In the news
SeeChange Health acquires Central Benefits National Life Insurance Co.
April 25, 2009 | By
SAN FRANCISCO – SeeChange Health, the nation’s only fully-insured, value-based health insurance provider, has announced the acquisition of Central Benefits National Life Insurance, a health and life insurance company based in Westerville, Ohio. The transaction closed on July 31, 2009.
The acquisition of Central Benefits National Life Insurance Co. will allow SeeChange Health to rapidly expand their fully-insured, value-based products into 25 states in the coming months. The program is expected to launch in California later this year pending final regulatory approval.
“Value-based health care is an innovative approach toward lowering healthcare costs while at the same time improving the quality of care,” said Janice Rahm, executive vice president of SeeChange Health. “Instead of continuing to shift healthcare costs from insurer to employer and plan member, our new value-based plans will actually reduce medical claims, because the plans will ultimately improve the health of our members.” “It has been over 20 years since a new insurance company entered the California market,” said Martin Watson, CEO of SeeChange Health. “We are confident SeeChange Health is uniquely positioned to adjust quickly to both market needs and regulatory changes that may impact the industry.”
About Value-Based Health Care
The problem with healthcare today is that the current system only focuses on delivering care when treatment
options are most costly and outcomes are most limited. The “80/20” rule stipulates that 20% of the insured
population accounts for 80% of the healthcare spent today. By only focusing on the current 20% who are high
claimants, we are not managing the 80% who are tomorrow’s high claimants.
Value-based healthcare, on the other hand, is designed to drive consumer engagement by incenting individuals to
access highly-valued preventive care, and value-based insurance companies are able to do this by rewarding
participants with richer benefits when compliance criteria (pre-defined health actions) are completed. Compliance
examples include:
- Completing a health questionnaire
- Participating in an annual biometric (lab) screening
- Following age, gender and condition specific guidelines
The rewards and incentives for participating in a value-based program include:
- Waiving or reducing copays, deductibles and/or coinsurance
- Reducing health insurance premiums
About SeeChange Health
SeeChange Health, a division of Triveris LLC, provides fully-insured, value-based health insurance to small employer groups. The company combines value-based benefit designs, data analytics and an interactive personal health record to consistently improve the health profile of individuals. Preventive health actions are assigned and tracked at an individual level. Individuals with disease states such as pre-diabetes, diabetes, asthma and heart disease receive specific health actions based on their medical condition. SeeChange Health is headquartered in San Francisco and is focused on reducing healthcare costs through proactive health management and early detection of health conditions.
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