Maestro First to Feature New Solution For Employer Sponsored Healthcare Market
"Unique Solution Combines Private Exchange and Self-Funded TPA Capabilities on
HIGHLAND PARK, Ill., April 2, 2014
HIGHLAND PARK, Ill., April 2, 2014 /PRNewswire/ -- Rob Butler, CEO of Maestro
Healthcare Technology, a cutting-edge Health Benefits Service company, today
announced they are introducing an employer benefit solution that is the first
to feature both private exchange and self funding capabilities on a single
platform. The innovative Maestro solution is designed to significantly contain
costs, simplify administration and enhance convenience for employers by
integrating medical management, consumer driven payment solutions, and other
product offerings in an exchange or self-funded model–all on one,
proprietary technology platform. Butler, previously the President of PayFlex
Systems USA, Inc., a third party administrator that features consumer driven
payment solutions for the employer market, led the sale of PayFlex to Aetna in
October of 2011.
Maestro Healthcare Technology Modern Benefit Solutions - Orchestrated
"Human Resource departments are being asked to do more with less, while
simultaneously being inundated with multiple vendor choices and complexities
when making benefit solution decisions for their employees," said Butler.
"Maestro intends to revolutionize the benefits marketplace through the
ground-up development of a single platform that will provide simple
administration for employers and an easy-to-understand marketplace for
Healthcare exchanges, both public and private, will impact most aspects of
healthcare insurance. While state and federal exchanges for the individual
market are now at the center of the news, most experts believe the bigger
story in the long run will be the adoption of the exchange model in the
private employer sponsored sector. "We plan to offer what employers need,
not merely what we have to sell," continued Butler. "To accomplish that
directive, we are assembling a unique ensemble of products and services."
The market for employer-sponsored group health exchanges is forecast to reach
upwards of 30 million lives over the course of the next 5 years. Significant
incremental growth is also expected in the employer sponsored retiree and
individual Medicare marketplaces.
Maestro, which is backed by two private investors, Oak Investment Partners and
SV Life Sciences, will soon be announcing key partnerships and acquisitions
that will serve as the foundation of the service offering. "We are thrilled
to be working with Rob again in this new endeavor," said Annie Lamont,
Managing Partner of Oak Investment Partners, who backed Butler while at
PayFlex. "Technology, innovation, and a proprietary platform were key
differentiators in our last venture and we firmly believe it will create
significant market advantages within the Maestro model as well."
Maestro, which is the first to integrate self-insured capabilities within a
private exchange model, plans to roll out their solution in the Southeast
region over the next few months. "With all the attention surrounding private
exchanges, self funding by employers has also grown nearly 10% in the last 10
years," said Tom Flynn, Managing Partner of SV Life Sciences, who is also
behind Maestro. "With approximately 61% of all employers now utilizing self
funding arrangements, we love the idea of integrating the private exchange
shopping model for that market, which we believe will make it more transparent
and easier for consumers to buy healthcare," added Flynn.
Maestro Healthcare Technology (www.maestrohealth.com) is located in Highland
Park, IL and is a Health Benefit Services holding company formed in May 2013.
The Maestro vision is a modern Benefits Solution that puts employers in
control of every aspect of today's complex Healthcare System on a single,
comprehensive platform. We combine Private Exchange, Self Insurance and all
the essential components on a single, integrated Mobile and Web Platform to
satisfy today's employers and their employees. Essential components
includeMedical Management, Benefit Enrollment, Wellness and Incentive
Programs, Reimbursement Account Administration, Innovative Consumer and
Provider Payment Technology.
Oak Investment Partners (www.oakvc.com): Oak Investment Partners is a
multi-stage venture capital firm and a lead investor in the next generation of
enduring growth companies. Since 1978, the firm has invested $9 billion in
nearly 500 companies around the world, earning the trust of entrepreneurs with
a senior team that delivers steady guidance, deep domain expertise and a
consistent investment philosophy. The firm's five major growth sectors of
focus are information technology, Internet and consumer, financial services
technology, healthcare services and clean energy.
SV Life Sciences (www.svlsa.com): SV Life Sciences ("SVLS") is a leading
international life sciences venture capital firm. SVLS affiliated funds have
been investing in life sciences companies since the early 1980s and the firm
closed its first dedicated life sciences fund in 1994. SVLS' team of 25
professionals is organized according to experience and specialization into
three practice areas: Biotechnology/ Biopharmaceuticals, Medical
Devices/Instrumentation, and Healthcare Services/Healthcare IT. These
individuals' diverse and complementary skill sets and experiences enable SVLS
to tailor an investment team for almost any life science business. Typically,
SVLS recruits operating executives, called Venture Partners, who have
distinguished careers in the life sciences fields and can bring extensive
operating expertise to the SVLS portfolio of investments. They assist in
sourcing, building and exiting investments successfully. When possible, these
individuals are promoted to serve as Partners and in some cases as Managing
Partners within the Firm. SVLS employs a close symbiosis between operating and
financial professional, which has led to significant success over five
investment funds. SVLS has offices in Boston, London and San Francisco.
SOURCE Maestro Healthcare Technology
Contact: Anne Elfering, (847) 926-7366, firstname.lastname@example.org
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