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Benefitfocus releases latest version of eBilling software Insurance carriers tout value of frequent upgrades
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Charleston, SC– July 13, 2005 – Benefitfocus.com, Inc., a leading provider of software and services for employee benefits, has released the latest version of its electronic billing software, Benefitfocus® eBilling. The product upgrades offer increased functionality to the industry’s most comprehensive and dynamic electronic invoice presentment and payment (EIPP) application.
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Designed specifically for insurance carriers and their customers, Benefitfocus eBilling features three primary components: electronic invoicing, reconciliation and bill pay. Combining robust capabilities with a simple, intuitive interface, the application streamlines processes, lowers costs and improves cash flow.
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The upgrade adds significant improvements and features for insurance carriers and their clients, including the ability to view claims invoices and invoice details, the ability to turn paper billing on or off, email notifications for delinquent accounts and several new reporting capabilities.
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“Benefitfocus uses agile software development methodologies, which allow new software releases every nine weeks,” said Shawn Jenkins, CEO of Benefitfocus.com. “Clients don’t have to wait one to two years to get new functionality; if a critical feature is needed, it can be developed within only a couple of software cycles. We offer quick-to-market functionality and lower risk deployment.”
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Frequent releases reduce risk. Many software companies upgrade only once every 24 months. However, Benefitfocus releases only two months’ worth of code at a time, so the technology can be tested more effectively and with a smaller scope.
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“We do all the behind-the-scenes work, so our clients can get the new features without any pain. All our clients need is a web browser,” adds Jenkins. “And because it is a manageable set of features, clients are not overwhelmed with the new functionality and can easily adapt the changes into their workflow.”
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The eBilling solution addresses every aspect of the billing cycle, from invoicing and enrollment updates to automated reconciliation and secure payment transactions. Integration with legacy and enrollment systems is its key advantage. This enables a dynamic flow of data, and as a result, eBilling is the first application to provide carriers with a complete, full-circle billing process.
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“One of the reasons we chose Benefitfocus eBilling was for the value inherent in their frequent upgrades,” stated Tim Vaughn, CFO of BlueChoice HealthPlan of South Carolina, a wholly-owned subsidiary of BlueCross BlueShield of South Carolina. BlueChoice uses a proprietary version of Benefitfocus eBilling called Quickbill. “If we request a change or our customers request a new feature, we can expect to see improvements within just a few weeks.”
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"I loved Quickbill before the new release, now it's even better,” says Teresa Roddey, Human Resources Administrator for Chester County, a satisfied BlueChoice customer. “It's as if the software anticipates what you need before you need it. I couldn't imagine dealing with a paper bill anymore."
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With proven expertise in enrollment and benefit solutions, Benefitfocus has a comprehensive understanding of the industry’s complex business challenge. Building on this knowledge, the company developed Benefitfocus eBilling to deliver accurate, timely electronic invoices, resolve billing disputes through automated reconciliation, and securely collect payments online. The complete solution offers the most comprehensive set of capabilities for the entire billing process.
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Benefitfocus eBilling seamlessly integrates with enrollment systems, enabling rapid transmission of changes in benefits and the generation of more accurate, timely billing statements. By replacing slow, error-prone paper processes, eBilling saves insurers an estimated $9.50 for every invoice generated, which quickly adds up to a significant ROI.
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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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