CHARLESTON, S.C., Dec. 5, 2014 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits software solutions, and Health E(fx) today announced a cooperative effort to provide employers with a powerful solution for managing health benefits under the Affordable Care Act (ACA) regulations. Through this collaboration, employers using the BENEFITFOCUS® Platform to manage benefits enrollment and employee communication can now access the Health E(fx)® Platform for eligibility tracking, compliance, reporting and analytics capabilities.
The expansion of the BENEFITFOCUS® Ecosystem to include the Health E(fx) Platform provides employers with a scalable workforce management solution designed to help employers streamline eligibility and affordability management and ACA compliance. Named 'Top HR Product' for 2014, the Health E(fx) Platform automates eligibility tracking and compliance reporting required by the ACA, while providing clarity and control through industry-leading analytics tools. The Benefitfocus API enables integration of the Health E(fx) Platform, allowing for eligibility and benefits information to be automatically updated so that data is consistent and accurate across all systems. This functionality helps make easy what could otherwise be a major hassle for HR departments.
"Expanding our Ecosystem to include recognized best-in-class providers allows us to deliver a solution that creates more efficiencies for our growing community of clients as they face increasing administrative complexity with the ACA," stated Benefitfocus President and CEO Shawn Jenkins. "We are excited to have Health E(fx) as part of this ecosystem that is helping companies manage their benefits while simplifying compliance and addressing consumer needs."
The Health E(fx) cloud platform automates all tracking, forecasting and reporting to help ensure compliance while optimizing workforce and HR decisions within the framework set by the ACA. Both federal and state-by-state regulation changes are updated as they are introduced—and eligibility is tracked across all complex measurement and affordability rules. The Health E(fx) Platform manages all regulations and employer-specific plan information, generates required compliance reports and employee notifications, and helps employers strategically manage their benefits program through comprehensive analytics and decision support tools.
"Health E(fx) is pleased to have our solution integrated and available through the Benefitfocus Ecosystem," stated Andy Brown, President and CEO of Health E(fx). "Through integration with the Benefitfocus Platform, customers are able to streamline and automate ACA compliance requirements, while also having critical eligibility and management data available through the benefits administration life-cycle. This creates significant efficiency and value for the employer."
The Health E(fx) and Benefitfocus offering will be available to the market in early 2015.
About Health E(fx)
Health E(fx) is developed by HealthCare Impact Associates LLC, a highly experienced team of business and technical professionals with unique knowledge and expertise in ACA legislation, government policy direction, and the regulatory framework that is affecting all US employers with more than 50 full-time employees. Combining expert ACA regulatory compliance and large employer benefits competency with deep functional and technical HR and compliance management systems engineering skill, HealthCare Impact Associates is an industry leader providing solutions that place clarity, compliance, and control in the hands of employers and their HR systems stakeholders. For more information, please visit: www.healthefx.us.
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 23 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.
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; reliance on strategic relationships, including with Health E(fx); 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; our ability to compete effectively; reliance on key personnel; our ability to maintain our culture and recruit and retain qualified personnel; changes in government regulations; privacy, security and other risks associated with our business; fluctuations in our financial results; general economic risks; 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.
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SOURCE Benefitfocus, Inc.