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Benefitfocus and Equifax announce strategic alliance to help companies manage employee eligibility according to requirements of the look-back provision
CHARLESTON, S.C., Oct. 3, 2013 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits software solutions, today announced a strategic alliance with Equifax Workforce Solutions to enable employers to meet requirements specific to the look-back provision of the Affordable Care Act, or ACA. This alliance expands the BENEFITFOCUS® Ecosystem and offers clients access to the Equifax ACA Management Platform with a Look-Back Calculator app through BENEFITFOCUS HR INTOUCH®, the company's cloud-based benefits enrollment and employee communication portal.
Benefitfocus has created an ecosystem designed to allow health and benefits-related data to be seamlessly transferred between multiple environments in real-time, extending the value of the company's portfolio of products. Through this strategic alliance, Benefitfocus and Equifax Workforce Solutions are equipped to provide a comprehensive suite of tools for look-back administration, communication and reporting.
"Our Platform supports clients and their efforts to stay ahead of the complex and rapidly evolving demands being placed on companies and their benefits administration," said Shawn Jenkins, President and CEO of Benefitfocus. "We're expanding our Ecosystem to fit the modernized benefits lifecycle, and we are excited to offer our clients access to Equifax's ACA Management Platform as they prepare to meet new legislative requirements."
With the ability to access the Equifax ACA Management Platform through HR InTouch, employers can calculate look-back periods of hourly workforce populations using the safe harbor method introduced by the Employer Shared Responsibility provision of the ACA. Equifax provides a Look-Back Calculator that accurately tracks employee eligibility during the specified measurement period to determine which individuals qualify for coverage. Integrating this data into HR InTouch enables employers to use advanced multi-media messaging and reporting capabilities to notify employees of their eligibility and ensure they enroll in the appropriate benefit plans within the required 90-day timeframe.
"Our state-of-the-art solution helps employers effectively manage measurement periods for large numbers of hourly employees," said Mike Psenka, SVP of Workforce Analytics at Equifax Workforce Solutions. "The tool plugs into HR InTouch so organizations can both comply and offer coverage without having to maintain a costly and complex in-house platform. Aligning with Benefitfocus will give us the ability to provide a comprehensive solution for benefits enrollment and ongoing management."
The Equifax Look-Back Calculator is now available through HR InTouch. Both companies will be participating in the upcoming HR Technology Conference & Exposition, from October 7-9, in Las Vegas. Conference attendees will have the opportunity to explore the analytics and reporting tools Benefitfocus and Equifax are providing large employers as companies prepare for the transition to managing healthcare and benefits under ACA regulations.
About Equifax Workforce Solutions
Equifax (NYSE: EFX) is a global leader in consumer, workforce and commercial information solutions, that provides businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide, and uses advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers. Equifax Workforce Solutions (formerly TALX), an Equifax business unit, is a leading provider of human resource, data, analytics and verification services.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifaxworkforce.com or www.equifax.com.
Benefitfocus, Inc. (NASDAQ: BNFT) is a leading provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. Benefitfocus has served more than 20 million consumers on its platform, that consists of an integrated portfolio of products and services enabling clients to more efficiently shop, enroll, manage and exchange benefits information. With a user-friendly interface and consumer-centric design, the Benefitfocus Platform provides one place for consumers to access all their benefits. Benefitfocus solutions support the administration of all types of benefits including core medical, dental and other voluntary benefits plans as well as wellness programs. For more information, visit www.benefitfocus.com.
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: the immature and volatile market for our products and services; the need to innovate and provide useful products and services; our dependence on the success of strategic relationships with third parties like Equifax; competition, privacy, security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec.cfm or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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