hCentive

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hCentive, Inc.
Private
Industry Software development
Founded 2009
Founder Sanjay Singh,
Manoj Agarwala,
Tarun Upadhyay
Headquarters Reston, Virginia, United States
Number of locations
New York, Colorado, Pennsylvania and Noida, India (R&D center)
Area served
United States
Key people
Sanjay Singh, CEO
Products State Health insurance marketplaces/Exchanges; and cloud-based software products for insurance marketplace
Number of employees
500+ [1]
Website www.hcentive.com

hCentive, Inc., based out of Reston, Virginia, is a software development specializing in cloud-based products for health insurers and state health agencies.[2][3] It was the first company to build a health insurance exchange solution from the ground-up post the Affordable Care Act (ACA).[4]

hCentive is involved in the development of state and private health insurance marketplaces (exchanges) for state organizations, health insurance providers, companies and third party administrators.[5][6][7] It works with three of the top five health insurance organizations in the US.[1][8]

About 125 employees of hCentive work at the corporate headquarters. The rest of the company’s employees are based at the Indian R&D center.[1][5][9]

History[edit]

hCentive was founded in 2009 by Sanjay Singh, Manoj Agarwala and Tarun Upadhyay. They started their activities before the Affordable Care Act became law, expecting that it would create the new market.[7][10]

The idea of founding the hCentive company emerged from concepts of the ACA when health care reform was being debated in the United States Congress.[5][11][12]

Management[edit]

The company’s strategy is driven by Sanjay Singh, a software engineer who emigrated from India.[10][12] In 2000 Singh co-founded GlobalLogic, a software services company in Vienna, Virginia. Over the next fourteen years, it grew to over 7,000 employees.[8][11]

Products and services[edit]

The WebInsure State is a cloud-hosted solution for state-based health insurance exchanges developed in compliance with the PPACA and CMS guidelines. It contains all necessary portals for individuals, agents, financial management, enrollment services, etc. The states of New York, Colorado and Kentucky have chosen WebInsure State for their state health insurance marketplaces.[1][13][14]

The company also offers products for private market:[11]

In August, 2013, Geisinger Health Plan (GHP), a health insurance provider, began cooperation with hCentive to implement health insurance exchange integration and private exchange solutions.[15]

Awards & Recognitions[edit]

hCentive's rapid growth netted it a rank of No. 62 on the Deloitte Technology Fast 500 in North America, No. 117 on the Inc. 5000 2014 list and No. 12 on the Washington Business Journal Fast 50 in 2015. hCentive’s technology platforms and solutions allow U.S. government agencies, insurance carriers and brokers to offer health insurance and health exchange benefits to consumers and businesses through reliable and easy-to-use marketplaces.

For the Washington Business Journal Fast 50 list,[16] the company must have a minimum of $2 million in revenue in 2011 and reach $10 million in revenue by 2013 — without dipping in between those years.

Companies eligible for the Deloitte Technology Fast 500 recognition[17] must be headquartered in North America, have been in business for at least four years, and reported FY 2011 operating revenues of at least $50,000 and FY 2014 revenues of at least $5 million.

hCentive is also ranked No. 19 among Virginia-based companies and was ranked No. 117 on the Inc. 5000 2014 list,[18] an exclusive ranking of the nation’s fastest-growing private companies. hCentive offers state government agencies, brokers and carriers reliable and easy-to-use benefits marketplace solutions that are compliant with Patient Protection and Affordable Care Act of 2010 (PPACA) guidelines.

References[edit]

  1. ^ a b c d "hCentive opens R&D center in Noida". Healthcare IT News. MedTech Media. 13 July 2013. Retrieved 13 October 2013. 
  2. ^ Wayne, Alex; Nussbaum, Alex (1 October 2013). "Obamacare Markets Debut as Early Hurdles May Slow Signups". Bloomberg News. Retrieved 13 October 2013. 
  3. ^ Molinsky, Eric (25 September 2013). "Tech Firms Rush to Build Health Exchanges Before Deadline". WNYC. New York Public Radio. Retrieved 13 October 2013. 
  4. ^ Manos, Diana (15 April 2013). "hCentive helping New York, Colorado and Kentucky with HIX implementation". Healthcare IT News. MedTech Media. Retrieved 13 October 2013. 
  5. ^ a b c Weldon, David (30 September 2013). "Healthcare reform a job creation machine". Healthcare Finance News. MedTech Media. Retrieved 13 October 2013. 
  6. ^ "Technical Glitches, Error Messages Plague Obamacare Launch". Newsmax Media. Thomson Reuters. 1 October 2013. Retrieved 13 October 2013. 
  7. ^ a b Kling, Michael (29 March 2013). "How Companies Are Cashing in on Obamacare". Moneynews. Newsmax Media. Retrieved 13 October 2013. 
  8. ^ a b Zimmerman, Eilene (27 March 2013). "6 companies cashing in on Obamacare". CNN Money. CNN. Retrieved 13 October 2013. 
  9. ^ Weldon, David (30 September 2013). "IT efforts braced for tomorrow's Obamacare exchange launches". FierceEnterprise Communications. FierceMarkets. Retrieved 13 October 2013. 
  10. ^ a b Green, Miranda (21 August 2013). "Technology Firms Staff Up to Build Health-Insurance Exchanges". The Daily Beast. Retrieved 13 October 2013. 
  11. ^ a b c Mangan, Dan (9 September 2013). "In Obamacare, tech entrepreneur envisions a new Expedia". CNBC. NBCUniversal. Retrieved 13 October 2013. 
  12. ^ a b Abrar, Peerzada (12 August 2013). "For Indian tech startups, Obamacare mean big bucks as 45 mn Americans pick health covers". Economictimes.com. Retrieved 13 October 2013. 
  13. ^ Censer, Marjorie (7 October 2013). "Obamacare spurs creation of thousands of new jobs to explain law". Washington Post. Retrieved 13 October 2013. 
  14. ^ Kim, Meeri (27 July 2013). "Obamacare spurs creation of thousands of new jobs to explain law". Washington Post. Retrieved 13 October 2013. 
  15. ^ Baburajan, Rajani (22 August 2013). Bernstein, Peter, ed. "Insurance Technology - Geisinger Health Plan Selects hCentive for Health Insurance Exchange Integration". insurance-technology.tmcnet.com. TMCNet. Retrieved 13 October 2013. 
  16. ^ Washington Business Journal Fast 50
  17. ^ Deloitte Technology Fast 500
  18. ^ 34th annual Inc. 5000

External links[edit]