Consolidated Health Plans celebrated its 25th anniversary on Nov. 15, 2018, when President & CEO Drew DiGiorgio announced the company’s new corporate identity, Wellfleet, effective Jan. 7, 2019. Our history in administration, coupled with an A++ (Superior) rating from A.M. Best,1 presented us the opportunity to disrupt the market with diversified product offerings.
In addition to the change in identity, we had a change in location, with a move into a new, modern corporate headquarters within three floors at Tower Square in downtown Springfield, Mass. We also had incredible growth in talent, with 107 employees hired in 2019!
Below, explore the other key initiatives and achievements from our first year as Wellfleet.
Wellfleet offers voluntary benefits
Along with the rebrand came a new voluntary health benefits product line. Wellfleet Workplace officially launched in January 2019, with a commitment to deliver high-quality and customizable benefit solutions through a suite of voluntary products, which include Accident, Critical Illness and Short-Term Disability insurance.
Launching was no easy task. With a focus on innovation, the Workplace team, led by Executive Vice President James Ocampo, leveraged its 100+ years of collective industry experience to offer flexible plan designs and cutting-edge benefits that meet the needs of employers and employees nationwide.
The efforts haven’t stopped there. The Workplace team is also partnering with industry leader EIS to build an open-architecture administrative platform that delivers a best-in-class end-to-end experience. The platform is set to launch in 2020’s fourth quarter.
A year of growth
In 2019, Wellfleet Student was selected to underwrite the student health plan for more than 24,000 students at the University of California, Berkeley, in partnership with Blue Shield of California and third-party administrator HealthComp. Wellfleet also became the administrator partner for ISO, an international health insurance program supporting more than 40,000 students.
Wellfleet also acquired the assets of Special Risk company Consolidated Program Insurance Services, Inc. (CPINS), as well as the renewal rights and administration of the Student Health and Special Risk block from National Guardian Life in August 2019.
As our clients know, customer-centricity is still at the heart of all we do. With input from brokers and clients, we launched a new broker portal and introduced Wellfleet Analytics, a self-service reporting tool that empowers our partners with greater capabilities to analyze their health plan data. We’re happy to say that Wellfleet Analytics is designed to grow and adapt to meet our clients’ needs over time.
Furthering our mission to empower students to be better consumers of healthcare, we continued our investment in the Triple Aim Collaborative, a partnership convened by New York University and partner institutions alongside the Institute for Healthcare Improvement, the Network for Improvement and Innovation in College Health, and NASPA, which represents Student Affairs Administrators in higher education. The program is designed to increase college student health and wellbeing by putting the Triple Aim – increasing patient satisfaction, reducing the cost of care, and improving the health of populations – within reach of college administrators. In 2020, we’ll look to increase our efforts and engage at a deeper level with universities and students.
Student pharmacy benefits management saves
In 2019, many of our student members enjoyed the benefits of Wellfleet Rx, our in-house pharmacy solution, thanks – in large part – to the rollout of our Student-Focused Formulary, the industry’s only formulary designed around the needs of the college student population. Building a solution for students that aligns with their needs, has proven to be a game-changer.
Through negotiating competitive pharmaceutical discounts and rebates with PBMs and holding them accountable to meet guarantees, Wellfleet Student’s Pharmacy program saved $51.2 million in drug costs. This savings is also attributable to other formulary management strategies, including utilization management programs to ensure the appropriate use of medications.
A vision of growth and technological advancements
In 2020, Wellfleet will strive to strengthen partner relationships across product offerings by continuing to provide innovative solutions, enhancing our customer experience, and maintaining sound, flexible underwriting.
As a tech-driven company, we’ll continue to make major investments in infrastructure technology and keep our focus on improving experiences at every touchpoint, for all our clients. We also look to expand product offerings to meet the needs of our broker partners and exceed those of their clients.
As we step forward deeper into 2020, we believe we have the best combination of carrier and administration in the market today and look forward to providing differentiated products with flexible underwriting, unrivaled customer service, and an A++ (Superior) financial rating.1
1 Visit Ambest.com for the latest ratings.