HealthCare Impact Associates, LLC, a Minneapolis, MN-based provider of an Affordable Care Act (ACA) management information system, raised an additional $2m in capital.
Backers remained undisclosed.
The company intends to use the funds for commercial rollout of its system, called Health E(fx)™.
Led by president Andy Brown, the company is developing a cloud-based system – Health E(fx)™ – an ACA management solution for employers, which integrates required data from multiple systems within the employer HR environment to provide ongoing data integrity validation, historical and predictive cost analytics, and automated compliance, reporting and audit capabilities that the same employers and their stakeholders need to meet obligations of the ACA that will go into effect January 1, 2014. Health E(fx)™ also allows companies to manage data interfaces with state insurance exchanges and third-party systems and – pending final direction from government on format – automates the employer requirements under IRC USC § 6055 and § 6056 reporting and the mandated employer notice to employees of coverage options available through the exchanges.
In February 2013 the company launched a beta with public and private companies, each with more than twenty thousand employees and operations across most or all states. The beta customer programs will run through spring and early summer, with commercial product release planned for late June, 2013.