|
|
|
Benefitfocus Achieves Record Growth
160% Year-Over-Year Revenue Growth and New Products Drive Company Expansion in 2006
|
|
CHARLESTON, S.C., - January 30, 2007 - Benefitfocus, the leading provider of software and services for the healthcare benefits market, today announced that it recorded 160% year-over-year revenue growth, extensive new product development, and a major expansion in 2006. The company experienced 211% annual compounded growth throughout 2006, and signed up 12 major health insurance plans representing over 10 million members. Benefitfocus marks its seventh straight year of growth and fourth year in a row of profitability. Also, Benefitfocus’ flagship products Benefitfocus eEnrollment and Benefitfocus eBilling received significant enhancements with the spin-off versions eEnrollmentXpress and eBillingXpress. These products were specifically developed for small businesses. These achievements helped drive the completion of Benefitfocus’ new 140,000 square foot corporate headquarters.
|
|
In 2006 Benefitfocus recorded a high level of customer satisfaction, and added several new customers including Blue Cross and Blue Shield of Florida, Blue Cross and Blue Shield of Massachusetts and Independence Blue Cross. Independence Blue Cross selected Benefitfocus to deliver an integrated benefit enrollment platform to its 3.4 million members.
|
|
New product development allowed Benefitfocus to expand into new territory. Benefitfocus eEnrollmentXpress allows small employers, generally defined as having fewer than 50 employees, to quickly and effectively manage benefit enrollment and eligibility information in an easy-to-use and relevant format. The application gives small employers all the tools they need to manage benefits without burdening them with too much information. Blue Cross and Blue Shield of Nebraska, Arkansas Blue Cross and Blue Shield, BlueChoice HealthPlan, Blue Cross and Blue Shield of Kansas, Blue Cross and Blue Shield of Kansas City, and Blue Cross and Blue Shield of Florida have adopted Benefitfocus products for their small employer markets.
|
|
Benefitfocus also released a new user interface for the entire product line. The project was based on direct user feedback and focused on several key areas including: work flow, graphic elements, icons, color, visual cues, screen layout, and new functionality. User feedback has been extremely positive. “The system helps make my job as a human resources administrator easy and I feel more efficient in my job,” said Meg Jordan, Human Resources Administrator for Interfilm Holdings, Inc. in Piedmont, SC.
|
|
In October 2006 Benefitfocus completed construction of its new corporate headquarters that houses 300 Benefitfocus employees. In addition, 300 new high technology positions are expected to be filled within the next 36 months. Job opportunities range in scope from software development and engineering positions to customer relationship and project management opportunities. The new state-of-the-art 140,000 square foot facility is the result of a 25 million dollar capital investment.
|
|
“Benefitfocus has invested in our physical and technological infrastructure in order to provide our clients with the best products, services, and support. We are building an environment that will bring together healthcare information for plan providers, employers, and consumers,” said Shawn Jenkins, President and Chief Executive Officer, Benefitfocus. “Access to integrated healthcare information for everyone will move the industry in a new and positive direction and Benefitfocus has the platform and technology to make it work.”
|
About Benefitfocus
Benefitfocus is the leader in software and services for the healthcare benefits market. Through developing leading technology solutions, Benefitfocus allows consumers, employers and benefit providers to manage complex decisions in an ever-changing healthcare environment. Benefitfocus can be reached at 843-849-7476 or via the Internet at www.benefitfocus.com. |
|
|
