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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowRevenue growth FY 2022 to 2024: 85.59%
2024 revenue: $20 million
Four-timers: Remodel Health has been on the Fast 25 list four times in the last five years. The company’s mission is helping other businesses shift from group health insurance to individual health plans, which helps rein in costs. Or as CEO Austin Lehman says, “We help re-source their organizations by taking money out of health insurance and [putting] it into other, more strategic areas.”
Acquisition mode: In 2024, Remodel Health purchased Salt Lake City-based PeopleKeep, “marking a significant expansion in the health benefits sector,” the company said. PeopleKeep is focused on companies that are new to offering benefits and businesses with fewer than 10 employees. Lehman said that acquisition helped drive revenue growth last year.
Big savings: When Remodel Health works with a client, it reviews the current benefits the company offers, examines the cost, explores what’s covered and compares the available options. Among Remodel Health’s clients is Boston-based Athena Health, which shifted from a group health plan that was getting too expensive to offering individual coverage. “It was a really big win for their organization, and really served their people,” Lehman said. The change saved Athena $4 million to $5 million, he said.
Employees benefit: Switching to individual insurance plans, where employees are given a set amount of money to buy an individual policy, also gives the employees more say in their health care, Lehman said. Some might opt for a better, more expensive plan, while others might choose a higher-deductible plan to save money. “That’s the real powerful thing about our solution … it allows for that customization,” he said.
Shifting: Lehman said just under 1 million people have made the shift from group to individual insurance, which leaves 160 million people still in the group market. “We think that 10 million people will shift to individual [insurance] in the next 10 years,” Lehman said. “So we are in an industry that’s growing 10 times in 10 years. That’s a good industry to be in. We’re riding along on a good street.”•
Check out more of IBJ’s ranking of Indy’s fastest-growing companies.
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