Virtual Benefits Administrator

Virtual Benefits Administrator (VBA) is a software design company that provides a comprehensive suite of solutions to the insurance industry. The company's platform features include API-driven data integration, fast adjudication speeds, streamlined business processes, and increased customer engagement. The solutions can be deployed individually or together, addressing claims processing, user experience portals, customer support, business insight, analytics, interoperability, and connectivity. This ensures operational efficiency and supports the unique needs of healthcare payers.

The company is known for its secure, cloud-based architecture that supports all lines of Benefit Administration. 

Key customers and partnerships

VBA targets a diverse range of clients within the healthcare and insurance industries, including Health Plan Providers, Third-Party Administrators (TPAs), and Ancillary Payers such as dental, vision, life, disability, and voluntary benefits providers. Additionally, its solutions cater to government plans, consultants, and trust unions. 

In September 2021, VBA partnered with healthcare tech company, TALON, to bring price transparency tools to insurance members. The partnership harnessed TALON’s technology to create a tool called VBA Cost Transparency. This tool, accessible through VBAGateway, allowed consumers to compare prices, track deductibles, and understand out-of-pocket expenses from healthcare providers in real time. Also, in November 2020, VBA partnered with Reclaim Health, a healthcare financial wellness company, to streamline health benefits enrollment through advanced data and analytics​​. The partnership aimed to help members make informed decisions about optimizing their coverage and managing healthcare expenditures. 

Funding and financials

In August 2023, VBA raised USD 156 million in a majority growth equity transaction led by Spectrum Equity. The funding was allocated for the development of upcoming products and solutions. It was also to be used to enhance the company's infrastructure and resources to effectively serve its increasing customer base.