Arevo Health partners with Gallagher Benefits
Data platform now being offered to area employersMay 23rd, 2019
Arevo Health LLC, a Spokane-based developer of health-care analytics software, has formed a new partnership with the Spokane office of Rolling Meadows, Illinois-based Gallagher Benefit Services Inc.
Arevo CEO Ryan Fix says the collaboration brings Arevo’s artificial intelligence-powered data analytics platform to Gallagher Spokane clients, specifically employers that offer self-funded health insurance plans. The technology is designed to enable those employers to view claims data in real time and use it to help manage their health care costs.
“The biggest thing we’re trying to do is bring together technology that helps companies to better manage their employee health benefits,” Fix says.
In a self-funded insurance plan, an employer is responsible for providing employee health care benefits and is financially responsible for health care claims incurred by employees. This type of plan holds a large amount of risk for employers, as they’re responsible for paying for claims, Fix contends.
A self-funded insurance plan can include medical, dental, vision, prescription medications, and workers’ compensation. Costs incurred will vary depending on the use of the health services.
In order to create and manage their health care plans, mitigate risk, and ensure the plan meets employee needs, self-funded employers will hire other entities, such as brokers and third-party administrators, to help them with their plans.
“The role of brokers like Gallagher is to advise self-funded companies in selecting, buying, and administering health benefits,” he says. “Arevo’s technology already mirrors that role, so this partnership just allows us to bring our tech into greater play.”
Charlie Isaacs, area president for Gallagher Spokane, says the company was intrigued by the prospect of partnering with Arevo.
“Today’s health care industry is facing a general lack of transparency and access to information at both the employer and employee levels,” Isaacs says. “This platform complements our abilities as a consultant helping employers make real, actionable decisions around health care spending.”
Arevo’s software captures claims expense data from self-funded plans, as well as from other employee benefits areas, such as human resources, payroll, and key performance indicators. It then mines the data to figure out where employees are going for health care, as well as how much they’re paying.
Those insights can be used to showcase the differences in cost between providers and point out low-cost, high-quality opportunities that can help save the company and its employees money.
Fix says Arevo has been looking to collaborate with a benefits consultant for several months in order to understand better their challenges as well as the needs of their customers.
“Gallagher was the right choice for us, because they’re aligned with our goals of total transparency,” he says.
He adds, “We think it’s great that a brokerage firm can see the value in our product and is excited about what it allows them to do. It validates what we set out to do as a startup, which was use technology to solve issues for employers that are struggling to manage health benefits.”
Fix says that Arevo, which started here in 2013 and reintroduced itself to health care markets last year, is working with three other third-party administrators in addition to its new partnership with Gallagher Spokane.
“We should have another 1,000-person employee group coming on board later this month,” he says, though he declines to disclose further details at this time.