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Transforming TPA Services: Health In Tech and Verdegard Collaboration

In recent developments, Health In Tech, a prominent Insurtech platform listed on Nasdaq as HIT, is making waves in the insurance sector through a strategic partnership with Verdegard Administrators. Verdegard, a licensed third-party administrator (TPA) based in Arizona, aims to reimagine the support structure for insurance brokers and their employer groups. This collaboration is driven by the implementation of Health In Tech's innovative Enhanced Do It Yourself Benefit Systems (eDIYBS), a platform designed to streamline the TPA process.

A Deep Dive into the Role of TPAs

In the complex world of self-funded health insurance, third-party administrators are key players. They manage a variety of essential functions for employer groups, including plan design, claims administration, regulatory compliance, and reporting. Verdegard's reputation as an integrated, concierge-level TPA is bolstered by its ownership under MedImpact, the most extensive independent pharmacy benefit manager (PBM) in the United States. This arrangement enables Verdegard to leverage an impressive scale of operations, benefiting over 20 million members and managing transactions amounting to tens of billions of dollars annually. This scale translates into substantial leverage that allows Verdegard to negotiate lower drug prices, benefiting cost-conscious small businesses.

The Synergy Between Health In Tech and Verdegard

The exciting development in the collaboration is the access to advanced digital tools and real-time quote capabilities provided by the eDIYBS platform. This technology is designed to simplify operations, significantly reduce turnaround times, and furnish brokers and employers with enhanced control and transparency over their insurance plans.

Dustin Plantholt, Chief Growth Officer at Health In Tech, remarked, "Our mission is to transform the operational landscape for TPAs. The eDIYBS platform is not just about speed; it’s about accuracy and efficiency. By integrating with Verdegard’s pharmacy advantages through MedImpact, we provide an agile and cost-effective solution for brokers and employer groups."

Chris Wrba, Vice President of Sales and Marketing at Verdegard Administrators, echoed these sentiments, emphasizing that this partnership brings substantial benefits to their clients and broker partners alike. "The eDIYBS platform enables our broker partners to generate plan designs and quotes instantaneously. This level of efficiency enhances our service capabilities and allows us to cater to the specific needs of employers with tailored solutions and quick responsiveness. We are excited about the numerous growth opportunities this partnership will create."

Redefining the Future of Self-Funded Insurance

This innovative union between Health In Tech and Verdegard Administrators reflects a mutual commitment to modernizing the self-funded insurance landscape. The adoption of technology in this sector stands to empower stakeholders throughout the ecosystem, providing them with the solutions they need to thrive in an ever-evolving marketplace.

About Health In Tech

Health In Tech is at the forefront of changing the insurance industry through its Insurtech platform, built on third-party AI technology. By elevating a marketplace approach focused on vertical integration and process automation, Health In Tech aspires to improve the insurance process, from underwriting to service. For additional insights, visit healthintech.com.

About Verdegard Administrators

Verdegard Administrators offers a comprehensive suite of innovative and integrated services. Their plan designs, which include various funding options such as PPO, reference-based, and hybrid plans, are crafted to maximize benefits, transparency, and cost containment. More information is available at verdegard.com.