Health insurance company grows 35% in 2022; Provides quality and affordable healthcare options to more than 700 small and midsize employers.
LAKEWOOD, Ohio, December 21, 2022 /PRNewswire/ — Roundstone, a health insurance provider specializing in self-funded medical group captive solutions, today announced another year of record-breaking results with 35% growth year over year in 2022. The company added more than 200 small and midsize employers to its medical captive and retained over 90% of its current customers.
Roundstone attributes its continued success to the growing demand by businesses for new and improved health insurance funding models such as self-funded insurance. Previously, self-insurance was seen as an option suited for larger companies, but the Roundstone group captive minimizes volatility and improves cash flow. It works by combining the premiums of all members, which enables them to gain insurance coverage they control at an affordable price. Unspent premium in the shared risk pool is returned to employers pro rata.
“To say organizations are disenchanted with the traditional fixed cost model of health insurance is an understatement,” said Michael Schroeder, president and founder of Roundstone. “The status quo system is not working for them. Employers are looking for a long-term strategy for healthcare that gives them flexibility, control, savings, and most importantly, employee satisfaction. Our solution for self-insurance with the medical captive delivers on all counts.”
Savings Returned to Employers:
– $24.4M unspent captive premium distributed pro rata in 2022
– The average distribution in 2022 was 15.5% of gross written premiums
Revenue and Customer Growth/Retention:
– Achieved 35% growth in revenues and added more than 200 new employers
– Retained 90% of current customers
Employment Growth and Company Culture:
– Increased employee count to 139, growing staff by 18%
– Named a winner of the Northeast Ohio Top Workplaces 2022 Award by Cleveland.com
– Named one of the fastest-growing private companies in America by Inc. 5000 for the fifth consecutive year
Thought Leadership and Community:
– Held its annual Medical Captive Forum in Cleveland, Ohio in May with 300+ attendees
– Mike Schroeder of Roundstone named Entrepreneur Of The Year® 2022 East Central Award Finalist
About Roundstone Insurance
Roundstone is an innovative self-funded insurance organization founded in 2003 with a vision of giving small and mid-size businesses a proven strategy for affordable employee health insurance – our customers pay only for the healthcare they use while keeping the savings. Our unique self-funded group captive solution delivers high-quality care, mitigates risk, reduces claims volatility, controls costs, and returns savings right back to employers and employees– a win-win all around. Roundstone is headquartered in Lakewood, Ohio. Stay connected on our blog, LinkedIn, and Twitter.