Employee Benefits Administators (EBA), can provide outsourcing benefits administration services for small to mid-sized businesses. The office, located in Morgantown, Pennsylvania, has opened for business.
Many employers today are looking to outsource any function that is not directly linked to the generation or income. Human Resources Administration is therefore one function that should be looked at first, since it does not directly contribute to the generation of income.
Outsourcing can be a proactive way to increase productivity and reduce costs. Employee Benefits Managers aim to deliver high quality benefits administration services and customer service to clients, allowing them to focus on other strategic initiatives.
EBA will initially target clients with ten to 500 employees when it opens. The service will offer four levels of customization, so clients can choose the one that best suits their needs.
- COBRA (Consolidated OmniBus Reconciliation Act) and HIPAA (Health Insurance Portability and Accountability Act) Administration
- Flexible Spending Account Administration
- Basic Benefits Administration for health and welfare plans, including a call center
- An ‘#8220’ All-Inclusive level which combines all three levels
EBA will market their services through insurance brokers, business associates, local businesses, professional associations, and other organizations. EBA plans to be certified in Pennsylvania as a WBE, Women’s Business Enterprise, in order to conduct business at the State, Federal and Local levels.
Employee Benefits Administrators has been established as an LLC (Limited Liability Company). Cindy Wells, Diane Davis and the company’s principals are equal owners. They have over 25 years of combined experience in corporate benefits administration, employee relations and communications, legal compliance, and a history of providing outstanding customer service. Their experience in dealing with all levels of management as well as employees, gives them an edge over their competitors.
This business plan is designed to forecast all financial statements for three year and to receive initial funding. This will cover initial start-up costs as well as operating expenses for the first year. Employee Benefits Administrators expects substantial revenue in year one and phenomenal growth in year two.
1.1 Objectives
EBA hopes that the next three year will bring about:
- Substantial first year revenues with incredible growth in next year
- For COBRA services, one client per month is new. One client per quarter for all-inclusive and basic services.
- By the beginning of Year 2, there were three staff, and by Year 3, there were seven.
- To move from strictly providing benefits administration to offering services for payroll and/or all other HR services that clients are interested in outsourcing by Year 3.
1.2 Mission
Employee Benefits Administrators provides high quality benefits administration and customer service for small to medium sized companies, allowing them to focus on their strategic initiatives.
Success Keys 1.3
EBA’s keys to success include:
- Excellent communication skills and customer service skills. #8212; confidential, reliable and trustworthy expertise and information
- The best Human Resources Information software module on the market
- Thorough knowledge of benefits administration issues
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