FOR IMMEDIATE RELEASE
April 3, 2017
Benefits Science Technologies Raises Growth Capital to Expand Its Proprietary Technologies
New capital applied to expand capabilities in the company’s three-stage analysis of health plan data – descriptive, predictive and prescriptive analytics tools.
BOSTON, Mass., April 3, 2017 – Benefits Science Technologies (BST) CEO Stephen Sofoul announced the addition of growth capital that will fund ongoing development of its health plan optimization solution.
The company will apply these new resources to its Boston-based technology development team. This will allow BST to continue the ongoing development of innovative technologies in the areas of risk prediction, data quality, and advanced automation to rapidly produce customized reporting that converts clinical insights into financial actions.
“We currently predict risk faster and with more accuracy than traditional methods,” said Sofoul. “This capital round will allow us to offer advanced analytics, machine learning and Interpretable Artificial Intelligence (IAI) to our clients and provide them with access to useful and actionable information to drive better health plan decisions.”
According to Sofoul, BST goes beyond traditional clinical analytics, providing a monthly analysis of member-level risk along with prescriptive analytics. "For example, the program reports the impact of large claimants on the health plan and recommends specific changes to the plans offered, stop-loss levels, and health management programs in order to mitigate the risk to the plan."
About Benefits Science Technologies
BST provides data analytics software/analysis to employers and consultants to help manage the risk of self-funded health plans. The firm improves connection to data, empowers optimal decisions to control costs, and improves quality of care for plan members.
Founded in 2012, BST is recognized as a world-leading research and applied science team, applying advanced analytics and Robust Optimization to complex health insurance decisions. The MIT-trained team is led by a 30-year MIT professor and Co-Director of the Operations Research Center. BST combines world-class technical knowledge and practical financial experience.
A powerful and unique feature of the platform lies in its ability to provide prescriptive recommendations. BST's Health Plan Optimizer designs optimal health plan configurations while obeying overall premium, business quality, and other plan owner-specified criteria.
BST enables consultants/brokers and employers to model “what if” scenarios for plan configuration, including stop loss and supplemental plan design. BST delivers timely, customized business intelligence, tailored to the specific healthcare needs of the group. This empowers decision-makers to maximize every healthcare dollar. BST is headquartered in Boston, MA, with offices in Atlanta, GA, and Houston, TX.
Benefits Science Technologies
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