Benefit Informatics was founded in 2000 by Philip Kurtz as Beninform Holdings, Inc. to develop technologies for the employee benefit market. The founding vision for the company was to bring healthcare cost transparency to all stakeholders in the employee benefits industry.
Benefit Informatics’ mission was to facilitate the efficient management, analysis and planning of employer-sponsored health plans to help all stakeholders control costs.
Philip Kurtz started his career as a Certified Public Accountant, operating his own public accounting firm, which specialized in the design, development and implementation of computerized corporate management and information systems.
In 1983, Kurtz recognized an opportunity to improve the hospital claims industry and founded CIS Technologies Inc., a company that transformed the healthcare reimbursement industry by electronically processing insurance claims through a clearinghouse concept that is now utilized by 95 percent of all U.S. hospitals.
CIS Technologies captured more than 50 percent (2,200 hospitals) market share in electronic claims processing for the U.S. hospital industry.
CIS continues to grow and prosper.
CIS raised over $30 million in capital during the company's formative years from General Electric, Bankers Trust and Swiss Re Insurance, among others.
The company was taken public on the NASDAQ's National Market System's stock exchange in 1994.
CIS Technologies acquired by National Data Corp in 1996.
Kurtz resigned in 1999 as Executive Vice President of NDC and general manager of their Healthcare Financial Services Division to investigate other opportunities. NDC had grown to over 1,000 employees at the time.
The original idea for what has become Benefit Informatics actually started while Kurtz was CEO of CIS Technologies. He was frustrated by ever-increasing health benefit premiums for the company and employees and not having adequate access to plan information. He recognized a business opportunity.
Kurtz called together former executives of CIS to see if they were interested in joining him in a new venture to offer solutions for the employee benefit market. These former executives, including Ron Houghton and Phil Bruns, joined Kurtz to bring their skills of claims processing, systems integration, software development and health care information to the newly formed company. CFO Jay Jackson joined the company shortly afterward.
Between November 2000 and January 2002, the company originally distributed technology and services directly to the employer market through the acquisition of three Third Party Administrators (TPAs).
- The company’s first product, Benefit Manager®, was launched in June 2001. Benefit Analyzer® Data Analysis and Reporting application was introduced the following year.
- In October 2002, Benefit Informatics agreed to provide technology and services to Blue Cross Blue Shield of Oklahoma, which was followed by an agreement with The EPOCH Group (owned by BCBS of Kansas City and BCBS of Missouri) in October 2003.
In order to eliminate channel conflict and focus resources exclusively on its technology, the acquired TPA businesses were divested in February 2004, and Benefit Informatics formed to market and distribute technology through plan providers and third party administrators.
Benefit Informatics introduces the Benefit Planner®, Plan Modeling and Forecasting application.
- Benefit Informatics reaches 1 million members utilizing our online applications.
- Benefit Informatics surpasses 2 million members on the system.
Benefit Informatics reaches several milestones. The company now serves more than 60 payers, more than 6,000 employers representing 3 million members on the system.
In August 2010, Benefit Informatics was acquired by Benefitfocus, the largest healthcare and voluntary benefits software provider in the U.S. with more than 11 million consumers live on the BENEFITFOCUS® Platform.