August 11, 2010 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced that one of the largest health insurance companies in the world with tens of million members, has chosen MetricStream to manage its Enterprise Governance, Risk and Compliance needs. MetricStream's comprehensive solutions will enable the company to efficiently track and report on regulations and their market conduct examinations and support Conflict of Interests requirements for the organization, among other initiatives. The company is committed to improving the health of American communities, delivering better care to members and providing greater value to customers and stakeholders.
With the passage of the healthcare reform bill, the US health insurance industry is undergoing a sea change. In addition to subsidizing coverage and providing health insurance to millions of uninsured citizens, the reforms are calling for newer regulations and tighter scrutiny. In response, health insurance companies are redefining not only their business models but also their risk and compliance management strategies. A well-designed and well-implemented GRC strategy is crucial to ensuring a smooth transition through the new reforms and challenges.
MetricStream's web-based GRC solutions deliver a powerful combination of process automation, incident tracking and remediation, risk and control assessment and monitoring and document management. Role-based dashboards with a unique drill-down capability provide increased visibility into the risk and compliance status at any time, highlighting issues that need to be addressed. Sophisticated work-flow and collaboration capabilities enable risk and compliance processes to be streamlined and integrated across different business verticals and locations.
“MetricStream provides a gamut of benefits to healthcare and health insurance companies,” says Gaurav Kapoor, CFO and General Manager at MetricStream. “MetricStream solutions were chosen by this leading health insurance company because of its scalability, its flexibility to meet the company's specific needs and its ease of use. Our solution has the unique ability to support the vast and complex enterprise model of the health insurance company. It enables multiple regulatory requirements across business processes as well as regions and states to be managed through a single, centralized platform.”
Health insurance companies now are managing a number of specific requirements through MetricStream:
MetricStream’s comprehensive GRC solutions enable the health insurance industry to meet its new challenges head-on. Several health insurance and healthcare providers, including some of the largest licensees and affiliates of the Blue Cross Blue Shield Association, have chosen MetricStream to manage their risk and compliance needs.
MetricStream is a market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions. MetricStream solutions are used by leading global corporations in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-tech and Manufacturing to manage their risk management programs, quality management processes, regulatory and industry-mandated compliance and other corporate governance initiatives. MetricStream’s customers include Procter & Gamble, UBS, Societe Generale, Pfizer, Philips, Cummins, Kellogg’s, Mondelez International, SanDisk, and NetApp. MetricStream also owns and operates the www.ComplianceOnline.com portal - the largest GRC advisory network and one of the largest GRC communities. MetricStream is headquartered in Palo Alto, California, USA (www.metricstream.com).