Providence Health Plan teams with Collective Health on third-party administration
The companies say the new platform will transform how employers manage their health benefits programs.
Photo: Bloom Productions/Getty Images
Providence Health Plan, a regional, nonprofit health plan serving Oregon, Washington and California, is partnering with health benefits platform Collective Health on an effort to overhaul third-party administration (TPA) services for self-funded employers.
Don Antonucci, president and CEO of Providence Health Plan, said in a statement that the platform – called Providence Health Plan Powered by Collective Health – will transform how employers manage their health benefits programs.
"Combining PHP's deep understanding of regional healthcare needs and trusted provider relationships with Collective Health's proven technology platform brings something unique to the market," he said.
WHAT'S THE IMPACT
According to Collective Health, the collaboration was formed due to the unique challenges self-funded employers face in managing their health benefits programs.
They require sophisticated solutions that offer flexibility to integrate multiple vendors, robust data analytics, and the ability to customize plans for their specific employee populations – all while maintaining cost efficiency and administrative simplicity.
In an independent claims cost study, Collective Health cut healthcare cost trends by 50% over five years.
The platform, the companies said, enables employers to optimize their healthcare investments while maintaining the flexibility to integrate benefits from a digital experience that's meant to simplify navigation. Employers gain access to analytics and reporting tools to aid in decision-making.
The partnership will be available to PHP self-funded groups and introduces an administrative services platform that connects healthcare offerings, and leverages modern technology for efficient scaling, the companies said.
"This represents a significant leap forward in how we serve our self-funded employers in our markets," said Scott Burton, commercial market president at Providence Health Plan.
THE LARGER TREND
In 2022, Providence Health Plan teamed with Type 2 diabetes reversal company Virta Health and initial clinical trial results were promising, showing 94% of participating patients who use insulin decreasing or eliminating their dosage after just a year.
Virta purports to reverse Type 2 diabetes through innovations in technology, nutrition science and continuous remote care from physicians and behavioral experts.
Jeff Lagasse is editor of Healthcare Finance News.
Email: jlagasse@himss.org
Healthcare Finance News is a HIMSS Media publication.
