SOURCE: bswift

bswift

February 25, 2015 08:30 ET

bswift Sustains Its Rapid Growth in an Evolving Health and Benefits Market

Company Achievements Include a 46% CAGR of Recurring Revenue, a 57% Increase in Enrollment Transactions and Key Additions to Its Leading Technology Platform

CHICAGO, IL--(Marketwired - February 25, 2015) - bswift, a leader in cloud-based technology and services for employee benefits and health exchanges, today announced that 2014 was another banner year in terms of revenue growth, transaction volumes and technology updates.

From 2010 through 2014, the compound annual growth rate (CAGR) of the company's recurring revenue was 46%. bswift also processed 57% more enrollment transactions on its system in 2014 than the previous year, with a total of more than 43 million transactions. With this level of scalability combined with significant platform enhancements, bswift maintained its position at the forefront of the benefits administration and private exchange technology market.

"The rapid growth that bswift has experienced over the past several years is a direct result of our ability not only to address customers' challenges with today's benefits programs, but also to anticipate their upcoming needs in this dynamic era of health care and benefits," said Rich Gallun, CEO, bswift.

Throughout 2014, bswift expanded its technology offerings significantly, to help clients address the challenges and opportunities of the evolving health and benefits market. Some highlights from last year included:

  • Launching Springboard Marketplace, a private health and benefits exchange
  • Delivering Springboard Specials, direct-to-consumer supplemental benefits offerings, such as weight loss programs, identity theft protection and pet insurance
  • Adding several ancillary and voluntary benefits modules as well as substantial educational content to Ask Emma, bswift's proprietary decision support tool
  • Enhancing bswift's ACA Compliance suite, including further development of tracking tools for the 30-hour rule as well as new functionality to support 6055 and 6056 reporting
  • Rolling out bswift Analytics to shed more light on how consumers are using benefits tools and making important decisions, such as choosing health plans

"Our data analytics solutions provide deep insight into how consumers use our products," noted Brett Baker, CTO, bswift. "By combining these findings with items such as employer feedback and Affordable Care Act requirements, we're able to tailor our products to meet the real, day-to-day needs of our clients."

In the midst of a robust year of growth, bswift received recognition -- both nationally and locally -- for its unique work environment, being named to the list of "2014 Best and Brightest Companies to Work For." According to Gallun, "There is a great sense of pride in the quality of the work we produce and the level of service we provide, and this will help sustain bswift's continued growth and technology innovation for many years to come."

About bswift
bswift offers software and services that streamline benefits, HR and payroll administration for employers and exchanges nationwide. bswift's state-of-the-art, cloud-based technology and outsourcing solutions and Springboard Marketplace exchange platform significantly reduce administrative costs and time-consuming paperwork, making life easier for administrators and millions of consumers who enroll in benefits with bswift. For more information, visit www.bswift.com and read the bswift blog at www.bswift.com/blog.

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