Knight Investments LLC comment on US Dept of Human Health Services “Early Innovator” Grants

Nov. 22, 2010 - PRLog -- The U.S. Department of Health and Human Services (HHS) announced competitive funding opportunities for States to design and implement the Information Technology (IT) infrastructure needed to operate Health Insurance Exchanges.  

Compliance Officials from Knight Investments LLC stated that this marked a sign for changes in legislation that would encourage public private partnership models in collateral based scenarios (regarding this sector of the health industry).

The Exchanges represent new competitive insurance marketplaces that will help Americans and small businesses purchase affordable private health insurance starting in 2014 and a strong IT infrastructure will be critical to their success.  Officials from Knight Investments LLC noted for the first time, funding will be directed to States that are willing (and able) to lead the race to develop IT systems.  These systems can then be used as models by all States in their efforts to establish Exchanges.

Compliance Officials from KI stated that IT was a new valued project category within legislation for collateral based scenarios; stressing the importance for projects such as these to step forward,

Starting in 2014, Exchanges will help individuals and small employers shop for, select, and enroll in high-quality, affordable private health plans that fit their individual needs at competitive prices.  By providing a place for one-stop shopping, Exchanges will make purchasing health insurance easier and more understandable.  Similar to any consumer-based industry such as the airline or banking industries, sophisticated, consumer-friendly IT infrastructure will be critical to the success of the Exchanges.  Although Exchanges are not scheduled to launch until 2014, work is already underway to design and implement them across the country.  As States prepare, they have requested early funding assistance to develop the right IT, particularly with respect to eligibility and enrollment systems.

Knight Investments LLC Officials stated that private companies (set up through public private partnerships) looking for compliance solutions within a collateral based system could find further results within KI.

The new competitive “Early Innovators” grants began being announced in October and its goal was to reward States that demonstrated leadership in developing cutting-edge (and cost effective) consumer-based technologies (and models) for insurance eligibility and enrollment for Exchanges.  

Two-year grants will be awarded by February 15, 2011, to up to five States (or coalitions of States) that have ambitious, yet achievable, proposals that can yield IT models. It will also go to the best practices that will benefit all States.  

“States are developing cutting-edge innovative systems to deliver cost-effective and consumer friendly care to families and small businesses,” said Joel Ario, Director of OCIIO’s Office of Health Insurance Exchanges.  “By encouraging and rewarding states for their innovation, we can build and leverage models that can be adopted and tailored by other States and generate taxpayer savings across the board.”

(Source US HHS)

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