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 or retain current employees. Nick’s job was to deliver a solution that would solve all three complex issues Signature was facing without increasing the budget.
Nick had to take a step back and challenge the traditional ways of thinking and operating a business to create a dynamic solution that would conquer these challenges. Nick created a unique 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 organizational culture.
Nick’s creativity benefited all stakeholders and transformed Signature Healthcare by making benefits affordable for employees, reducing the overall benefits cost for the organization, and using the cost savings to increase compensation.
Through this success story he became passionate about unlocking other organizations potential and empowering change through delivering customized, integrated solutions. Nick formed Premier Workforce Solutions, LLC and set forth with its Mission: To provide organizations with innovative solutions that transform challenges into opportunities.
Reach out to us today to learn how we can help your organization conquer its current challenges and thrive.