By Christine Kern, contributing writer
Array Health aims to make the purchase of health insurance easier for consumers, employers, and health plans.
Array Health, a Seattle-based provider of technology for private health insurance exchanges, recently raised $9 million, according to a filing with the SEC. The company built and brought to market one of the first employer exchanges in the country, and has run Private Exchanges since 2006. Their platform is used by employers of all sizes, ranging from nursing homes to medical facilities.
According to its website, Array Health uses a cloud-based platform that lets health plans develop their own private online exchange while also providing employers a means to control costs on benefits and a new avenue to purchase benefits.
MedCity News writes it’s not a bad space to be in with demand for online private health exchanges expected to experience “hyper growth,” according to a report from Accenture. The report notes employers, consumers, and insurance carriers all have expressed enthusiasm for private exchanges.
Earlier this year, Array Health announced its approval to participate in the AHIP Connect program.
“Private health insurance exchanges represent a substantial opportunity in the new marketplace,” said Jonathan Rickert, CEO of Array Health. “As health plans are learning how to sell to consumers in this retail-focused world, our participation in AHIP Connect can help them build and offer a superior and differentiated shopping and enrollment experience to attract new business and enhance existing relationships.”
“The market for health insurance continues to diversify, and payers are developing promising new products to reduce costs and improve outcomes,” said Charles Stellar, Executive Vice President of Professional Services at AHIP. “We look forward to exposing our health plan members to Array Health’s team of technology, retail and insurance industry experts as they consider new exchange options.”