Benefitfocus to showcase Core & Advanced Analytics at Health & Benefits Leadership Conference
Charleston, S.C. – April 6, 2015 – Employee benefits are a top budget item for many companies, and with five percent of an employee population driving 50 percent of a company’s healthcare spend on average, understanding the data behind those costs and how to control them is critical. Benefitfocus, Inc. (NASDAQ: BNFT) recently launched BENEFITFOCUS® Core & Advanced Analytics to put benefits administrators back in the budget driver’s seat by providing valuable insights into benefits program performance and costs.
Big data is big, but it’s only as powerful as the analytics that can convert it into actionable data. The new analytics solution aggregates complex data from disparate sources – such as claims from multiple benefit providers, biometric screening statistics and budget data from finance systems – into a single, intelligent platform. Armed with data analytics, employers can confirm or change plan designs quickly and easily using integrated plan modeling and incorporating predictive cost control programs such as wellness, disease management and onsite clinics.
“A lot of benefit administrators are making decisions based on national averages and industry trends because they don’t have access to the facts about their health plan,” said Vickie Rice, data & analytics solutions manager for Benefitfocus. “Data analytics is driving a technology revolution across the benefits industry and empowering meaningful change in a climate of increased demand for healthcare transparency and efficiency.”
For example, providing employees’ historical claims data during policy evaluation and enrollment can help them make informed decisions about their health plan options. Or, using Advanced Analytics, employers gain visibility into cost trends and triggers such as prescription utilization and chronic illnesses.
Benefitfocus will showcase Core Analytics along with the new BENEFITFOCUS® Marketplace at the Human Resource Executive® Health & Benefits Leadership Conference, in Las Vegas April 8-10, 2015 at Booth 417.
Benefitfocus, Inc. (NASDAQ: BNFT) is a leading provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. Benefitfocus has served more than 25 million consumers on its platform that consists of an integrated portfolio of products and services enabling clients to more efficiently shop, enroll, manage and exchange benefits information. With a user-friendly interface and consumer-centric design, the Benefitfocus Platform provides one place for consumers to access all their benefits. Benefitfocus solutions support the administration of all types of benefits including core medical, dental and other voluntary benefits plans as well as wellness programs. For more information, visit https://www.benefitfocus.com.
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the need to innovate and provide useful products and services; changes in government regulations; the immature and volatile nature of the market for our products and services and other factors that could impact our anticipated growth; management of growth; fluctuations in our financial results; general economic risks; reliance on key personnel; our ability to compete effectively; our ability to maintain our culture and recruit and retain qualified personnel; privacy, security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec.cfm or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.