Science & Technology
Science and Technology
Science and Technology
Tue, February 17, 2009
A.D.A.M. Selects OptumHealth to Provide Tax-Advantaged Health Accounts and Benefit Administration Services
ATLANTA--([ BUSINESS WIRE ])--A.D.A.M., Inc. (NASDAQ: ADAM) today announced that it has entered an agreement with OptumHealth, Inc., a leading provider of benefit administration services and tax-advantaged health accounts to employers. Under the terms of a multi-year agreement, A.D.A.M. will collaborate with OptumHealth's financial services unit to add strategic new capabilities to its Benergy™ benefits administration and communications platform.
By adding advanced flexible spending account (FSA) administration, COBRA administration and Consolidated Billing to its product offering, A.D.A.M. will enable employers and employees to administer and manage tax-advantaged health accounts more efficiently and easily. A.D.A.M. will make these products available to its more than 6,000 Benergy clients beginning in the first quarter of 2009. As part of the agreement, A.D.A.M. will also integrate OptumHealth's Health Reimbursement Account and Health Savings Account (HSA) administration services* to its Benergy platform.
"A.D.A.M. selected OptumHealth because of its expertise in tax-advantaged accounts and administration services," said Kevin Noland, president and chief executive officer of A.D.A.M. "OptumHealth's demonstrated strength in financial services complements A.D.A.M.'s position as a leading provider of human resources and benefits solutions. These solutions will reduce the need for employers to manage multiple human resources vendors and creates additional value - allowing them to focus more on their strategic business goals and less on administrative tasks."
The market for financial services such as these is extensive. A 2008 Hewitt Associates' annual health care study reported that 94 percent of employers offer flexible spending accounts. And last year America's Health Insurance Plans (AHIP) said more than six million individuals were covered by HSA-qualified health plans as of January 2008. OptumHealth's presence in this space is impressive as it manages approximately 1.6 million consumer health care accounts and more than $630 million in HSA assets (as of Dec. 31, 2008) at OptumHealth Bank.
"We are very pleased to be entering into this strategic relationship with A.D.A.M. Adding our broad portfolio of financial services products to their Benergy platform will expand the distribution of OptumHealth's products through A.D.A.M.'s broker and employer channels," said Chad Wilkins, chief executive officer of OptumHealth Financial Services. "We share A.D.A.M.'s vision of providing best-in-class solutions that employers find easy to use and administer."
OptumHealth Financial Services, a division of OptumHealth Inc., provides integrated electronic claims settlement solutions for health plans, third-party administrators and other payer groups; tax-advantaged accounts for health care savings and spending; innovative medical and debit card technology; and benefits administration services. It includes OptumHealth BankSM, Member FDIC, and Administration Resources Corp., a leading third-party benefits administrator. More information on OptumHealth Financial Services can be found online at [ www.optumhealthfinancial.com ].
About OptumHealth
OptumHealth Inc. helps individuals navigate the health care system, finance their health care needs and achieve their health and well-being goals. The company's personalized health advocacy and engagement programs tap a unique combination of capabilities that encompass care solutions, behavioral solutions, specialty benefits and financial services. Serving 60 million people, OptumHealth is one of the nation's largest health and wellness companies. It is a business of UnitedHealth Group (NYSE: UNH). More information about OptumHealth can be found at [ www.optumhealth.com ].
About A.D.A.M., Inc.
A.D.A.M. (NASDAQ: ADAM) is a leading provider of health information and benefits technology solutions to healthcare organizations, employers, benefits brokers, consumers, and educational institutions. A.D.A.M.'s Benergy™, the leading benefits communication and healthcare decision support platform for small and mid-sized employers, is designed to equip employees to better understand their health, wellness and benefits, while helping employers reduce the costs of healthcare and benefits administration.
For more information, visit [ www.adam.com ] or call 1-800-408-ADAM.
A.D.A.M. Forward-Looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in this press release are forward-looking statements. These statements involve a number of risks and uncertainties that could cause actual results, performance or developments to differ materially. Factors that could affect the company's actual results, performance or developments include general economic conditions, development of the Internet as a source of health information, pricing actions taken by competitors, demand for the company's health information, regulatory changes in laws and regulations that impact how the company conducts its business and the other factors described in A.D.A.M.'s filings with the SEC. A.D.A.M. disclaims any obligation or duty to update any of its forward-looking statements.
* Health savings accounts are offered by OptumHealth Bank, Member FDIC, and are subject to eligibility.
