SOURCE SeeChange Health
Partnerships will Drive New, Consumer-Governed Options for Managing Health
SAN FRANCISCO, March 5, 2013 /PRNewswire/ -- SeeChange Health, a leader in value-based health benefit solutions, is pleased to announce a strategic partnership with the Colorado Health Insurance Cooperative (the CO-OP). This partnership, a first for SeeChange Health under the Affordable Care Act, gives Colorado residents increased options for benefit access and affordability, and encourages consumers to take a more active role in their health.
"SeeChange Health is committed to empowering consumers in their health decisions, which aligns with the mission of the Colorado CO-OP," said Martin Watson, CEO of SeeChange Health. "We are pleased to provide Colorado consumers a new, proven approach that encourages and rewards individuals for taking better care of their own health."
SeeChange Health will provide the CO-OP its administrative services and value-based benefit platform. The CO-OP will offer its small group and individual products through Connect on Health Colorado, the state health benefit exchange, and directly to consumers through brokers. The products will be offered in October 2013 for effective dates in January 2014.
"Through this partnership, we seek to improve the health of our members and reduce health care costs, as well as to provide Coloradoans more choices in their health benefits," Julia Hutchins, CEO of the CO-OP. "We have a highly-selective review process for potential partners and we are confident that working with SeeChange Health will help connect Colorado communities to better health management options."
Recently identified as one of the World's 50 Most Innovative Companies by Fast Company, SeeChange Health expects to continue to expand its proprietary health engagement platform to CO-OPs, health-insurers, third-party administrators and employers. Additionally, SeeChange Health's Insurance division launched in Colorado in 2012, becoming the first health plan to only offer value-based benefit plans to small and mid-sized employers. This followed a successful statewide launch in California in fall 2011. SeeChange Health is planning to expand into additional states over the next few years.
SeeChange Health's customer base has increased from 400,000 members in 2011 to greater than 1.1 million in 2012. The membership growth has translated to revenue increases from $7.6 million in 2011 to $50.2 million in 2012.
About SeeChange Health
SeeChange Health delivers plans, technology and services aimed at creating better health and quality of life for employees, increasing workforce productivity, and lowering health care costs by encouraging individuals to play an active role in managing their health to prevent, detect and treat serious health conditions. SeeChange Health Insurance provides value-based benefit plans to fully insured employer groups in California and Colorado. SeeChange Health Solutions provides a completely customizable consumer engagement and health incentive technology platform to employers, health plans and third party administrators delivering the cost-controlling advantages of value-based benefit plans. For more information, visit www.SeeChangeHealth.com.
About the Colorado Health Insurance Cooperative (the CO-OP)
The Colorado Health Insurance Cooperative (the CO-OP) is a consumer governed and operated, nonprofit insurance company that aims to offer affordable, high-quality health coverage to individuals and small businesses. Sponsored by the Rocky Mountain Farmers Union Educational and Charitable Foundation, the CO-OP's health plans will be sold through Connect for Health Colorado (the Exchange) and independent insurance brokers and agents in 2013. Our plans will go into effect in 2014.
The CO-OP was established in 2012 through a $69 million line of credit awarded by the Department of Health and Human Services (HHS) under the federal Patient Protection and Affordable Care Act. What sets the CO-OP apart from existing health insurers is its structure. CO-OP members will ultimately be responsible for its operations and growth. Any surplus dollars the CO-OP earns will be returned to members through reduced premiums, increased benefits, or quality improvements.
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