Click here to read full article on 83 Degrees Media | Reporter: Paul Catala
It wasn’t only the warm weather and a favorable business tax structure that brought BeniComp Health Solutions from Indiana to Tampa; it was also the company’s effort to form the world’s first city-based wellness district.
In 2014, BeniComp opened an “innovation office” in Tampa, bringing what the company calls “the future of health insurance” to Central Florida.
BeniComp is a 58-year-old, 50-state Third Party Administrator and health tech company that uses health insurance to help advance the healthcare system. The company provides group health plans for employers, focusing on the root causes of diseases and the skyrocketing costs of healthcare.
Alexandra Goebel, BeniComp communications manager, says the company’s business strategy is driven by “actionable data, radical transparency and predictive-risk models,” which helps lower the costs of providing health benefits, drive health improvements and improve the overall BeniComp’s employee experience.
Goebel, who’s been with BeniComp since 2018, says the company provides individuals with information about their health and offers preventative health management tips through technology to expose possible health risks or reverse chronic medical conditions.
Formerly headquartered in Ft. Wayne, IN, Goebel says BeniComp’s move to Tampa has also given the company the chance to spotlight new products, such as the recently developed “Pulse,” a proprietary health/insurance technical platform built to help manage the health of populations. She says Pulse is being used to help employers and employees navigate their healthcare “seamlessly and intuitively.”
“Pulse contains predictive risk models, namely our Preventive Health Management (PHM) portal, that empowers individuals with insight into their health data so they can measurably improve their health and have greater autonomy in their health journey,” she says. “Additionally, our functional medicine team uses preventive health technology to proactively identify the underlying health risks in a population and intervene to prevent and improve health risks.”
As a use-of-technology example, Goebel cites BeniComp’s management team’s ability to identify pre-diabetes potential and help prevent individuals from progressing into a diabetes diagnosis. Avoiding diabetes can save individuals an average of $12,000 to $15,000 a year in medical expenses for the rest of their lives.
Additionally, Steve Presser, BeniComp President and COO, says despite the current coronavirus pandemic and resulting layoffs nationwide, BeniComp has been able to maintain its commitment to providing those types of healthcare-related solutions for not only their team and clients but for surrounding communities. The company operates with a full staff and has been deemed an “essential business,” allowing for an environment of aggressive expansion.
Currently, in addition to Tampa, BeniComp Health Solutions has offices in Fort Wayne.
The growth potential for the BeniComp is great due to the scaling adoption of cutting-edge tech solutions, adds Goebel. She says the company’s growing revenue combined with a drastic reduction in operational costs has allowed for continued investment into health technology and growth of 20 to 30 percent each year.
“BeniComp is the future of health insurance: data-centric, proactive, and rooted in advancing health technology,” says Goebel. “We have plans to continue to elevate our tech platform, Pulse, and integrate with different services to enhance our predictive and preventive capabilities with features such as AI/Machine Learning and wearable health tech.”
Among BeniComp’s current indicators of growth are:
- An increased sales team with licensed senior health insurance agents.
- An expanded software development team.
- The hiring full-stack developers and UI/UX designers.
- The investment of millions of dollars in new health technology.
- An aggressive hiring effort with the knowledge that there are many talented people who have had their careers displaced by the coronavirus.
And with growth comes jobs. The company is looking to bring more high-tech and high-paying jobs to the Central Florida area. Since March, the company has hired eight new high-tech employees in the Tampa area and more hiring continues. By the end of 2021, growth predictions are that BeniComp will have doubled in size.
“And we know that we're just getting started,'' says Presser. "By continuing to hire exceptionally talented people while maintaining our company culture, we hope to continue inventing and substantially growing our product offering to provide the nation's beta for the future of healthcare.”
BeniComp was founded in 1962 when Don Short started Short Associates, Inc. in Indiana as a sales organization providing life and health products, and later property and casualty services. Short and his brother joined the business with their father in 1980, and Julie (Short) Ramer, special projects, and Lindsay (Short) Wojnarowski joined in 2009 and 2013 respectively.