Two Industry-Leading Companies Form Breakthrough Total Health Plan Solution for Self-Funded Businesses As healthcare costs surge, experts in financial savings and benefits administration join forces
FOR IMMEDIATE RELEASE
January, 18, 2022 – PHILADELPHIA – ELAP Services, the pioneer of reference-based pricing, and Group & Pension Administrators (GPA TPA), a leading third-party administrator for more than 50 years, are coming together to form Imagine360: a company offering a simplified, total health plan solution for self-funded businesses. The new company is the first of its kind to leverage decades of expertise in reference-based pricing to reduce employer costs by 15-30%, while simultaneously offering 360-degree support services and clinical guidance for its members. The focus of the combined organization will be to bring powerful, member-focused solutions to U.S. employers that are looking for a proven answer to skyrocketing healthcare costs.
“In a market saturated by expensive and inflexible health plans, Imagine360 offers the first, total health plan solution that allows self-funded businesses to take back control of their costs by leveraging our proven experience in reducing costs, developing custom healthcare plans and providing exceptional member support,” said Jeff Bak, CEO at Imagine360. “With a shared mission to transform the industry, Imagine360 delivers a unique opportunity for employers to upgrade and expand their healthcare offerings, resulting in lower costs with better coverage.”
Imagine360 will offer employers a people-centric, data-driven healthcare journey that includes identifying top-quality healthcare providers, assisting with the management of complex health issues, and ensuring full price protection with deep transparency. The company is powered by technology innovations including Artificial Intelligence (AI) that proactively offer best-in-class care support to its members. Imagine360 also will continue to leverage the direct contracting and provider partnerships of Imagine Health across the country.
“The cost and complexity of healthcare in the U.S. have gotten out of control, when what people need is high quality healthcare at a fair price,” said Dr. Marty Makary, a surgical oncologist at Johns Hopkins and author of The New York Times bestselling book “The Price We Pay: What Broke American Health Care – and How to Fix it. “We don’t have to imagine the future of healthcare anymore – it’s here, and Imagine360 has employers covered with a complete, customized solution that will use the proven financial savings of reference-based pricing to immediately cut healthcare plan costs, while providing employees with the deeply supportive experience they deserve.”
While each of the businesses that makes up Imagine360 found success with their individual offerings, consistent feedback from business owners, HR managers, employee members and healthcare providers revealed a significant white space in the market for a simpler path to navigating the complicated and expensive health plan landscape. Imagine360 was created based on industry input that self-funded businesses require more flexibility in plan development, the assurance that their employees can easily find and afford high quality care, and the need to immediately drive down healthcare costs, all by contracting with one company.
“The planning and rollout of Imagine360 was the result of valuable guidance from our partners and clients,” said Bak. “By encouraging us to ignore the status quo and combine the best of each of our businesses, they have inspired a solution to healthcare planning, and we’re committed to delivering it to them.”
The changeover to the Imagine360 brand will begin during the first quarter of 2022.
Imagine360, established in January 2022, is a company offering a simplified, total health plan solution for self-funded businesses that combines the financial savings from reference-based pricing with seamless benefits administration and concierge-level member support. The reimagined health plan solution leverages the deep expertise and best-in-class offerings from three healthcare companies: ELAP Services, Imagine Health, and Group and Pension Administrators (GPA TPA).