TEANECK, N.J., Feb. 25, 2014 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today announced that it has enabled Fallon Health, a Massachusetts-based not-for-profit health care services organization, to become the first Massachusetts health insurer to provide quotes for merged market plans mandated by the Affordable Care Act (ACA).
As Fallon's strategic partner, Cognizant developed and deployed a new online quoting tool called QuoteNow that facilitates best-practice quoting, rating and underwriting, and streamlines application submission and enrollment. Built using Pegasystems technology, QuoteNow helps Fallon deliver an optimal experience to consumers as well as insurance brokers, while complying with ACA requirements around member-level rating and conducting Health Insurance Exchange activity more effectively. QuoteNow makes it easier for Fallon to implement new automated processes and manage changes based on regulatory demands.
By helping Fallon to successfully exchange HIPAA-compliant electronic information with the Massachusetts Health Connector within a record time of five months, Cognizant enabled Fallon to accept applications and enroll members from the open enrollment date of October 1, 2013.
"This engagement forms an important part of our roadmap to automate our business processes for superior service and better regulatory preparedness," said Frank Barresi, Chief Information Officer of Fallon Health. "A project of such high complexity would have taken well over a year, but we had just five months to launch date. Cognizant worked with us as a trusted partner and delivered a fully functional application right on time and the capabilities our business needed. We are impressed with Cognizant's agile and seamless execution of the project. Our relationship with Cognizant has allowed us to leverage its extensive domain, technology and consulting capabilities to drive innovation in supporting the diverse and changing healthcare needs of the populations we serve. QuoteNow has helped Fallon establish a foundation to support other critical health plan capabilities and in the process develop best practices for an efficient delivery model.""We are pleased to help Fallon Health define new industry benchmarks and enhance its competitiveness, while keeping up with regulatory requirements and improving consumer satisfaction," said Krish Venkat, President of Cognizant's Healthcare and Life Sciences practice. "Dramatic shifts in consumer behavior and expectations, coupled with regulatory changes and commoditization of services, have opened a great opportunity for insurers to not just 'run better' by improving efficiency and productivity, but also 'run different' by driving transformation and disruptive change. We look forward to further solidifying our relationship with Fallon and helping it build the required capabilities to rapidly optimize and redesign business processes in response to the needs of its expanding, increasingly complex business." About Fallon Health Founded in 1977, Fallon Health is a leading health care services organization that supports the diverse and changing needs of those we serve. In addition to offering innovative health insurance solutions and a variety of Medicaid and Medicare products, we excel in creating unique health care programs and services that provide coordinated, integrated care for seniors and individuals with complex health needs. Fallon has consistently ranked among the nation's top health plans, and is the only health plan in Massachusetts to have been awarded "Excellent" Accreditation by the National Committee for Quality Assurance for its HMO, Medicare Advantage and Medicaid products. For more information, visit www.fallonhealth.org. About Cognizant Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 171,400 employees as of December 31, 2013, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant. Forward-Looking Statements This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts