Employee Benefits Administration (EBA) provides outsourcing of benefits administration for small to medium-sized enterprises. The Morgantown, Pennsylvania-based office opened its doors to the public.
Many employers today are looking to outsource any function that is not directly linked to the generation or income. Consequently the Human Resources Administration function is one of the first to be considered for it has no direct link to bringing revenue across the threshold.
Outsourcing is an innovative approach that can increase productivity while also reducing costs. Employee Benefits Administration’s goal is to provide high quality benefits management and customer service so that clients can focus on their core competencies.
EBA will target clients who have between ten and five-hundred employees at its inception. The service will offer four levels of customization, so clients can choose the one that best suits their needs.
- COBRA (Consolidated OmniBus Reconciliation Act), and HIPAA Administration
- Administration of flexible spending accounts
- Basic Benefits Administration is a program that provides basic benefits to people who are eligible for welfare and health plans. It also includes a call center.
- A level that combines the three previous levels.
EBA will market its services through business associates, insurance brokers, local businesses, and professional associations. EBA also has plans to become certified in the state of Pennsylvania as a “WBE”, Women’s Business Enterprise in order to do business on the Federal, State and Local government levels.
Employee Benefits Administrators was established as an LLC (Limited Liability Company). Cindy Wells, Diane Davis and the company’s principals are equal owners. Together, they have more than 25 years’ experience in employee relations, corporate benefits administration, legal compliance, communications, legal compliance, customer service, and have a track record of outstanding customer service. Their experience in dealing with all levels of management as well as employees, gives them an edge over their competitors.
This business plan was prepared to provide financial forecasts for three years and to secure initial funding. This will cover the start-up expenses as well as the operating expenses for year one. Employee Benefits Administrations projects significant revenue by year one, and incredible by year two.
1.1 Objectives
EBA hopes that the next three year will bring about:
- A substantial first year revenue and phenomenal growth the following year.
- One new client/month in COBRA services; one new client/quarter in basic and all-inclusive service.
- By the beginning of Year 2, there were three staff, and by Year 3, there were seven.
- To evolve from strictly administering benefits to offering payroll services by the end 3rd year and/or any other HR Services that clients may be interested in outsourcing.
1.2 Mission
Employee Benefits Administrators offers high quality benefits administration for small and medium-sized companies. This allows them to focus on strategic initiatives.
1.3 Keys to Success
The keys to EBA’#8217’s success are:
- Excellent communication and customer service skills — completely confidential, reliable, and trustworthy expertise and information
- The best Human Resources Information software module on the market
- Thorough knowledge of benefits administration issues