Cypress has some great momentum going right now, and I’m eager to see where that takes us in 2017.
Appleton, WI (PRWEB) February 07, 2017
As companies continue to move to the self-funded model for offering employee benefits, Cypress Benefit Administrators has announced that its firm experienced record growth in 2016.
The third party administrator (TPA) developed partnerships with new clients in all areas across the United States last year and, with this increased business, also added some key positions to its multi-location staff.
“It was an exciting year for us on many levels, but especially with new business,” said Tom Doney, president and CEO of Cypress. “Our firm experienced the largest amount of growth to date in its 16-year history.”
Doney attributes much of this growth to the reputation Cypress has built over the years as a trusted TPA, and the fact that the company puts so much emphasis on customer service as evidenced by its 95% client retention rate. He also credits the team’s unrelenting commitment to cost containment efforts.
In assessing the company’s 2016 performance, Doney shared that Cypress was once again able to keep its year-over-year average health plan cost increases to less than 2%. He also reported that the amount Cypress clients paid toward medical costs was 40% less than the national average.
“Many employers have reached a point where there’s just no way to keep up with the ongoing and substantial hikes in health care costs,” Doney said. “We’re showing them the ways they can save with self-funding, and then helping them turn those opportunities into reality.”
Along with adding to its client base, Cypress increased enrollment in its employee benefit captive programs in 2016, and rolled out its reference-based pricing (RBP) platform to a growing number of participants.
Doney explained, “I think more companies are taking an outside-the-box approach to employee benefits today and really educating themselves about all of the options out there.”
Other highlights from 2016 include Cypress’s fifth anniversary of hosting Cypress University, a popular educational conference for benefits professionals, and recognition from New North B2B with a Corporate Wellness Award.
“Cypress has some great momentum going right now, and I’m eager to see where that takes us in 2017,” Doney said.
About Cypress Benefit Administrators
A privately held company headquartered in Appleton, Wis., Cypress Benefit Administrators has been pioneering the way toward cost containment in self-funded health benefits since 2000. The third party administrator (TPA) is the country’s first to bring claims administration, consumer driven health plans and proven cost control measures together into one package for companies ranging from 50 employees to thousands of employees. It serves employer-clients across the U.S. with additional locations in Portland, Ore., Omaha, Neb. and Denver, Col. For more information on Cypress and its customized employee benefits, visit http://www.cypressbenefit.com.