PreferredOne, a Golden Valley, Minn.-based payer, reached a network agreement with Hartford, Conn.-based Aetna this month. Now PreferredOne is hoping to draw in more business from large companies, according to the Star Tribune.
Through the contract, PreferredOne wants to gain traction with large corporations with PreferredOne coverage that self-insure their employees' health plans. These companies could enroll more members by giving their out-of-state employees access to Aetna's network of physicians and hospitals.
"We're able to get to some accounts that might not have considered us in the past," said David Crosby, president and CEO of PreferredOne, according to the report. "We think that this will be one of the most significant elements ... to spur on our growth."
PreferredOne is especially hopeful for success after what Mr. Crosby called a "difficult time" after the implementation of the Affordable Care Act. In 2014, the health insurance company sold low-priced policies on MNsure, Minnesota's health insurance exchange. But after suffering financial losses, PreferredOne was forced to increase premium prices and drop out of MNsure for 2015.
PreferredOne didn't provide financial information regarding its contract with Aetna.