The benefits outsourcing industry is going through challenging times. Clients are asked to limit the complexity of plans offered and restrict customization and flexibility of administrative protocols. There is a trend towards off-shoring of customer service centers and long lead times for required system changes.
BOS is systemically structured to address these issues. Instead of a cookie cutter approach, we offer customized solutions based on the client's requirements. Our small company sensitivity and professionalism, combined with large company IT sophistication, makes BOS an ideal choice for both companies outsourcing for the first time and companies dissatisfied with their current vendor relationship.
While we certainly appreciate and handle consolidated plan structures, BOS specializes in highly complex plan structures and challenging populations. We handle numerous legacy populations. Our most complex client has 189 different medical plans, 138 pharmacy plans and 54 dental plans. In some cases, plans have as few as three remaining participants and others as many as 15,000.
Our target market ranges from 5,000 to 50,000 participants per client. Some of our clients are smaller, but expect to grow or have complex situations which cannot be handled appropriately by most administrators. Other clients are larger, but we do not handle the entire population. We would be happy to discuss why this range fits our service model and if your population size is appropriate for BOS. We believe that each plan must be handled with the same personal sensitivity and efficiency in order to meet the expectations of large, complex client environments. We have no standard packages or service models. We provide to each client exactly the scope of services that best meet their needs.
BOS believes that we cannot be all things to all people. As a result, we focus on large clients with complex plans that need both flexibility and sophistication. We know our best opportunity for growth comes from highly satisfied clients. As a privately-held company, we have no requirements to grow at any arbitrary rate or achieve pre-defined profit metrics. Therefore, BOS is unique in our pricing model. We propose only all-inclusive pricing to limit out-of-scope fees that are common in the industry. Most of our clients have never experienced an out-of-scope fee, despite having been a client for five or six years.
BOS believes that benefits administration is highly complex, with nuances and compliance issues not always fully recognized by individuals without benefits administration experience. As a result, our teams are staffed with trained benefit professionals, not clerical staff. Most of our service staff have four-year college degrees. We have actuaries to perform pension calculations and experienced benefit consultants to assist with complex benefit regulatory or compliance issues. We conduct open enrollments and on-going administration utilizing a variety of methods, including web, IVR, paper or any combination that best serves the client's needs. We maintain paper files or store electronically, as requested. Our philosophy is to serve our clients to their specifications, rather than to established policies and procedures.
BOS's service model is based on exceeding the client's expectations. We are able to provide a completely customized service environment with dedicated client teams, including IT support. Dedicated IT programmers ensure that required changes are quickly executed within the team, not put in a classic IT "queue". Most IT requests are completed in days, not weeks, as is typical in the industry. BOS also performs all services within the team structure, including COBRA, FSA and pension administration.
Unlike a service "silo" structure common in the industry, BOS client teams are structured to ensure that participants typically only speak with one service person. Our model also ensures that information is not lost handing off the participant from one department to the other. Each service representative is fully familiar with all aspects of the client's plans and can assist with event based transactions, such as divorce, death, etc., as well as general questions.
For most of our clients, different plans or populations cannot be consolidated into standardized plans due to legal commitments, collective bargaining agreements, etc. At our client's direction, BOS establishes client teams and direct call numbers for each of the client's unique populations. This ensures that each participant will be treated individually based on the unique aspects of his/her plan. Also, our client teams are permitted to spend as much time as necessary to meet the participants' needs. We have no requirements for time allowed per call or number of calls "resolved" on the first contact. We do not want to adversely impact our ability to put the participant's needs first and foremost. As a result, BOS's statistics for inbound calls are substantially below the industry average.
Larry Gelman has over thirty-seven years in the benefits business. Prior to forming Benefit Outsourcing Solutions, Inc., Larry was a Senior Partner of Coopers & Lybrand L.L.P. with regional responsibility for its health care consulting practice throughout the Midwest. Clients included health care systems, major managed care plans, Fortune 100 plan sponsors and government entities. Prior to joining Coopers & Lybrand L.L.P., Larry was a Principal and Detroit Health Care Practice Leader for William M. Mercer, Inc. Before entering the consulting business, he held a variety of regional management roles with John Hancock's group health division over an eleven-year period. Larry received an undergraduate degree in law from Long Island University and attended St. John's University studying for a MBA with an emphasis in finance.
Jennifer Jones has over twenty-five years experience using technology and efficient business processes in the information services world. In her previous roles as COO and CIO, Jennifer expanded and enhanced both the technical and customer service levels of BOS. Prior to joining the company, Jennifer was a software development consultant working for clients such as Ford Motor Company, IBM, Chrysler Corporation, R. L. Polk, Federal Mogul and Campbell-Ewald. Jennifer received both a master's degree and bachelor of science degree in computer science from the Massachusetts Institute of Technology.
BOS has been our vendor from their inception. They handle our most complex plans with a seemingly infinite amount of patience and professionalism. We get glowing reports from our location HR managers, participants and vendors on their performance.
Benefit Outsourcing Solutions has and continues to be a vendor partner who continually exceeds expectations, thinks outside of the normal project scope and truly operates as an extension of our HR department. They turn projects around quickly and accurately.
BOS handles our plan administration efficiently and professionally. I don't know how they do it, but we never hear anything but raves about their service from our participants. Also, in all the years they have worked for us, we have never had an out-of-scope fee.
Benefit Outsourcing Solutions understood the urgency of the project, how to get it done quickly and effectively, and I found them to be extremely resourceful and solution oriented. They even monitored the progress during the Christmas holiday while they were on vacation. A huge thank you!