PreferredOne said an agreement reached this month with health insurance giant Aetna should help the Golden Valley-based health plan compete for business from large companies based in Minnesota.
With the contract between the insurers, large employers with PreferredOne coverage could provide out-of-state workers with access to Aetna's national network of doctors and hospitals.
Blue Cross and Blue Shield of Minnesota has a similar arrangement with other Blue Cross plans, while Medica and HealthPartners have such relationships with national carriers UnitedHealthcare and Cigna, respectively.
The arrangements are important to large multistate employers that "self-insure" their employee health plans, meaning they take the financial risk for claims and hire insurance companies to serve as third-party administrators.
In 2014, nearly 38 percent of Minnesota residents were covered by self-insured employer plans, according to the Minnesota Department of Health.
"We're able to get to some accounts that might not have considered us in the past," said David Crosby, the PreferredOne president and chief executive. Crosby added: "We think that this will be one of the most significant elements … to spur on our growth."
PreferredOne saw dramatic growth in 2014 by way of the state's individual market, where the insurance company suffered big financial losses. As a result, PreferredOne hiked premiums for 2015 and pulled out of the state's MNsure health insurance exchange.
The MNsure presence helped PreferredOne gain national notice in 2014, because the insurer sold individual policies at some of the lowest rates on any of the nation's new health insurance exchanges.