Policy Studies Inc. has a new business process outsourcing service to help address the requirements — and deadlines — for implementing health insurance exchanges and marketplaces, the company reports.
PSI designs and performs all customer service and application management functions within insurance exchanges — ensuring applicants have the customer service they need and expect to understand, choose, apply for, and enroll in the right health benefit plans.
PSI's new service uses Oracle's Policy Automation for Social Services and Oracle's Solutions for Health Insurance Exchanges. This latest offering from PSI is designed to help states speed implementations while managing costs based on building or operating exchanges on their own.
"Controlling the ongoing maintenance and operating costs is critical for the success of state exchanges because they are required to support themselves financially by 2015," says PSI CEO Margaret Laub. "No one wants to see insurance costs increase to cover the administrative costs for the exchange itself."
Laub notes that maintenance and operating costs for complex systems often run 20 percent of the total cost to build them. "PSI's turnkey solution is essentially 'leased' by states for an affordable per member per month fee, which is a far more predictable and less expensive method for the exchanges to forecast and to manage operating costs."
Pat Speer writes for Insurance Networking News, a SourceMedia publication.
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