Profile: Benefitfocus Inc (BNFT.OQ)
18 Apr 2019
Benefitfocus, Inc. (Benefitfocus), incorporated on March 12, 2013, is a provider of cloud-based benefits management platform for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. The Company operates through two business segments: Employer, which derives its revenue from customers that use the Company's services for the provision of benefits to their employees, and administrators acting on behalf of employers, Carrier, which derives its revenue from insurance companies that provide coverage at their own risk. Its solutions support benefits plans, including healthcare, dental, life and disability insurance, and voluntary benefits plans, such as critical illness, supplemental income and wellness programs. It provides a multi-tenant cloud-based benefits management platform to the employer and carrier markets.
The Company's products and services for Insurance Carriers include Marketplaces, including Large Employer Marketplace, Small Employer Marketplace, Individual Marketplace and Retiree Marketplace; eEnrollment; eBilling; eExchange; eSales; Core & Advanced Analytics; Integrations; Video; Implementation Services, and Benefits Service Center. Marketplaces are online shopping environments referred to as exchanges that allow customers to select from a range of benefits plan choices to suit their individual needs. Marketplaces support the shift toward defined contribution benefits plans. Marketplaces provide consumer-centric experiences focused on personalization and integrate social tools. It also includes features to track plans and compare pricing and features across various benefit plans. eEnrollment provides the carriers with online enrollment for all types of benefits. The Company has designed eEnrollment to develop its users' experience by presenting information in integrating educational videos, as well as plan comparison and decision support tools to help users navigate the enrollment process. In addition to helping customers find suitable plans, eEnrollment supports business rules, such as eligibility and rating criteria. eEnrollment facilitates the activities, such as initial enrollment, open enrollment, new hire enrollment and life events.
The Company's eBilling is an electronic invoice presentment and payment solution (EIPP). It consolidates invoices from different insurance products so employers and individuals receive one invoice that can be viewed and paid electronically. eBilling automates the synchronization of billing and membership data to develop billing processes and provides options for bill payment, such as scheduled one-time and recurring payments. eExchange is a solution for carrier and employer systems, allowing exchange of data between carrier and employer systems. The Company's customers use eExchange to integrate data from multiple systems, convert data from one format to another, and manage the flow of employee data between carriers and employers. eSales gives carriers and brokers tools to organize and manage accounts, track leads, generate quotes and create proposals for multiple products. eSales allows carriers to define their own market segments and configure them with workflows and business rules. The Company's Core & Advanced Analytics is its data analytics solution for use by carriers and their self-insured employer customers. Core & Advanced Analytics is a privately labeled analytics solution that helps carriers and their self-insured employers identify cost drivers, recognize trends and predict future risks and costs. Additional analytical capabilities help create what-if scenarios to model different variables, such as co-pay, deductibles, benefits, inflation and member populations.
The Company's products and services for employers include Benefitfocus Marketplace, Communication Portal, Benefitstore, Core & Advanced Analytics, Benefits Service Center, Video, ACA Compliance & Reporting, eBilling & Payment, Implementation Services, Benefits Service Center, Integrations and Benefitfocus University. Benefitfocus Marketplace is a cloud-based benefits management portal that streamlines online enrollment, employee communication and benefits administration, and creates a private exchange environment for employers offering defined contribution plans. In one cohesive, engaging workflow, Benefitfocus Marketplace presents employees with all of the plans their employers offer. Employees who need extra assistance can access avatars, animated videos, and live chat sessions as they explore their benefit options. Communication Portal is an employee engagement portal that gives employers the tools to send personalized, targeted text and e-mail communications to specific employee groups based on location, job level and eligibility status. Features, such as an Intelligent Virtual Assistant, which provide employees on-demand support for employers, and Self-Service Total Compensation Reports.
The Company's BenefitStore is a solution that makes available directly to employees an array of ancillary benefits, such as transit, supplemental life and disability, among others, to provide customizable benefits package. The Company's Core & Advanced Analytics is its data analytics solution that helps employers makes informed, data-driven decisions about their benefits offerings. This product aggregates benefit cost and claims data from relevant sources and allows customers to analyze, forecast and monitor costs. Core & Advanced Analytics enables employers and their advisors to identify cost drivers, recognize trends, and predict future risks and costs. Additional analytical capabilities create what-if scenarios to model different variables, such as co-pays, deductibles, benefits, inflation and member populations.
The Company's ACA Compliance & Reporting is its solution that helps employers manage Affordable Care Act (ACA) compliance by consolidating and automating Internal Revenue Service (IRS) reporting. Additionally, Benefitfocus is an approved transmitter, allowing the Company to electronically file required ACA compliance documents with the Internal Revenue Service on behalf of its customers. eBilling & Payment is an EIPP application that synchronizes enrollment and billing information to streamline the monthly billing process and automate adjustments of payments. eBilling & Payment gives employers the ability to automate or schedule single-invoice payments to all of their benefit providers. Employers can drill down by employee to see coverage level and plan, or focus in by vendor, benefit type or internal cost control center.
Professional Services and Customer Support
The Company provides implementation services to its customers for deployment and utilization of its solutions. Benefitfocus Service Center provide employers with support services where the Company's benefits specialists help customers' employees understand benefit offerings, navigate the enrollment process, and find answers to human resource (HR) questions. Its Benefits Service Center provides employees with personalized, guided support. It also offers additional services, such as fulfillment, dependent verification and HR administration. The Company creates video and animated content that can be licensed within its applications or independently for distribution through client portals or Websites. Benefitfocus provides a video library and also can produces custom videos of its carrier and employer customers. Its staff of executive producers, project managers, writers, graphic designers, editors, and on-camera talent guide customers through the process from concept development to delivery.
The Company allows its partners and customers to develop custom applications that integrate directly with Benefitfocus Marketplace. The applications are organized into the categories, including voluntary benefits, health and wellness, benefits administration, finance and communication. RedBrick Health provides access to customizable health assessments, digital coaching, tracking and challenges. LifeLock allows employees to purchase identity theft protection when they are enrolling in other benefit programs. Equifax ACA Management Platform provides ACA management and compliance solution for tracking, automated look-back calculation and IRS reporting. SuccessFactors provides employee performance management solutions. WageWorks supports benefits, such as health savings accounts, flexible spending accounts, and health reimbursement programs, as well as commuter benefits, direct billing and Consolidated Omnibus Budget Reconciliation Act (COBRA).
The Company competes with Oracle, Infor, Workday, Aon/Hewitt, Towers Watson, ADP, Paychex, Cognizant and DST Health Solutions.
100 Benefitfocus Way
DANIEL ISLAND SC 29492-8378