The federal health reform law's limits on commissions have left insurance brokers scrambling to protect their incomes. Increasingly, more brokers are turning to software to safeguard revenue streams and generate new business.
In fact, WellNet Healthcare Group says they've just certified its 100th broker practice as a partner providing healthcare performance management software solutions. Armed with WellNet's technology, brokers are able to manage the performance of their clients' health plans while saving money in the process, the health care management company claims.
"At a time when the fate of brokers may seem uncertain, HPM provides a lifeline," says Bill Lavis, a partner at Oakland, Calif.-based insurance advisory firm Sitzmann Morris Lavis. "HPM can help brokers stanch the flow of commissions from their practices and rebrand themselves as trusted benefits advisers for their clients rather than middlemen for insurance carriers."
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WellNet's HPM system allows brokers to examine their clients' health plan data and proactively identify health risks within their employee populations. Brokers can then work with their clients to set up case-specific strategies that save their clients money and improve employees' health.
Rather than simply tweaking plan design from year to year in pursuit of savings, HPMs can put employers in total control of their health benefits.
"Health insurance can no longer be sold as a commodity," says Robert Petcove, president and CEO of Advanced Benefit Advisors, based in Cherry Hill, N.J. "With HPM technology, I can consult with my clients on their potential cost exposure in a way I never could with more conventional carrier-based programs"
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