Company also significantly expands employee base to improve care and benefits costs for retirees and decrease the financial liability for plan sponsors
MOUNT LAUREL, N.J., Sept. 13, 2022 /PRNewswire-PRWeb/ -- Labor First, a leading provider of group retiree Medicare benefit management and member advocacy solutions, today announced that the company has achieved an annual net promoter score (NPS) above 90, a significantly higher ranking than the industry average for the healthcare category of 58, leading to an impressive client retention rate of 100%. The company has also had a five-year compounded annual growth rate of 34% YoY, with the overarching company growth and momentum further underscoring Labor First's commitment to meeting the new and changing needs of retirees, plan sponsors and advisors.
As Medicare experts, Labor First works directly with its clients to contain costs for group retiree healthcare benefits without reducing quality and service. This approach is more important now than ever as a substantial part of the United States population moves into retirement. Medicare enrollment grew by 1 million beneficiaries this year, many of whom are in a group retiree plan. As this population grows further and the cost to cover post-retirement healthcare becomes an increasing concern, there is a need for innovative services and solutions that aid in cutting costs while providing retirees with higher levels of member care and quality health and prescription coverage.
"The Medicare group benefits landscape is complex, and Labor First is dedicated to simplifying the retiree benefits industry for both retirees and plan sponsors alike," said John P. Dulczak, CEO of Labor First. "We understand the nuances of managing group retiree benefits, and with our strong carrier and client partnerships, we are well equipped to meet the needs of this market. We are advocates for retirees and remain fully committed to helping them live their healthiest lives possible, while simultaneously alleviating the administrative burden for plan sponsors."
Labor First has also recently achieved the following milestones:
- Won over 10 executive and company awards, including NJ Biz Healthcare Heroes Award and CRM Magazine's Service Elite Award
- Awarded "Best Places to Work" by the Philadelphia Business Journal twice
- Expanded the leadership team with the appointments of Rick Kaplan as Chief Growth Officer and Sheela Andrews as Chief Product Officer, which will serve to advance the Company's ongoing commitment to delivering unparalleled service for retirees and plan sponsors
- Expanding operations with a new west region-based office, which will open in Arizona in 2023 to further meet rapid customer growth
"The growth Labor First has experienced since we first partnered with the company a year ago is a testament to the urgent need in the marketplace for Labor First's unique solutions and model," said Rafael Cofiño, Managing Director at Great Hill Partners. "Effectively serving the group retiree benefits space requires specific expertise and Labor First's relationship-oriented approach has filled a gap in the market by helping plan sponsors lower costs, reducing administrative burden and – most importantly – providing members with valuable white glove advocacy services. We look forward to continuing to work with the team on expanding access to their services across the nation to meet the new and changing needs of retirees, plan sponsors and advisors."
For more information on Labor First, its offerings and to stay abreast of upcoming news and updates, visit http://www.laborfirst.com.
About Labor First
Labor First is a Mount Laurel, NJ-based group retiree Medicare benefit manager that serves labor unions, public sector entities and private corporations. Labor First offers tailored benefit plans, full-service account management and concierge retiree advocacy for plan sponsors and their retirees, that enhances benefit quality while driving material cost savings. For more information, visit laborfirst.com.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. Over the past two decades, Great Hill has raised over $12 billion of commitments and invested in more than 90 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. Great Hill has recently been recognized for its industry leadership, being ranked #5 in the 2021 HEC - DowJones Private Equity Performance Ranking, which evaluated fund performance of 517 leading private equity firms between 2008 – 2017. For more information, including a list of all Great Hill investments, visit http://www.greathillpartners.com.
Media Contact
Cortney Williams, Alloy, on behalf of Labor First, 855.300.8209, [email protected]
SOURCE Labor First
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