By Veronica Brezina
Tampa-based healthtech company BeniComp is expanding its local employee base while launching more products to serve smaller businesses.
The company reduces healthcare spending by analyzing data, promoting prevention through screenings and utilizing new technology. Leveraging the latest tools to form healthcare plans, BeniComp helps employers with a tight staff of 15 to 30 people to self-fund health insurance.
“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,” said Steve Presser, president of BeniComp. “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 achieves a 96% participation rate of employees completing annual health screenings by offering large, outcome-based deductible incentives.
“We have set a goal to save companies in the U.S. $100 million over the next three years – we know it’s a significant goal, but I think it’s one we can accomplish,” Presser said. “There’s going to be a lot more focus in the Tampa Bay area – it’s our backyard.”
The health insurance company, founded in 1962, moved into the area in 2014. BeniComp has an office in Ft. Wayne, Indiana, which processes claims.
“It was really [real estate mogul and former Tampa Bay Lightning owner] Jeff Vinik who drew our family to this area. We were traveling all around from Indiana,” said Presser, who assumed the role of president in 2020.
He was impressed by Vinik’s investments in the area with the Water Street Tampa district, which stretches 16 blocks across the downtown waterfront and features luxury residential and commercial towers, which has attracted numerous tech firms to the city.
“Our biggest initiative in Tampa was to hire a lot of software developers,” he said.
Last year, the company announced it was going to create 100 new jobs through 2025 in client support, sales and marketing, software development, preventative health and accounting roles.
BeniComp now has 30 employees in Tampa, roughly 20 in Indiana and additional workers based overseas.
After the pandemic, the majority of BeniComp workers returned to the 3,000-square-foot office at the Tampa City Center. The company previously leased space at the WeWork building in downtown Tampa.
“Talent was something we struggled with in Indiana. Tampa Bay is an up-and-coming tech city,” Presser said.
He said BeniComp’s strategy on adopting real-time analytics and innovative tech has been the backbone of the company’s growth.
“Many people in the industry are often siloed and spend a lot of time and money that could be going toward health care costs and working with vendors. We’ve spent a lot of time on vertical integration,” Presser said.
As BeniComp bumps up its headcount and ability to serve more clients, Presser said he doesn’t envision selling the company in the near future.
“There were a lot of acquisition and mergers in the last few years, and it’s caused service interruptions in our industry. I’m proud to say we aren’t looking to be acquired. As far as acquisitions go, we are building out everything in-house and partnered with various vendors, but aren’t looking to acquire any companies,” he said.
BeniComp has evaluated over 200 vendors over the past several years. Presser said the company works with vendors that are transparent about pricing and understand the issues surrounding health care price gouging.