How it started
In 2017, Nick Porter was hired to transform Signature HealthCare benefits and compensation. Benefit costs were increasing and as a result, health insurance costs were unaffordable for employees. In addition, compensation for employees was under market, and Signature could not recruit new employees or retain the current employees. Nick’s job was to come in and make the benefits affordable for employees, reduce the overall benefits cost for Signature, and use savings to increase compensation without spending any extra money.
By taking a creative approach through a concept called reference-based pricing (RBP), Signature was able to save 35% on its health insurance spend while decreasing deductibles and premiums on the plans. Nick used the remaining savings to invest 15 million dollars in compensation and implemented creativity. It was based on this story that Premier was formed.
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