Syracuse, NY (PRWEB) September 23, 2013
POMCO Group, one of the nation’s largest third-party administrators (TPA), recently announced it will expand its service offerings into additional regions of the country specifically: California, Arizona, Nevada, Colorado, and Texas. The expansion is in response to increased interest in self-funded group health and workers’ compensation plans from regions outside of POMCO Group’s core focus.
POMCO Group, which has national representation and is headquartered in Syracuse, New York, primarily serves the northeast region. However, changes in the health care industry, including escalating health insurance premiums and complex health care reform regulations, have forced organizations across the country to pursue options to traditional health insurance. “Not in recent times, if ever, has the health care industry experienced such a massive, comprehensive transformation,” stated POMCO Group President and Chief Executive Officer Robert W. Pomfrey, “organizations are looking for answers and they are looking for innovative, cost-effective options; we have both and we aren’t limited to where in the nation we can offer our solutions.” The focus on the initial targeted states of California, Arizona, Nevada, Colorado, and Texas is due to relationships POMCO Group has established with brokers and self-funded organizations in those regions.
POMCO Group will leverage its value propositions of benefit plan design customization and excellent service levels as distinguishing factors in the market. As a benefits administrator, POMCO Group’s emphasis is employer groups that fund its employees’ health care costs rather than pay insurance premiums, a financial strategy termed self-funding. Self-funding not only allows organizations to eliminate insurance premiums, including retention and profit fees, it also allows them to control costs by designing plans that are fully customized to the needs of the group.
Most major insurance carriers either offer administrative only services (ASO), which focus on self-funded plans, or have purchased independent TPAs. “The number of independent TPAs in the marketplace has been drastically reduced due to insurance carrier acquisitions and mergers,” stated POMCO Group Chief Operating Officer Jeff Winchell, “therefore, the true plan customizations that only independent TPAs can provide is also limited. Our customization capabilities, coupled with the excellent service metrics we produce, have proven to be a great opportunity for us in this changing industry.”
POMCO Group’s expanded regions are currently serviced by its recently opened office in Fresno, CA. The expansion will be limited to California, Arizona, Nevada, Colorado and Texas for the next five years.
About POMCO Group
POMCO Group is one of the nation’s largest benefits administrators, integrating customized services to develop comprehensive, cost-effective solutions for self-funded organizations. Comprised of specialized divisions with a united focus on offering customized, flexible group health, risk management and outsourcing options, POMCO Group was established in 1978 and has offices throughout the United States. To learn more about POMCO Group, visit POMCOGroup.com