Newport Beach, CA - October 6, 2009 – Secova, a leading provider of human resource and benefits management services, is pleased to announce that it has received the 2009 Innovation All-Stars Award from Field Media for its Dependent Eligibility Management Programs and Practices. Field Media, a national healthcare publisher, recognized Secova for helping their clients reduce health benefit costs, maintain fiduciary responsibility and manage eligibility for hundreds of thousands of employees.
“As budget constraints escalate and eligibility rules become more precise, developing a legally compliant way to manage dependent eligibility data while at the same time significantly reducing healthcare costs is a daunting process, Said Venkat Tadanki, CEO of Secova. We welcome this recognition for helping our clients reach their goal of affordable levels of healthcare and long term expense reductions in an era of budgetary constraints in both the public and private sector.
A plan structure that involves tying core philosophy and goals with effective benefit plan creation and management should be the top concern for companies that wish to hedge inflation. Secova recently implemented a number of innovative solutions through their Dependent Eligibility Management Platform (DEM) geared towards maximizing ROI in a tight economy by eliminating ineligible dependents across all industries.
Secovas technology has helped organizations achieve millions of dollars of savings by decreasing plan reserve funding for dependent coverage across all industries, said Bruce Borgos, Director of Audit Services for Secova. Our innovative web-based technology allows participants to access files, print forms, view individual recipient records online and obtain answers at any time.
Secovas DEM custom innovations were developed specifically for HR professionals and the employees they support to enable clear, consistent and compliant dependent eligibility audit and management practices. Driven by our full service web portal and call center support, our clients have averaged a 10.9% dependent drop rate for these projects which are typically completed within 6 months.
Field Media took many factors into consideration when choosing the award winners that set themselves apart from others in the field through effective technology innovation, ingenuity and customer care. This year’s judging panel came from an industry-leading health care magazine, CDHC Solutions and a total rewards magazine, EmployersWeb.com.
Secova Inc. is a leading HR and Benefits Management Services company that delivers customized “Value-Sourced” solutions designed to enhance services and reduce operating costs. Our mission is to help employers control and drive down the cost of delivering Human Resources & Employee Benefit Services. Over 30% of Secova’s client base is ranked among 2008’s Fortune 500 List and contains 10% of the companies listed within the Dow Jones Industrial Average.
Secova’s customized and flexible benefits administration solutions are designed to complement your company’s overall benefit administration strategies to help lower costs and improve service quality while enhancing timeliness, accuracy and responsiveness to your staff and your employees. For more information, visit the company’s website at www.secova.com.
This press release was distributed through PR Web by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company