One of the world's largest General Agencies
pilots cutting-edge technology to reduce $150B waste, increase transparency, and
matchmake policies
NEW
YORK, May 7, 2024 /PRNewswire/ --
Professional Group Plans (PGP), the largest full-service agency in
the tri-state area, along with Archon, today announces its
strategic partnership with Budgie Health, a revolutionary
benefits analytics platform that translates complex healthcare data
into simple financial and utilization experiences so that people
can get the care they need while saving time and money. This
collaboration marks a significant step toward mutual benefits:
offering solutions to streamline employer benefits costs while
optimizing healthcare choices and enhancing service delivery for
patients. On average, employees and their families save
$1,200 annually using this tool.
Through this partnership, Budgie Health will be seamlessly
integrated into PGP's suite of offerings, instantly bringing
potential service availability to more than 60,000 employer groups.
Employers within the PGP network have the option to leverage
Budgie's unique, budget-friendly technology to empower benefits
decision-making by providing real-time access and analysis of
individual claims data. With Budgie as their partner, employers
within the PGP and Archon network can offer employees personalized
recommendations and adjust their utilization and plan choices.
"Health insurance is confusing and difficult to
navigate during open enrollment and throughout the year. But, with
partners like Budgie, employees can better understand their
choices. It helps them decide on the best plan for their needs
using their claims history and helps them with providers and
prescription choices, which ultimately saves them time and money
while keeping costs properly aligned for employers."
Kerry Phelan, CEO of PGP
The Technology Behind Budgie
Budgie Health is an early-stage start-up based out of
New York City. Budgie is the first
Decision Engine that uses real-time access to health claims data,
empowering brokers with data-driven, tailored plan recommendations
and offering employees the opportunity to make better enrollment,
spending, and utilization decisions. Unlike other solutions that
require employees to answer lengthy questionnaires or manually make
plan adjustments, Budgie Health utilizes actual claims history to
support decision-making during Open Enrollment and beyond.
Budgie is also piloting AI-driven features, LLMs, and machine
learning capabilities including complicated scenario modeling and
real-time decision support.
"Our mission is to take the financial stress out
of healthcare. We do that by providing clarity and confidence to
make the right decisions. We're proud that PGP - one of the
largest general agents in the world - is an early adopter of this
industry-changing technology."
George Spurling, Co-Founder and CEO of
Budgie Health
Industry Impact
Each year, $150B is lost in
healthcare costs due to selection mismanagement regarding benefits
and utilization. This collaboration between PGP, Archon, and Budgie
Health represents a pivotal advancement in making healthcare more
comprehensible. By partnering, they are pushing the boundaries of
the traditional health insurance landscape, offering an innovative
solution for healthcare optimization, cost containment, and policy
management.
Budgie Health utilizes the capabilities only recently enabled by
the CMS Interoperability and Patient Access Final Rule
(CMS-9115-F.) By pioneering advanced analysis and real-time access
to user-level claims to optimize healthcare decisions, Budgie is
setting a new standard for employee benefits programs.
About Budgie Health
Budgie Health guides employees to the right benefits decisions
at enrollment and throughout the year, generating savings for
employers and employees. Budgie's personalized recommendations are
driven by real-time claims analytics, to create more employee trust
and less effort for benefits teams. The underlying engine can then
help confidently optimize plan designs by assessing the
employee-level financial impact of endless scenarios.
https://www.budgie-health.com/
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SOURCE Budgie Health Inc.