Empyrean Benefit Solutions, Inc., the Hi-Touch Benefits Administration company, announced a strategic partnership with Benefits Science Technologies (BST), an innovative leader in healthcare analytics. The new partnership provides Empyrean’s clients a leading capability to distill, analyze, and predict the effectiveness of healthcare-related benefit plans they offer.
The Empyrean Platform – which already allows companies to reduce risk and control complexity in their benefits program – now offers supercharged analytics capabilities with the addition of BST’s innovative algorithm, which dissects healthcare data to prescribe unique solutions for plan design, maintenance, and optimization.
“Our platform currently gives employers total control over the delivery of their benefits program. Partnering with BST empowers our clients and consultants even further – and gives them greater confidence in plan design decisions – by using data to help them preemptively and accurately navigate changing benefits conditions and measure the results,” said Richard Wolfe, Empyrean CEO and co-founder.
BST’s analytics engine, the Robust Optimizer, provides employers and their benefit consultants with specific medical plan recommendations that are connected – keeping all medical claims, prescription claims, biometrics, plan data and expenses, wellness programs, and plan eligibility housed within a single system. This singular, secure data storage allows BST’s algorithm to work more quickly and efficiently, offering a clear, accurate view of plan performance generated from data.
Not only providing descriptive and predictive insights, BST’s Optimizer benefits the employer by prescribing specific actions by considering billions of scenarios, removing unforeseen inefficiencies and eliminating less favorable options. In a matter of minutes, the Optimizer designs plans that meet employees’ specific needs while respecting employers’ budget constraints and overall business goals.
Research points to data analytics capabilities as one of the top most desired ancillary services to be offered through their benefits administration partner, making this partnership a natural fit for Empyrean – and further supporting the employer’s and benefit consultant’s strategy in the delivery of benefits, driving better employee education, decision support and engagement through the Empyrean platform.
Stephen Sofoul, BST’s CEO, adds, “It’s no longer enough to have data, employers must be able to apply insights strategically. That’s why we’re excited to be partnering to help employers and their consultants not only improve their insights, but to deliver on their strategies within the Empyrean platform.”
Empyrean Benefit Solutions manages employee health and welfare benefits programs, combining the industry’s most modern, client-adaptive, and configurable benefits technology platform with expert, responsive service to deliver Hi-Touch Benefits Administration. Empyrean provides market-leading enrollment, eligibility management, ACA reporting, and other plan administration services that empower employers, insurance brokers, and healthcare exchanges to meet ever-evolving benefit challenges. Founded in 2006, Empyrean’s integrated platform serves over three million annual participants across a wide spectrum of sizes, industries, and complexities. For more information, please visit www.GoEmpyrean.com.
About Benefits Science Technologies
Launched from the campus of MIT in 2012, BST is recognized as one of the world’s leading research and applied science teams. The company leverages advanced data sciences and machine learning to provide insights and business intelligence to improve the quality of healthcare while maximizing healthcare spends. BST empowers organizations to make better benefit decisions for their employee health plans – considering an employer’s budget, financial and quality goals and applying sophisticated analytics, statistical methods and proprietary Robust Optimization to create specific recommendations. The result is the ability to confidently navigate complex health insurance decisions. BST helps organizations achieve first-year savings of 5 percent to 15 percent with customized recommendations that reduce costs while improving healthcare outcomes.