HOUSTON, July 7, 2016 /PRNewswire/ -- Two Houston companies, Advantage Benefits Solutions and Collins Benefits Solutions, have announced their merger, combining more than 50 years of experience in the benefits marketplace. The firms, which manage collective premiums of $58 million, have joined forces to bring more innovative, cost saving healthcare solutions to businesses across Houston.
The merger, led by Mark Stefanick of Advantage Benefits Solutions and Mary Collins of Collins Benefits Solutions, comes as a result of a shared mission to challenge the market and expand solutions to include alternative benefit models to clients in Houston.
Under the Advantage Benefits Solutions (ABS) banner, the new organization is committed to delivering member access to quality care not only through traditional plans, but also through direct contracting when appropriate, bypassing insurance companies and alleviating the administrative cost burden for all parties. With savings averaging up to $200,000 on benefits for every 100 covered employees, the opportunity to change the way the members access their healthcare benefits is huge.
Commenting on the decision to combine the two businesses, Mark Stefanick, ABS President and CEO said: "There are so few like-minded advisors in the market and it was refreshing to discover that Mary and her team harbor the same ambitions to change what's being offered to clients."
He continues: "Over the past 18 months we have seen Houston business owners striving to lower costs and save administrative time when it comes to benefits plans, freeing them up to focus on the day-to-day business operations. We see huge potential growth in working directly with medical specialists to offer a much more streamlined service, reducing wasted administrative resources and giving workers access to true primary care. We are proud to be part of the one percent of advisors in our market offering this type of model, which we are confident will be rapidly adopted."
According to the Milliman Medical Index (MMI)* the cost of care for the typical American family of four has more than tripled since its value of $8,414 in 2001 with current averages of $25,826.
"Our objective is simple," adds Mary Collins, Executive Vice President at ABS, "we want to ensure that we are enabling businesses to meet their responsibilities by providing their staff affordable access to quality care. The system is broken for various reasons and we want to guide our clients and their employees in spite of that. We focus on working with our clients to customize solutions based on both traditional and new programs, to meet their needs and the needs of their staff."
About Advantage Benefits Solutions (ABS)
ABS was founded in 1982 and provides the total package of risk management, HRIS, payroll, benefit administration, benefit compliance, and employee communications. In 2016, ABS merged with Collins Benefits, a firm established in 2001 that focused on solutions to the financial, compliance, communication and administrative burdens of offering and maintaining group benefit plans. The combined firm, Advantage Benefits Solutions employs 15 people and services over 150 clients, with a main office at 4635 Southwest Freeway, Suite 750, Houston, TX 77027. http://www.abs-insurance.com
* Milliman Medical Index (MMI) 2016
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SOURCE Advantage Benefits Solutions (ABS)