Health Insurance exchanges are scheduled to come into operation by January 1, 2014. The U.S. federal government has identified October 2013 as the Open Enrollment period where individuals & businesses would be able to enroll themselves into various health plans.
Exchange Integration software is nothing but a group of applications clubbed together under a single package that automate a number of long-drawn and complex insurance related processes such as enrollment processing, claims filing, application processing, dis-enrollments, plan management etc. With the aid of exchange integration software, using the internet, insurers can easily update & manage their health plans and benefits showcased at the health insurance exchanges.
Some of the primary characteristics of exchange integration software are:
Security
As the health insurance exchanges would be web-based marketplaces, all transactions through the exchanges would take place through the internet. It is commonly known that the online media is highly susceptible to virus attacks, identity theft, password hacking etc. Insurers therefore need to deploy only that software on their network that transfers online data through secure web portals and uses encryption during transmission & storage. Added security measures such as limited entry ports to channels & role-based authorization access to data can further help secure the data against external malware and infiltration.
Scalability
While insurers may have a rough estimate on the number of users that are likely to enroll in the health plans, it is very difficult to predict a defined number of applicants in advance that may enroll in health plans in the future. Therefore insurers need to have a dynamic setup in place that allows them to scale their applications up or down based on the current needs of the market. Component based, flexible & scalable exchange integration software design is therefore necessary for all insurers.
Compatibility
Exchange integration software should be such that it is compatible with most of the modern technologies, browsers & operating systems to ensure a short implementation & integration cycle. The exchange integration software selected would need to integrate with multiple disparate systems of health insurance exchanges. If the software is built using a modern technology & is compatible with the IT networks of various health insurance exchanges, it would help insurers save on money & time.
Exchange integration software can help insurers rapidly link to exchanges through secure and scalable channels. With the deadline for health insurance exchange open enrollment period inching closer, insurers need to speed up their exchange implementation plans and build a strategy to rapidly link with the health insurance exchanges.
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