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BizVoice/Indiana Chamber – May/June 2017
“They were four separate reporting packages, and the reports
were usually a month or a quarter behind,” explains Hahn, who has
been with Omni Plastics in Evansville for slightly more than one year.
“Springbuk is pulling data into one portal; it’s live and there’s not a lag
time. I can log in and see one snapshot with all of our information
instead of going through 20 pages of reports.”
A complicated job is easier and, more importantly, the enhanced
analysis is producing results. Omni, which is self-funded and has more
than 90 employees, realized savings of $42.83 per employee per
month over the last plan year. In a country where employers will
spend about $1 trillion on medical care, wellness and employee health
in 2017, reducing costs is essential.
Missing link
Rod Reasen and Phil Daniels, co-founders of Springbuk, began
the road to where they are today eight years ago by starting a
Healthiest Employer award program. As it rapidly expanded across the
country, it accumulated survey data from more than 8,000 employers
covering more than 16 million lives. The finding revealed the lowest
scores, by far, on reporting and analytics.
“We said, ‘There’s a big problem here,’ ” Reasen shares. While
the challenge of being able to provide employers with data to make
more informed decisions on their health care spending was clear, there
was not a simple solution.
“Neither one us had raised venture capital before,” says Reasen,
who had a consulting practice in a brokerage firm, while Daniels’
background is in digital marketing. “We took a big leap to knock on
people’s doors (to ask) how do you raise investment capital and start a
software company, which neither of us had done.”
Daniels adds, “We didn’t come out of the typical software family
tree, the marketing software that the city (Indianapolis) knows so well.
Being in health care IT, that was more of a loosely shaped bucket.”
After several initial efforts came up short, the idea for Springbuk
was formed in 2014. A product was launched early the next year with
one channel partner (defined as brokers, consultants and wellness
vendors who work with employers on reducing health care expenditures),
Springbuk Provides
Predictive Health
Care Analytics
INFORMED
DECISIONS
By Tom Schuman
Indiana Vision 2025:
Attractive Business Climate
In her human resources and benefits role, Denise Hahn would typically receive health and wellness reports
from a third party administrator, pharmacy benefits manager, broker and on-site clinic.
Co-founder Phil Daniels says Springbuk targets middle market firms as being underserved in access to health care information.