Empyrean Benefit Solutions Passes $50 Million Revenue Milestone
Company Sets Revenue Records and Exceeds Growth Rate & Client Retention Expectations in 2015
HOUSTON, TEXAS – March 29, 2016 – Empyrean Benefits Solutions, Inc., the Hi-Touch Benefits Administration company, today announced that it reported more than $54 million revenue in the year ending December 2015. The record revenue reflects strong market adoption of Empyrean’s health and welfare benefits technology and administration services.
“2015 was a pivotal year for Empyrean,” said Richard Wolfe, Empyrean’s co-founder and CEO. “When I review our progress across the board, not simply our revenue growth, I see that we are clearly prepared to scale and to deliver Hi-Touch Benefits Administration to many new clients.”
Empyrean has developed a purpose-built benefits administration technology platform that is designed to ensure accuracy and data integrity, and to eliminate many of the errors that plague legacy solutions that knit together separate, decades-old software systems. In contrast, Empyrean’s Client-Adaptive technology platform is fully-integrated and highly configure-able offering greater capability to support client specific outcomes. The configuration capability of the Empyrean platform offers new clients the opportunity to leverage a wealth of experience accumulated over many previous client implementations, yet retains the power and flexibility to quickly adapt to an individual client’s specific plan requirements.
“We believe that our relentless pursuit of technology innovation to improve our clients’ experience sets us apart. Simply stated, in order to deliver great service, Hi-Touch service, to every single client, we need the best technology in the industry,” Wolfe continued. “We have identified five common compromises that employers have grown to accept. The problem is pervasive, and our message to employers is, ‘Don’t compromise!’”
The compromises include the inability of employers’ current administration system, whether internally managed or outsourced, to respond to change, provide adequate responsiveness, or support the desired benefit strategy and plan design. As a result, employers are burdened by excessive and unnecessary workload and feel their current financial investment is not justified. By demonstrating its ability to resolve these compromises, Empyrean is raising expectation levels in the benefits administration marketplace.
Empyrean highlights in 2015 included:
- Target 25% growth rate exceeded,
- More than 150 new full-time employees,
- More than 170 clients added by partners, and
- Better than 97% client retention.
The company expects the positive trends to continue, and is planning for further growth fueled in part by employers deciding that compliance with the Affordable Care Act (ACA) prompts an urgent review of their existing benefits administration strategy and operation.
Empyrean Benefit Solutions is one of the fastest-growing providers of technology and services for managing employee health benefits programs. Empyrean provides enrollment, eligibility management, ACA reporting and other plan administration services to employers, insurance brokers, and healthcare exchanges. Unlike other providers, Empyrean combines the industry’s most client-adaptive and configurable benefits technology platform with expert, responsive service to deliver Hi-Touch benefits administration.