About the Company
Company Details
  • Website
    https://beneration.com/verifiabill/
  • Primary Contact Name
    Josh Winigrad
Solution Details
  • Target Employer Size
    Mid-market (100 to 999), Large (1000-4999)
  • Company Funding Level
    Venture Capital
  • Firms That Have Invested
    Archetype Solutions Group
  • Planning On Seeking Funding?
    No
  • What Size is the Company?
    11
Competition Breakdown
  • Main Competitors
    AdminaHealth, ebm, EverythingBenefits
  • Company Competitive Advantage
    We've reinvented traditional "consolidated billing" - it's finally a product that you'll recommend to all of your clients, not just the largest ones. Most of our competitors either focus entirely too much on paying invoices, charging far more than us and providing less. Others take a self-service, software-based approach to it, but it still misses the mark. We've simplified process, lowered the price, and truly provide a service - you or your clients don't have to do anything. Having us pay carrier invoices is entirely optional - our standard VerifiaBill service includes OUR team collecting invoices, posting them to each clients VerifiaBill portal, and generating cost allocation reports for accounting departments, and discrepancy reports for HR and brokers.
Cost Model
  • Pricing Structure
    Standard $0.99 PEPM subscription - optional add-ons are priced per carrier
  • Initial Fees
    Equivalent to 1 months' worth of regular fees
  • Are There Ongoing Fees?
    Optional Carrier Bill Pay: $70 per carrier per month; Optional Self-Bill Compilation: $100 per self-bill per month
  • Average Annual Contract Value
    $12,000.00
  • Broker Compensation Available
    Yes
Distribution Model
  • Brokers (B2B)
    We primarily distribute via insurance broker partners
Technology Details
  • Platform
    Microsoft Azure
  • Mobile Capability
    No
  • SSO Capability
    Yes
  • Security / HIPAA Information
    SOC2 / HITRUST Pending
Team Construct
  • Number of Employees
    11
  • Employee Growth Over Last Year
    +3
  • Employee Growth Projections Next Year
    +2
Quantitative Assessment
  • Ease of Implementation
    2-3 weeks; we only need a basic questionnaire filled out along with a signed contract, BAA, and carrier authorization letters
  • Customer Service Description & SLAs
    Our customer service team is available by phone or email during normal business hours.
  • Projected Growth (1 yr, 3-5 yrs)
    1 year: 85%; 3-5 years: 400%
Financial Details
  • Number of Current Clients
    160 end-user clients
  • Markets Served
    Non-profits, and multi-divisional organizations: Municipalities, School Districts, Senior Homes, Auto Dealership Groups, Hospitality Management Firms, Regional Banks, Franchises, Staffing/Recruiting Firms, etc
  • Years in Service
    11
  • Client Lost in Last Year (and why)
    6 - all due to new broker transitions
Competitive Analysis
  • Competitor Description
    AdminaHealth, ebm, EverythingBenefits
Diversity
  • Is this a Public of Private Company?
    Private
  • Does the Organization have a Diversity Inclusion Policy
    NA
Do you provide other services which were not captured above? If yes, please provide a short explanation.
  • Yes, we also provide full benefits administration and related ad-hoc services using Employee Navigator as our base software package. We can fully manage individual clients as an outsourced technology and support team for insurance brokers, and we can also assist in new portal builds, renewals, and integration/carrier feed implementation.
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