Newport firm launches data service for private exchanges

NEWPORT – KTP Advisors, a specialty advisory firm on retiree health-benefits plans, private exchanges and pharmacy-benefit management for active employees, announced this month it has launched the first independent evaluation and comparative-data service of private health care exchanges and marketplaces.
The company, which has no affiliation with any health exchange, said in a statement that it has created a set of criteria, along with site visits, to evaluate each exchange. That includes 75 key performance characteristics in areas such as financial information, product offerings, technology and data security, consumer support, customer service and more.
The service will benchmark each of the exchanges, allowing employers to choose which is the best fit for their employees and retirees.
According to KTP, there are at least 170 private exchanges in the United States running on at least eight distinct software platforms.
“Many large, traditional human resource consulting firms have launched their own private exchanges, which are generating significant commissions for the advisers as well as administrative fees,” said Mark Whitcher, KTP president and CEO. “Evaluating private exchanges and all of the options in a brand new market is extremely difficult and it’s essential to know the right questions to ask.” •

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