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TWST: May we start with a brief company introduction and a short history.
Mr. Jenkins: Benefitfocus is a growing technology company that works with
leading U.S. health insurance companies and large multi-national employers such
as USAir and Michelin. Our software streamlines benefits enrollment,
eligibility, billing and data exchange services for companies and insurance
carriers. Right now our clients include 22 Blue Cross and Blue Shield Companies
across the United States with 33.5 million individual subscribers. Benefitfocus
also has over 150 data exchange partners, including MetLife, Jefferson Pilot and
Delta Dental.
When I say that Benefitfocus is growing, I mean that it has more than doubled in
revenue every year of operation since its inception in June of 2000. If you
remember, March of 2000 is when the NASDAQ crashed, and the bomb dropped out and
the bubble burst, and so three months later we said, 'Well, now is a good time
to start a dotcom in Charleston, South Carolina.'
But against all odds, we have remained and grown, and our strategy has been
executed and we are still privately held and have not raised traditional venture
capital. Benefitfocus has grown better than double year-over-year, and we turned
profitable in our third year and have been just growing and plowing the earnings
back into new product development and market expansion ever since. TWST: What are the key drivers of your business?
Mr. Jenkins: The key driver of our marketplace is this whole transition to
consumerism. A couple of years ago people started realizing the Internet can be
applied to lots of business-to-business and business-to-consumer type
transactions and providing information to the individual.
One of the largest segments of economy is our healthcare spending. As a matter
of fact, this year it's projected to be close to $2 trillion, and in 2013 as
high as $5.1 trillion. So, we have this huge amount of money in our economy,
that we are all very personally attached to, and along comes technology that
allows us to manage it better. Employers, insurance companies, and individuals
are really starting to change the way they spend their money and make their
decisions. That has just propelled our business and expanded our market share.
Tickers included in this excerpt: PVT
For more information call (212) 952 7433. The
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