Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits software solutions, today announced that Rush University Medical Center has selected five additional Benefitfocus solutions to complement its BENEFITFOCUS® Marketplace platform. With new data analytics tools, IRS reporting services, custom video communication premium employee support resources and voluntary benefits consulting services, Rush will be able to better execute on its benefits strategy and drive greater value for its workforce of nearly 10,000.
“We wanted to take it a step further by having employees become even more engaged in their benefits and take more ownership and accountability for their healthcare. Benefitfocus’ expanded offering was the obvious choice to give us the additional resources we need.”
“Benefitfocus has been wonderful in helping our employees better understand their benefits and make informed decisions during enrollment,” said Rush benefits manager Lori Rudnicki. “We wanted to take it a step further by having employees become even more engaged in their benefits and take more ownership and accountability for their healthcare. Benefitfocus’ expanded offering was the obvious choice to give us the additional resources we need.”
Rush will take advantage of BENEFITFOCUS® Core Analytics to provide employees with data-driven benefits decision support. The application allows individual and benchmark healthcare claims data to be incorporated into Benefitfocus Marketplace’s enrollment workflow. Employees can adjust their expected usage to predict out-of-pocket costs for each plan and compare side-by-side to determine which plan makes the most sense for their health and financial situation. On the administrative side, Core Analytics will allow Rudnicki and her team to easily monitor plan trends, evaluate plan performance and determine wellness program success so they can develop more impactful benefits strategies for the future.
Benefitfocus will also help drive administrative efficiency by enabling Rush to quickly and accurately prepare, produce and deliver IRS Forms 1094-C and 1095-C. These annual forms track information – required for compliance under the Affordable Care Act (ACA) – about the type of health coverage offered to eligible employees, the entity providing the coverage and which individuals are enrolled in coverage. Benefitfocus will aggregate and organize the necessary data through the Benefitfocus Marketplace, electronically transmit both forms with the IRS, and provide Rudnicki and her team with convenient access to bulk and individual reports. Employees will receive Form 1095-C electronically, with receipt confirmation, and on paper through Benefitfocus’ fulfillment service.
Additionally, the BENEFITFOCUS® Benefitstore service will help Rush deploy a comprehensive voluntary benefits strategy to support the health and financial needs of its employees. Benefitfocus will conduct a demographic analysis of the workforce to determine the appropriate mix of products – selected from a catalog of leading voluntary benefit providers – for Rush to offer. These products will then be integrated into Benefitfocus Marketplace’s enrollment workflow so that employees can make decisions about supplemental coverage at the same time they’re choosing core medical coverage.
To further promote self-service and smart decision making, Rush will work with BENEFITFOCUS® Video and the BENEFITFOCUS® Benefits Service Center. Custom-produced video communication provides a convenient, easy-to-understand channel for employees to educate themselves on Rush’s benefit offerings and wellness initiatives. Meanwhile, the Benefits Service Center acts as an extension of the Rush HR team, giving employees a go-to live resource for specific benefits questions and guidance.
“As a leading healthcare provider, Rush understands the importance of fostering a culture of wellness in the workforce – physically, mentally and financially,” said Benefitfocus CEO Shawn Jenkins. “That mission is at the core of what we do at Benefitfocus, and we’re proud to deliver solutions that help organizations work smarter, not harder, so their employees can be healthier, happier and more productive.”
About Benefitfocus
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 www.benefitfocus.com.
About Rush
Rush University, with nearly 2,300 students is a health sciences university offering more than 30 unique degree or certificate options in medicine, nursing, allied health and biomedical research. Rush University is comprised of Rush Medical College, the College of Nursing, the College of Health Sciences, and the Graduate College. Rush University Medical Center is part of Rush, a not-for-profit enterprise that also includes Rush University, Rush Oak Park Hospital and Rush Health. The mission of Rush is to provide the best health care for the individuals and diverse communities we serve through the integration of outstanding patient care, education, research, and community partnerships. Located one mile west of Chicago’s Loop, the medical center encompasses a 664-bed hospital serving adults and children. The 376-bed Tower building opened in 2012 as part of a major, ten-year campus redevelopment. Rush has more than 9,300 employees and faculty.
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.
