The Kaiser Family Foundation recently released a report entitled “Examining Private Exchanges in the Employer-Sponsored Insurance Market,” and Array Health is proud to be among the companies included. This report is the largest and most comprehensive to date on the private exchange market. It is a proof point that the industry is moving from awareness to consideration about the benefits of private exchange technology.
A key takeaway from the report is the sheer size and potential of the private exchange market. Research cited in the report indicates that 20-33 percent of employers nationwide will adopt a private exchange approach over the next three to five years. This represents a seismic shift in the way that companies offer and administer employee benefits and consumers shop for and purchase health and ancillary insurance products. Employers will enjoy cost stability through defined contribution during a time of unprecedented healthcare cost increases, and consumers will enjoy greater flexibility and choices in choosing the coverage that best meets their needs.
In fact, this report comes at a time when many industry experts are posing the question: will private exchanges soon become the de facto model for employer-sponsored health insurance? CIO.com thinks so, if the industry can get the technology right.
Developing the technology to power your exchange is what we do best at Array Health. We’re excited to be considered among the leaders of this robust market, and are well-positioned to scale as the market matures. Thanks for following our journey.