Tampa-based healthtech company BeniComp is making waves in the industry by expanding its local employee base and launching more products to serve smaller businesses. The company specializes in reducing healthcare spending by analyzing data, promoting prevention through screenings, and utilizing new technology. One of the ways BeniComp achieves this is by leveraging the latest tools to form healthcare plans, enabling employers with a tight staff of 15 to 30 people to self-fund health insurance. According to Steve Presser, president of BeniComp, “If you went back decades ago to be self-funded, you’d have to be a larger employer with hundreds of employees, and now with some of these modern products, we offer what these large companies have. Smaller companies didn’t have options and would be fully insured and at the mercy of the state’s healthcare policies and state of insurance, but now they are now able to go self-funded and manage their own risks.”
BeniComp’s IncentiCare service product has achieved a 96% participation rate of employees completing annual health screenings by offering large, outcome-based deductible incentives. The company has set a goal to save companies in the U.S. $100 million over the next three years through their innovative approach. According to Presser, “There’s going to be a lot more focus in the Tampa Bay area – it’s our backyard.”
BeniComp’s move into the area was influenced by real estate mogul and former Tampa Bay Lightning owner Jeff Vinik’s investments in the area with the Water Street Tampa district, known for attracting numerous tech firms to the city. Presser mentioned, “Our biggest initiative in Tampa was to hire a lot of software developers.” BeniComp has now grown to have 30 employees in Tampa, roughly 20 in Indiana, and additional workers based overseas.
With the majority of BeniComp workers returning to the office after the pandemic, the company is focusing on hiring talent in the up-and-coming tech city of Tampa Bay. Presser emphasized that BeniComp’s strategy on adopting real-time analytics and innovative tech has been the backbone of the company’s growth. As the company expands its headcount and ability to serve more clients, Presser stated that they are not looking to be acquired in the near future and are focusing on building out everything in-house.
From a digital consulting perspective, Pinnacle Digital Advisors sees BeniComp’s approach as an innovative and consumer-friendly solution that addresses the growing needs of smaller businesses for self-funded health insurance. By leveraging new technology and real-time analytics, BeniComp is not only reducing healthcare spending but also empowering smaller companies to manage their own risks effectively. This kind of approach is a testament to the potential of digital solutions in revolutionizing traditional industries and making them more accessible and efficient for businesses of all sizes.
Our Perspective
From a digital consulting perspective, Pinnacle Digital Advisors sees BeniComp’s approach as an innovative and consumer-friendly solution that addresses the growing needs of smaller businesses for self-funded health insurance. By leveraging new technology and real-time analytics, BeniComp is not only reducing healthcare spending but also empowering smaller companies to manage their own risks effectively. This kind of approach is a testament to the potential of digital solutions in revolutionizing traditional industries and making them more accessible and efficient for businesses of all sizes.
Pinnacle Digital Advisors
This article originally published: [https://stpetecatalyst.com/tampa-healthtech-firm-embraces-new-tech-increases-workforce/]