CHARLESTON, S.C., April 16, 2021 /PRNewswire/ -- A
commissioned Total Economic Impact study conducted by
Forrester Consulting on behalf of Benefitfocus (NASDAQ: BNFT)
concluded that the Benefitplace single platform solution
improves data quality and automates processes across the ecosystem,
allowing health plans to reduce costs by millions of dollars and
improve operating flexibility to adapt to unexpected market trends
and changing customer demands. Benefitfocus is an
industry-leading benefits technology platform that simplifies
benefits administration for health plans, employers and
brokers.
The findings come from a commissioned study conducted by
Forrester Consulting, one of the most influential research and
advisory firms in the world, on behalf of Benefitfocus and
published in March 2021, examining
the benefits that health plans may realize by deploying
Benefitplace, Benefitfocus' single platform solution. To better
understand the impact associated with this investment, Forrester
interviewed a health plan that uses Benefitplace. The U.S.-based
organization serves about 2 million members and boasts more than
$3.5 billion in annual revenue.
"With the implementation of Benefitplace, the health plan was
able to reallocate administrative budget and resources to market
differentiating initiatives, often around better meeting customer
needs," the study concludes. "Through improved flexibility and
agility from the Benefitplace platform, the health plan increased
their resilience and improved their ability to withstand whatever
the future might bring."
Among the key findings for quantified benefits:
- Retiring legacy systems avoided $6.3
million in IT development costs.
- Moving enrollment and billing online saved $1.4 million in paper and postage.
- Process automation combined with improved data quality
increased operational efficiency, saving $1.1 million in resource costs.
- Standardized data feeds and error resolution functionality
improved scalability, saving $0.6
million in avoided headcount.
Additionally, the study found the Benefitplace platform
delivered:
- Higher Net Promoter Scores (NPS) from improved customer
experience.
- Improved business flexibility and agility.
- Confidence and reliability through partnership.
- Learnings from advisory councils, creating a unique
problem-solving environment.
After reviewing costs, including implementation, managed
service fees (adoption services, hosting and security, and
maintenance) and internal labor, the TEI study showed this health
plan saved at least $9 million over
three years.
The TEI Study Framework and Methodology
Forrester took a multistep approach to evaluate the impact
that Benefitplace can have on an organization:
- Due Diligence: Forrester analysts interviewed Benefitfocus
stakeholders and Forrester analysts gathered data relative to
Benefitplace.
- Customer Interview: They interviewed decision-makers at the
health plan using Benefitplace and obtained data with respect to
benefits, costs, and risks.
- Financial Model Framework: They constructed a financial model
representative of the interviewees' experiences with
Benefitplace.
- Case Study: Forrester employed four fundamental elements of TEI
in modeling the investment impact: benefits, costs, flexibility,
and risks. Given the increasing sophistication of ROI analyses
related to IT investments, Forrester's TEI methodology provides a
complete picture of the total economic impact of purchase
decisions.
Connect with Benefitfocus
Click here to view a video on the study from One Place, Benefitfocus' annual conference
bringing together benefits and health care leaders from across the
country.
Like Benefitfocus on Facebook
Follow @benefitfocus on Twitter
Follow Benefitfocus on LinkedIn
Follow Benefitfocus on Instagram
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits
industry through innovative technology solutions that bring
efficiency, cost savings and simplicity to employee benefits
administration. Our powerful cloud-based software, data-driven
insights and thoughtfully designed services help employers,
insurance brokers, health plans and suppliers address the
complexity of benefits enrollment and engagement, while bringing
easier access to health, wealth and lifestyle products
through a world-class benefits experience. Our mission is
simple: to improve lives with benefits. Learn more
at www.benefitfocus.com, LinkedIn, Facebook,
Instagram and Twitter.
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
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: volatility and uncertainty in the global
economy and financial markets in light of the evolving COVID-19
pandemic and uncertainties arising from the recent U.S. elections;
our continuing losses and need to achieve GAAP profitability;
fluctuations in our financial results; our ability to maintain our
culture, retain and motivate qualified personnel; the immature and
volatile market for our products and services; risks related to
changing healthcare and other applicable regulations; risks
associated with acquisitions; cyber-security risks; the need to
innovate and provide useful products and services; our ability to
compete effectively; 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-filings 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.
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SOURCE Benefitfocus, Inc.