Eight years ago, Brandon Wood and Brian Duly saw and seized an opportunity: The Affordable Care Act (ACA) had created a need for more innovative and affordable health care solutions, so agencies and businesses could meet the needs of families across all income levels. Today, their business, Premier Health Solutions (PHS), is a leading provider of comprehensive benefits administration and management services to agents, associations, and carriers across the country.
“Traditional major medical plans are not a perfect fit for all customers,” Wood explains. “We focus on combining insurance plans with ancillary services like telemedicine, lab discounts, patient advocacy, and prescription discount programs so consumers can gain access to a more well-rounded health care approach. It is not just medical--these products and services help people manage their everyday health care expenses.”
From “Slow And Stead” To Exponential Growth
Wood and Duly spent the first few years building the infrastructure to support the growth they knew would come and building quality products that delivered real value. They self-funded the business, which encouraged deliberate decision-making. “Slow and steady” paved the way for exponential increases and a spot on Inc.’s inaugural list of top Texas companies. From 2016 to 2018, revenue swelled from just over $4 million, to $8.4 million, and head count increased from 15 to 29 employees. This year, PHS has more than 50 employees and will move to a bigger office in August 2020. The company is also on track to hit more than $16 million in yearly revenue.
A number of factors fuel this growth. PHS partners with industry-leading insurance carriers. They have built a strong, hardworking team. They set a plan and stick to it--but remain flexible when needed. Wood explains you can’t succeed in the health care industry unless you can pivot. Regulatory changes can “occur overnight, with a swipe of a pen.” PHS has the people, the mindset, and the carrier relationships to adapt. Case in point: They have thrived under two very different presidential administrations. Wood and Duly say they are prepared to continue to grow, no matter the results of the 2020 presidential election.
Finding the talent to support fast growth can be challenging for any company. But Frisco, Texas, is a great place for recruiting. Several large technology and insurance companies are in the area, and Toyota recently relocated its headquarters to nearby Plano. Duly says PHS has been able to draw talent from within the industry, and outside of it, to build a unique and effective senior management team.
A strong culture also attracts talent and keeps turnover low. From the beginning, the partners invested in their staff. They created a family-friendly, flexible culture and built out a generous benefits program that helped set the company apart. “We have folks literally knocking on our doors,” Duly says, adding they even hired new employees during the height of the COVID-19 pandemic.
PHS leadership feels lucky to operate in a near recession-proof industry. They are proud of their success, but they are just getting started. It helps that their biggest foreseeable challenge is one they have solved before: predicting and responding to regulatory changes. Wood and Duly have the experience, relationships, and the drive to solve that challenge again and again.