Alegeus Technologies, a healthcare and benefit payments company headquartered in Waltham, Mass., announced its acquisition of Workable Solutions, a provider of private health insurance exchange technology.
Though terms of the deal were not disclosed, the addition of the Orlando, Fla.-based technology company will facilitate Alegeus' launch of WealthCare Marketplace—its integrated private exchange and defined-contribution platform.
“We are very pleased to announce our acquisition of Workable Solutions, a company with more than a decade of experience and long-standing client relationships in the healthcare exchange sector,” Robert Natt, executive chairman of Alegeus, said in a news release. “The Alegeus solution portfolio continues to evolve as the market changes. We view private exchanges and defined contribution as a natural product extension that will serve Alegeus' health plan, third-party administrator and broker clients.”
The WealthCare suite will provide users with custom recommendations based on personal data to assist with benefit selection, as well as an enrollment tool to capture elections and payroll deductions, payment settlement features, billing collection and reconciliation, and an interface that allows for life-event updates.
“By integrating our private exchange technology with the Alegeus consumer directed healthcare platform, we will create enhanced value for both Alegeus and Workable clients—creating the industry's only single system to provide plan recommendation, combined enrollment, benefits and (consumer directed healthcare) administration, debit card processing and payment settlement for both premiums and CDH payments,” Terry McCorvie, founder and CEO at Workable Solutions, said in the release.
Serving more than 500 clients—health insurance plans, third-party administrators and financial institutions—Alegeus administers benefit accounts for more than 17.5 million members and processes more than $18 billion in healthcare payments annually, according to the release.
Workable Solutions, which has operated private exchanges since 1999, divested its consumer-directed and COBRA business earlier this year in order to focus entirely on private exchange technology solutions.
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