The rise of private exchanges increases consulting opportunities
According to ALM Intelligence’s latest report, ‘Private Exchange Consulting’, the 2010 passage of the Affordable Care Act (ACA) in the US caused a wave of disruption for employer health benefits, quickly increasing the complexity of benefit plan compliance and administration for employers. Seen as a means of allowing greater health coverage of the US population, the ACA also created greater challenges for employers, particularly in mid- to large-sized companies.
ALM Intelligence states that:
• The sudden rise of private exchanges as a health benefits alternative has sparked an increase in consulting opportunities around those exchanges. Among other capabilities, employers seek assessment, compliance, and strategy support from consultants with regard to private exchanges.
• The consulting side of the private exchange solution is also a challenge, particularly for firms that offer exchange solutions of their own. Consultants within these firms are given a higher onus of remaining objective in employer assessment of exchange needs, so as to avoid the appearance of favouritism to a particular product line.
The report identifies PwC as ‘best in class’ for its Private Exchange Consulting capability area. ALM highlights that by “leveraging its significant investment into development of strategy consulting capabilities, PwC is well positioned to provide significant strategic planning support to clients interested in private exchange.”
It also says that ‘with a focus on objective evaluation as a driver for strategic private exchange support, PwC provides a robust suite of capabilities to clients considering private exchange as well as the implementation and review that follows. PwC differentiates itself in the market through its affiliation with the Private Exchange Evaluation Collaborative (PEEC), a partnership between the firm and Employers Health Coalition, Midwest Business Group on Health, Northeast Business Group on Health, and Pacific Business Group on Health.’
Commenting on achieving the Vanguard rating, Miles Everson, Global Advisory Chairman, said: “It’s great to have been rated as a leader in this Vanguard. We’re proud to provide insightful holistic advisory support to employers in the health benefits space.”
*ALM Intelligence, formerly Kennedy Consulting Research & Advisory.
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Robert DonnellyPwC Global Analyst RelationsUnited Statesrobert.email@example.com+1 917 471 3355