Benefitfocus Platform for Health Plans Delivers Significant ROI over Three-Year Period
The findings come from a commissioned study conducted by
"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 millionin IT development costs.
- Moving enrollment and billing online saved
$1.4 millionin paper and postage.
- Process automation combined with improved data quality increased operational efficiency, saving
$1.1 millionin resource costs.
- Standardized data feeds and error resolution functionality improved scalability, saving
$0.6 millionin 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
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
Benefitfocusstakeholders 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.
Click here to view a video on the study from
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
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