How Will The Healthcare Reform Bill Affect You?

Last week I had the opportunity to spend a few days with Hyland Software’s Insurance Advisory Council. The group brings together representatives from every segment of the insurance market and provides great insight into how technology is helping sculpt the industry.

This meeting came on the heels of passing the Patient Protection and Affordable Care Act, which will impact each of the Council members. The members agreed that the legislation was a step in the right direction, but the resounding comments centered on the concerns of cost containment. The Council’s Director of Health Insurance discussed their recent success in the individual health plan market (400% growth in 2009), but are beginning to balance the benefits of increased premiums over increased claim costs.

I was surprised when she also shared that her organization is looking to alter some of their internal processes to better coordinate with government health plans and in some cases become government run.

The Council’s Director of Agencies & Brokers also weighed in on the Bill and shared his concerns on how it will impact small business owners that didn’t previously offer health insurance and the new 3.9% tax on nonwage income. At the same time, he was pleased to see that insurance agents and brokers will be able to sell health insurance both inside and outside of the exchanges.

In each market, they are looking at how they can leverage their existing investment in ECM technology to adhere to this and future federal legislation. This legislation is going to impact every department and they will need to use technology to quickly and effectively adapt to these pending changes.

It will be an interesting road ahead for insurance companies and I’m glad we’ll be in a position to help them take advantage of this legislation…

3 Responses

  1. Jim Kondrat says:

    One of the major changes that this new legislation will create is driving new M&A activity. For insurers to get better economies of scale through the new IT implementations they are leveraging within their organizations they are going to need higher volumes to drive the cost per piece down.

  2. Jim Kondrat says:

    Here is a great article that outlines some of the changes ahead: http://bit.ly/cKzFYH

  1. 04/23/2011

    […] How Will The Healthcare Reform Bill Affect You? […]

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