|By PR Newswire||
|April 2, 2014 07:03 AM EDT||
HIGHLAND PARK, Ill., April 2, 2014 /PRNewswire/ -- Rob Butler, CEO of Maestro Healthcare Technology, a cutting-edge Health Benefits Service company, today announced they are introducing an employer benefit solution that is the first to feature both private exchange and self funding capabilities on a single platform. The innovative Maestro solution is designed to significantly contain costs, simplify administration and enhance convenience for employers by integrating medical management, consumer driven payment solutions, and other product offerings in an exchange or self-funded model – all on one, proprietary technology platform. Butler, previously the President of PayFlex Systems USA, Inc., a third party administrator that features consumer driven payment solutions for the employer market, led the sale of PayFlex to Aetna in October of 2011.
"Human Resource departments are being asked to do more with less, while simultaneously being inundated with multiple vendor choices and complexities when making benefit solution decisions for their employees," said Butler. "Maestro intends to revolutionize the benefits marketplace through the ground-up development of a single platform that will provide simple administration for employers and an easy-to-understand marketplace for consumers."
Healthcare exchanges, both public and private, will impact most aspects of healthcare insurance. While state and federal exchanges for the individual market are now at the center of the news, most experts believe the bigger story in the long run will be the adoption of the exchange model in the private employer sponsored sector. "We plan to offer what employers need, not merely what we have to sell," continued Butler. "To accomplish that directive, we are assembling a unique ensemble of products and services."
The market for employer-sponsored group health exchanges is forecast to reach upwards of 30 million lives over the course of the next 5 years. Significant incremental growth is also expected in the employer sponsored retiree and individual Medicare marketplaces.
Maestro, which is backed by two private investors, Oak Investment Partners and SV Life Sciences, will soon be announcing key partnerships and acquisitions that will serve as the foundation of the service offering. "We are thrilled to be working with Rob again in this new endeavor," said Annie Lamont, Managing Partner of Oak Investment Partners, who backed Butler while at PayFlex. "Technology, innovation, and a proprietary platform were key differentiators in our last venture and we firmly believe it will create significant market advantages within the Maestro model as well."
Maestro, which is the first to integrate self-insured capabilities within a private exchange model, plans to roll out their solution in the Southeast region over the next few months. "With all the attention surrounding private exchanges, self funding by employers has also grown nearly 10% in the last 10 years," said Tom Flynn, Managing Partner of SV Life Sciences, who is also behind Maestro. "With approximately 61% of all employers now utilizing self funding arrangements, we love the idea of integrating the private exchange shopping model for that market, which we believe will make it more transparent and easier for consumers to buy healthcare," added Flynn.
Maestro Healthcare Technology (www.maestrohealth.com) is located in Highland Park, IL and is a Health Benefit Services holding company formed in May 2013. The Maestro vision is a modern Benefits Solution that puts employers in control of every aspect of today's complex Healthcare System on a single, comprehensive platform. We combine Private Exchange, Self Insurance and all the essential components on a single, integrated Mobile and Web Platform to satisfy today's employers and their employees. Essential components include Medical Management, Benefit Enrollment, Wellness and Incentive Programs, Reimbursement Account Administration, Innovative Consumer and Provider Payment Technology.
Oak Investment Partners (www.oakvc.com): Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies. Since 1978, the firm has invested $9 billion in nearly 500 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. The firm's five major growth sectors of focus are information technology, Internet and consumer, financial services technology, healthcare services and clean energy.
SV Life Sciences (www.svlsa.com): SV Life Sciences ("SVLS") is a leading international life sciences venture capital firm. SVLS affiliated funds have been investing in life sciences companies since the early 1980s and the firm closed its first dedicated life sciences fund in 1994. SVLS' team of 25 professionals is organized according to experience and specialization into three practice areas: Biotechnology/ Biopharmaceuticals, Medical Devices/Instrumentation, and Healthcare Services/Healthcare IT. These individuals' diverse and complementary skill sets and experiences enable SVLS to tailor an investment team for almost any life science business. Typically, SVLS recruits operating executives, called Venture Partners, who have distinguished careers in the life sciences fields and can bring extensive operating expertise to the SVLS portfolio of investments. They assist in sourcing, building and exiting investments successfully. When possible, these individuals are promoted to serve as Partners and in some cases as Managing Partners within the Firm. SVLS employs a close symbiosis between operating and financial professional, which has led to significant success over five investment funds. SVLS has offices in Boston, London and San Francisco.
SOURCE Maestro Healthcare Technology