SYRACUSE — POMCO Group, a third-party administrator of self-funded health-care and risk-management plans, announced it will expand its service offerings into additional regions of the country, including Texas, Colorado, Arizona, Nevada, and California.
POMCO Group outlined details in a statement issued today.
The expansion follows “increased interest” in self-funded group health and workers’- compensation plans from regions outside of POMCO Group’s “core focus,” the firm said in the news release.
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The company is limiting the expansion to those five states for the next five years. POMCO Group’s recently opened office in Fresno, Calif. is servicing the expanded region, the firm said.
Headquartered in the Eastwood section of Syracuse, POMCO Group primarily serves the Northeast region.
However, changes in the health-care industry, including “escalating” health-insurance premiums and “complex” health-care reform regulations, have forced organizations across the country to pursue options to traditional health insurance, according to POMCO Group.
“Not in recent times, if ever, has the health care industry experienced such a massive, comprehensive transformation,” Robert Pomfrey, president and CEO of POMCO Group, said in the news release. “Organizations are looking for answers and they are looking for innovative, cost-effective options; we have both and we aren’t limited to where in the nation we can offer our solutions.”
POMCO Group is targeting the five western states because it has relationships with brokers and self-funded organizations in those regions, the firm said.
As a benefits administrator, POMCO Group targets employer groups that fund their employees’ health-care costs rather than pay insurance premiums, a financial strategy termed self-funding, the firm said.
Self-funding not only allows organizations to eliminate insurance premiums, including retention and profit fees, it also allows them to control costs by designing plans that are fully customized to the needs of the group, POMCO Group contends.
Contact Reinhardt at ereinhardt@cnybj.com
