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Lighthouse1 Launches Administrator Benchmark Report |
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Leader in Consumer Driven Healthcare provides benchmarking tools for partners
March 24, 2009 – Minneapolis, MN - Representatives from Lighthouse1, the industry leader in Consumer Driven Healthcare (CDH) administration software solutions, announced today the launch of the Administrator Benchmark Report exclusive to Lighthouse1 partners. The report provides Lighthouse1 partners with the ability to compare their performance against peers in the industry from multiple perspectives including financial, customer, process and operational perspectives, and team learning and innovation. The new Administrator Benchmark Report is the first tool of its kind within the consumer driven healthcare industry.
“This report provides an unprecedented business view for Lighthouse1 partners that extends beyond key performance metrics,” said Jeff Bakke, Executive Vice President of Strategy for Lighthouse1. “Our Software as a Service (SaaS) model gives us the ability to provide comparative performance information that is much more detailed than that generated by typical dashboards, data warehousing systems or other common analytic tools. Lighthouse1 partners can see how their performance compares to others using the same technology platform.”
The new Administrator Benchmark Report is based on the proven Balanced Scorecard toolset and methodologies developed by Robert Kaplan and David Norton. The Balanced Scorecard framework has been considered the standard for performance management reporting for nearly two decades and provides the foundation for goal setting, business planning, feedback and learning, and processes to link individual performance to overall company results. This framework for improving company performance has been expanded to compare Lighthouse1 partner results to overall partner results, creating the first industry benchmarks for administration of Consumer Directed Healthcare plans. Using the Balanced Scorecard techniques gives Lighthouse1 partners access to a wide variety of tools and materials that can be coupled with the Administrator Benchmark Report and designed to fit the unique needs and characteristics of each partner’s business. Lighthouse1 partners also receive consulting from their Partner Growth Manager, focused on sales and marketing, and their Partner Success Manager, for operations & IT support. These individuals help Lighthouse1 partners fully utilize the benefits of the Lighthouse1 solution for their own clients.
The Lighthouse1 Administrator Benchmark Report provides information for Lighthouse1 partners based on data compiled in 2008. The new Report revealed compelling results including annual revenue growth rates ranging from 37% to 121%. Customer satisfaction for Lighthouse1 partners showed that the majority of partners experienced a client retention rate over 97%.
“Perhaps the most exciting information we’ve gathered is around the automation of healthcare processes and the associated cost savings for consumers,” said Jeff Young, CEO of Lighthouse1. “Our partners are achieving remarkable results. For example, many experienced automated claim filing rates over 96% and others demonstrated online enrollment and electronic consumer communication rates bordering 100%. The savings to administrators, employers, and consumers from this automation exceeded $20 million in 2008. This data proves that the technology for automating healthcare exists, and our partners are delivering it today.”
Lighthouse1 is using the information they pull from the Lighthouse1 Administrator Benchmark Reports to help its partners understand how they are performing, consult them on their business goals, and prioritize and validate the value of key enhancements to the Lighthouse1 OnDemand solution.
About Lighthouse1
Lighthouse1 is not just a product, it’s a promise. With our partners Lighthouse1 OnDemand™ serves nearly 2 million consumers, making us the nation’s largest OnDemand Healthcare solution. No other solution in the market today has been so deliberately architected to meet the benefit plan design, user experience and unique workflow management needs of administration partners, employers, and consumers in one web-based, real-time platform. Lighthouse1 is dedicated to optimizing your operations, driving more dollars to your bottom line, and growing your business. Five of the nation’s largest administrators utilizing Lighthouse1 OnDemand™ have grown an average of 162% since implementation. More information is available at www.lighthouse1.com.
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