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Benefits Administration Business Plan

March 3, 2023 By JamesCall Leave a Comment


Benefits Administration Business Plan


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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Filed Under: Businnes Plan Tagged With: administration, benefits, business

Health Plan Administration Business Plan

March 3, 2023 By JamesCall Leave a Comment


Health Plan Administration Business Plan


Southeast Health Plans, Inc. is a service company that will provide health plan administrative services to self-insured employers. The company will concentrate on employers with 50 to 500 employees. Many of these employers have a current HMO, PPO and major national insurance carrier healthcare plans. Most employers with 500 employees and more have at minimum some self-insurance. But, this market is often ignored or overlooked by national insurance companies. While more than 80% of companies with 500 or more employees are self-insured, the management of Southeast Health Plans has identified that less than 25% of Atlanta area companies with 50 to 500 employees have self-insured plans.

Companies that are currently self insured as well as those that have other health plans will be able to switch to self insurance. High quality consulting and administrative services are key factors in the transition to auto-insurance. Southeast Health Plans, Inc. has a highly experienced management team and formed a strategic alliance to Blair Mill Administrator, which is a wholly-owned subsidiary of Blue Cross/Blue Shield Pennsylvania, in order to provide first-class benefits management services for its target market.

Southeast Health Plans, Inc. expects to achieve a revenue of over $5 million within five years and a net profit after taxes of $1.6 million. The company will be profitable in the third year with $560 million in after-tax profits. Margins as a marketing agency and service provider will be exceptional with gross margins exceeding 80% (less just sales incentive costs) & approaching 50% after all operating costs, once market penetration reaches maturity.

Southeast Plans, Inc. is able to attract initial capital for the successful marketing of its services in metro Atlanta and northern Georgia. This will be key to its success. Adequate professional sales staffing is essential. It is then necessary to establish a solid formula for expansion in the Southeastern regions. Cost control, particularly with regard to sales and marketing programs, will enable controlled expansion that is fully funded by internal cash flow.

1.1 Objectives

The objectives for the company are:

  1. Co-operative marketing using Blair Mill advertising executions in the Atlanta metropolitan market
  2. To hire and identify sales people to follow up on sales leads.
  3. At least 4,800 employees total under management by year end.
  4. To break even by the end year two with a net loss of less than $100,000. While increasing market share,
  5. To shift to earnings by year three, and to accelerate gross margin contributions by building market maturity over infrastructure.
  6. To expand regionally using both sales and media personnel to penetrate new market segments while consolidating our service capabilities.
  7. To constantly achieve cost benefit through an expanding provider network while not compromising patient care.
  8. To have more that 98,000 employees under management by year five.

1.2 Mission

Southeast Health Plans, Inc. was established to offer small and mid-sized businesses a comprehensive benefits program. This will enable them to keep their health insurance costs under control, and allow employees to have access quality health care. By combining self-insurance with stop-loss programs and efficient plan administration Southeast will provide to its clientele, both employers and employees, the best of health care with the minimum of restrictions and the broadest individual choice of providers. Southeast will deliver quality care while allowing for freedom at a fair rate.

1.3 Keys for Success

These are the keys for success in this business:

  1. Southeast Health Plans. Southeast Health Plans are now able to offer their services directly to employees and through independent brokers and agents. It will be necessary to establish name recognition among more established programs. It is vital that media budgets remain under control and that closing ratios of no less than 5% per year are maintained.
  2. Quality service. Blair Mill Administrators’ services are considered the best among small-employer providers. The Southeast Health Plans, Inc. management team, and their provider networks, will provide customer satisfaction.

It is a necessity that clients maintain satisfaction both with service and plan cost to minimize client erosion and to combat competition. Renewals should not exceed 85% for clients who are already established.

  • Managed growth. Growth should be aggressive, with rapid expansion to new geographical markets. However, profitability must be the main focus. To ensure internal funding, each market must mature and develop as new markets emerge. Cash flow management is crucial. Both media effectiveness and market expansion must be continuously tested and then revised or improved as needed.
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    Filed Under: Businnes Plan Tagged With: administration, health, Plan

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