President and CEO of Benefitfocus.com, Inc. "Implementation of electronic billing represents a huge eBusiness advantage for La Cruz Azul. By adding eBilling to our robust enrollment solution, we will save our client time and money."
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Benefitfocus is the first software company in Puerto Rico to provide a robust, enterprise-wide and multi-lingual electronic billing system that serves human resources administrators, brokers and members with consolidated bill presentment, payment and reconciliation through a web based platform. By replacing traditional, error-prone paper processes, Benefitfocus eBilling saves insurance carriers an estimated $9.50 for every invoice generated, which quickly adds up to a significant return on investment. Benefitfocus® eBilling offers the industry’s most comprehensive and dynamic electronic invoice presentment and payment (EIPP) application. Building on its knowledge of the insurance industry, the company developed Benefitfocus® eBilling to deliver accurate, timely electronic invoices, resolve billing disputes through automated reconciliation, and securely collect payments online.
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About La Cruz Azul
La Cruz Azul de Puerto Rico, Inc. is a leading provider of employee health care benefits and insurance. For over 60 years La Cruz Azul de P.R. Puerto Rico, Inc. (LCA) has served Puerto Rico. LCA is a stock corporation organized under the provisions of the Insurance Code of Puerto Rico licensed to issue disability insurance, including health insurance policies. Its major stockholder is Independence Blue Cross Blue Shield (IBC) of Philadelphia (ranked 7th among all health insurance carriers in the US). IBC and LCA are members of the Blue Cross Blue Shield Association, an association of independent Blue Cross and Blue Shield plans, which provides health care coverage to more than sixty-five (65) million members. It strives to provide its members affordable health care solutions in the most efficient manner possible. It is committed to service excellence and to the continuous improvement of our organization as it establishes the gold standard for the industry. La Cruz Azul can be reached at 787.272.7825.
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About Benefitfocus
Benefitfocus.com, Inc. (Benefitfocus) is a leading provider of benefits administration software and services, offering employees and employers access to all benefits and human resource information securely over the Internet. Linking this data to payroll vendors and benefit providers, Benefitfocus applications seamlessly exchange data, therefore reducing errors and costs associated with traditional paper-based forms. Benefitfocus applications are designed to make companies more efficient, cost-effective, and more focused on delivering actual benefits instead of spending time on undue paperwork.
The company is headquartered in Mount Pleasant, SC (Charleston), and has an established client base of over 8,000 corporate employers in all fifty states.
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