ORLANDO, Fla., Jan. 22, 2015 /PRNewswire/ -- PlanSource, which provides the leading cloud-based health exchange and benefits engagement platform, today reported the achievement of 2014 year-end milestones including record sales, widespread adoption of its health exchange and benefits administration solutions, new product innovations and continued strong market momentum leading into 2015.
2014 Highlights in Brief
- Achieved year-over-year revenue growth of 41%
- Added more than 3,000 new employers on the PlanSource Platform
- Launched OneMarket for public and private exchanges, ACA compliance tools, advanced consumer shopping capabilities and continued the build-out of the PlanSource Connect API
- Grew the PlanSource community through new and expanded partner relationships and programs
- Supported company growth through key leadership team additions and 30% more new employees
- Earned industry-leading Net Promoter Score of +67 along with a 99.8% customer revenue retention rate
PlanSource® experienced robust revenue growth with a year-over-year increase of 41% in 2014. Contributing to this growth is a nearly 50% increase in year-over-year new monthly recurring revenue (MRR). The company added a host of strategic partnerships including industry leader Marsh & McLennan Agency®, LLC and many others.
"Our relationship with PlanSource is one of the components of our healthcare exchange strategy," said Sally Prather of Marsh & McLennan Agency. "Leveraging technology solutions, like the PlanSource Platform, to make the various components of the healthcare system work more efficiently and effectively for everyone is one of our objectives."
The company surpassed the key milestone of implementing more than 3,000 new employers ranging in size from less than 10 to more than 135,000 employees during the year. With more than 7,500 employers now using PlanSource for benefits shopping, enrollment and billing, the company continues to broaden its market coverage and deepen its penetration across key industries such as technology, healthcare, education, hospitality, retail and more. New customers included the Blackstone Technology Group, Cakebread Cellars, Kimco Services, Metrohealth, PADI Worldwide, Planet Hollywood, The Spice Hunter, and many others.
Technology Platform Extension & Innovation
The company continued to invest in its industry-leading technology platform for managing benefits in the cloud. With more than 10 new releases, the company delivered the following innovations throughout 2014:
- The company launched OneMarket™, its product for public and private exchanges. In 2014, the company deployed nine new private health exchanges and added new 10 insurance carrier partners to its growing list of OneMarket participating carriers.
- PlanSource won the 2014 IHC Superstar Award in collaboration with Lockton Companies for the implementation of Entertainment Partners (EP) Cares, the first ever entertainment industry private healthcare exchange designed specifically to meet the unique challenges and transient nature of the non-union production community. The annual HealthCare Consumerism Superstars Awards recognize and honor the forward-thinking individuals, innovative solutions providers, and exceptional organizations that are making a difference in our workplaces and healthcare system by moving the healthcare consumerism mega-trend forward.
- PlanSource launched new ACA compliance tools that support automatic enrollment, accurate 6055 & 6056 reporting, look back calculations, summary of benefits & coverage, wellness program management, and more.
- The company released a new consumer shopping experience that provides personalized recommendations using prescriptive data modeling to automatically find the plans that best match the consumer's needs. In addition, the company enhanced its personalization framework so that it can present cost calculators, financial planning tools, messaging and help videos based upon criteria such as age, gender, and other criteria.
- Through the continued build out of PlanSource Connect API™, enterprise technology providers and companies like Optum were able to quickly deliver a cost-effective, comprehensive proprietary exchange solution leveraging the rules-based engine and transaction processing power of the PlanSource Platform.
The PlanSource community continued its growth and expansion through investment in key partner programs and relationships. The company added key worksite partners and outsourced implementation partners. In 2014, 40% of customer implementations were handled by an outsourced partner, giving employers the ability to choose their preferred approach. The PlanSource Advantage Carrier Partner Program doubled in size in 2014 and the PlanSource Elite Broker community expanded by more than 35%.
The significant growth experienced by the company during the year was supported by key leadership team additions as well as a 30% increase in new employee hires. New leadership appointments include:
- Nancy Sansom – Chief Marketing Officer
- Mitch Hansen – Vice President of Enterprise Applications
- Jamie Walker – Vice President of Product and Consumer Engagement
- Jagdish Chugani – Vice President of Human Resources
The company also added an office in Charleston, South Carolina, an emerging hub for HR tech innovation. PlanSource now operates six offices throughout the U.S. New employees were onboarded across the organization with significant investments made in development, client support, operations and marketing.
The company issues an annual customer satisfaction survey as it continually strives to maintain its 99.8% customer revenue retention rate. In 2014 it achieved an industry-leading Net Promoter Score of +67 (compared to the Software/Apps Industry average of 26)1. Much of this is attributed to a customer focus across the organization from sales to development to support. PlanSource continued to lead the industry in implementation cycle time and delivered an 8% improvement over the prior year, which was one of the many contributors to new client satisfaction and ROI.
"I am extremely proud of our team's accomplishments in the past year, as few companies in our industry have been able to demonstrate the type of growth we achieved," said Dayne Williams, Chief Executive Officer at PlanSource. "The market adoption by both customers and partners across the country continues to validate our position as a leading provider of health exchange and benefits technology. We are excited about the year ahead and are already seeing evidence of continued growth and success in 2015."
PlanSource provides the industry's most flexible and extensible health exchange and benefits engagement platform in the cloud. More than 7,500 employers and 3 million consumers use the PlanSource Platform for benefits shopping, enrollment, billing and ongoing administration. PlanSource partners with leading insurance carriers, brokers and government entities to provide both exchange and non-exchange solutions to companies of all sizes. PlanSource – One Source. Many Benefits. Learn more at www.plansource.com.
Copyright (c) 2015 PlanSource, Inc. All rights reserved. PlanSource is a registered trademark of PlanSource, Inc., and PlanSource owns other registered and unregistered trademarks. Other names used herein may be trademarks of their respective owners.
1Net Promoter U.S. Consumer Benchmark 2014 Software & Apps Sector: http://cdn2.hubspot.net/hub/268441/file-1361232783-pdf/Benchmarks_PDFs/Satmetrix_2014_B2C_Benchmark_Overview.pdf