Business Structure Feasibility and Design Implementation for a Start-Up Benefit Plan
(Consumer Operated and Consumer Owned Co-Op)
Challenge: The Client, a start-up, needed assistance with how the actual processes and procedures of the business were supposed to work.
Solution: Selection of a third-party administrator to handle the administrative processing, assistance with the construction and implementation of key policies and procedures, including HIPAA, and direct involvement in hiring for C-level positions.
HOW WE HELPED
The Client had just been awarded a federal grant to begin this newly constructed concept. It was literally the beginning of a company and a new concept that was being introduced. Our team worked closely with the two founders, the CEO and COO, which resulted in a “one team” approach. We hosted board meetings and other meetings needed at our BNN offices, as they didn’t have their own office space at that time.
We assisted with and engaged in various tasks that the Client needed help with. The largest undertaking was to determine the best approach for how the operation was going to handle the administrative components of claims processing and adjudication. We worked collectively to perform a vendor selection process to find the right third-party administrator that understood the mission, could effectively perform the function and was cost effective. Our team took on the project management role and assisted heavily with contract negotiations, after completing a five-year analysis of costs for each option.
As a byproduct of this project, we worked closely with the management team as they grew. We participated in the hiring process for various management positions. Given that the Client was in the healthcare industry, our team assisted with identifying appropriate policies and procedures in accordance with HIPAA. We were called on to assist with thinking through various marketing plans and some financial forecasting.
This opportunity was unique in that we had a seat at the table as this Client grew from two employees with no office space to dozens of employees, working out of their own office space. Our team helped them launch not only this new business, but also a totally new concept in the healthcare industry. From general project management and consulting to industry-specific needs and challenges, our risk and business advisory team had the breadth and depth of experience necessary to team up with them and tackle their start-up hurdles head-on. At BNN, we value fostering these kinds of collaborative relationships with clients with the overall goal of moving their business forward. We take great pride in assisting with the kick-off of a company that has surpassed its own goals in growth and success. We feel especially proud to have become a true advisor and partner to the management team at a critical kick-off point in the Client’s history.
Interesting in learning more?
Ilona has more than twelve years of experience leading and coordinating the daily efforts for audit and consulting projects across numerous industries. She has provided a wide range of advisory services, including regulatory compliance and controls, IT and business risk management, service organization examinations including SOC examinations, IT strategy, system selection, IT security, IT audit, and business process improvement.
Pat began at Baker Newman Noyes in 1995 when the firm was founded, having previously been with one of our predecessor organizations since 1988. Pat is a principal of the firm and the director of the risk and business advisory practice.