Benefits product roundup: Telephysiotherapy, investment data extraction, financial wellness

Here are some of the latest employee benefits tools and solutions to cross our desk, from accounts reconciliation to meals app to student loan payment, and more.

Zenefits announced Compensation Management, a new app within the Zenefits People Platform. Based on real, anonymized salary data from across the US, Compensation Management can help small businesses identify market-competitive and fair wages by role, industry, and geography.  The app can be  set up to help determine the compensation philosophy that best maps to each company’s unique priorities and values. Then it provides insights on salaries for new hires, new promotions and new roles as the company grows.  It can also track pay equity across the organization, aligning pay to role and performance.

Wellthie has launched a nationwide, online health insurance marketplace for small businesses. The new health insurance marketplace lets small business owners view thousands of medical, dental and vision products with various budget ranges across hundreds of carriers throughout the country. At any stage in the searching and shopping process, users can instantly connect with a licensed broker who can guide them through the purchase and enrollment process.

T. Rowe Price launched the Dynamic Credit Fund. The fund pursues returns that aim to be above the 3-month LIBOR in U.S. dollar terms over a full market cycle. The fund plans to use more derivatives than traditional bond funds to limit volatility while generating excess returns. Minimum initial investment amounts are $2,500 for Investor Class shares and $1,000,000 for Institutional Class shares.

Thrive is a new program that helps employees pay down their student loan debt using existing employer contribution matching dollars. With Thrive, employees determine how they want to allocate their employer matching dollars. Companies match existing dollars to help repay student loans without increasing the benefits budget.

Ritual announced the launch of Ritual for Business. It lets businesses offer meal programs to employees directly through their mobile app. Employers can choose the dollar value to be automatically deposited to employee’s Ritual account and how often. Credit availability can be set to certain times of day or to healthy menu items. The Wellness Menu is integrated into the app and employers can opt to reward their employees with bonus Ritual points when they order certain items. Ritual for Business also includes an after-hours dinner program that eliminates the need for expense reimbursement, supports entry of custom billing and expense codes, and offers built-in auditing.

Risk International announced its Employee Benefits Advisory division (RIBA) will provide fiduciary advisory service. This is the first time a fiduciary service is being made available to optimize and protect employee benefits plans. RIBA’s unique fiduciary service model and BEST Platform are positioned to head off looming employee benefits fiduciary risk pitfalls like those that have adversely impacted employers in the retirement plans arena.  RIBA@riskinternational.com or (216) 255-3400

Paycor announced the addition of an industry-first Dedicated Relationship Manager to its Partner Loyalty Program. This new role provides a single point of contact between Paycor and brokers to ensure mutual clients are getting the support they need. Dedicated Relationship Managers conduct broker outreach, support complex client implementations, help with client issue resolution, and more.

The non-profit National Alliance of Healthcare Purchaser Coalitions released an assessment of how health plans are currently managing cancer for their employees and families. The report, Achieving Value in Cancer Care, identifies gaps in treatment and related benefits administration based on the National Alliance’s annual eValue8 survey of health plans. It provides a framework and recommendations for purchasers, health plans and providers to collaborate on the delivery of high-value patient-centered care.

Hoy Health, LLC launched primary care healthcare programs and services designed for medically underserved and Hispanic markets:

•     HoyRX – Medication voucher program for the pre-purchase generic medications at affordable price points.  Medications can be purchased for personal use or gifted to a friend or family member either domestically in the U.S. and Puerto Rico, or internationally in Mexico, Guatemala, Honduras and El Salvador.
•     HoyMEDS – A free Prescription Savings Card allowing cash-pay consumers to save on brand name and generic medications.
•     HoyCCM – Turnkey end-to-end clinical solution for patients with diabetes, hypertension, asthma, and obesity.
•     HoyDOC – Bilingual telemedicine platform.

Crowe has introduced Crowe Automated Reconciliation for Healthcare, a technology solution for hospitals that replaces manual bank account reconciliation with an automated process. It automates cash deposit data by performing a daily, three-way match between the general ledger, patient accounting system and the bank, improving the accuracy of the balance sheet and financial disclosures.

Cigna has expanded the My Secure Advantage (MSA) financial wellness program to group insurance customers effective January 1. The MSA program includes “money coaching,” identity theft protection and resolution services, and tools and resources for preparing wills and other important legal documents. It will be standard for most Cigna Group Insurance customers, including those with life, accident, disability, accidental injury, critical illness and hospital care insurance policies.

Canoe Intelligence has created a validation process to eliminate the manual data entry process for institutional investors, pension funds and family offices worldwide. Using ocular character recognition techniques, natural language processing technology, and machine learning, Canoe’s tool recognizes, validates and extracts unstructured investment data across asset classes, ownership structures, and document types. The data is organized digitally for easy and immediate access, and can be fed into any portfolio reporting, accounting, and analytics platform.

Atrium HR Consulting announced the launch of a global telephysiotherapy service.It was created to help globally mobile employees manage a wide range of physical problems or injuries – remotely. Tried and tested by the likes of the UK’s NHS as an alternative to conventional rehabilitation for over a decade, Atrium HR is the only company to offer this service as part of its international EB programs.

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