Premier Health Exchange Inc.’s Strong Growth Continues with Backing of Edison Ventures and NJEDA
Premier Healthcare Exchange Inc. (PHX) located in Bedminster New Jersey is part of the wave of entrepreneurial companies providing technology based solutions and services to reduce healthcare related costs. PHX’s clients includes insurance companies, Taft-Hartley Funds, health maintenance organizations and third party administrators who pay for their services contingent on PHX finding cost savings for them. In 2012 client savings were just over $200 million and in 2013 savings are expected to reach $300 millionan approximate 50% year to year increase.
On May 10th the entrepreneur co-founders, CEO Todd Roberti and COO Lori Sempervive, gave a tour of the company’s operations, showcasing their strong growth over the past two years that has spurred a more than doubling of their employees from 57 to 120. On hand for the tour was CEO Michele A. Brown and Kathleen Coviello, Director of the Technology & Life Sciences Division, of the New Jersey Economic Authority (NJEDA) who joined in the conference table discussion prior to the tour. Also present were Chris Sugden, a member of the investment team at Edison Ventures, the full executive team of PHX, media and other guests.
The ascendance of PHX is very much a New Jersey entrepreneurial story, having received $4.4million from Edison Ventures, a Lawrenceville New Jersey venture capital firm that targets financial, healthcare information and enterprise 2.0 technology companies. The NJEDA, also a supporter of PHX through its $2 million participation it made last year in to Edison’s $249 million venture fund, places a great deal of focus on technology companies that create high paying jobs for the state’s economy. CEO Brown reviewed with the PHX executive team their hiring needs and the outreach the company conducts in the state.
PHX’s relationship with Edison Ventures extends much further than Edison’s investment. As explained by CEO Roberti, “we value Edison for its rolodex of resources that we have been able to tap into. We have created relationships with other New Jersey companies brought to us by Edison that has helped us on many levels”.
Edison’s Sugden furthered this point describing how their venture capital firm supports the companies they fund, “we hold an annual CEO Summit that brings together the executives of our portfolio ventures with industry experts. By creating a venue for the exchange and development of ideas, the decision to form a customer advisory council for PHX was made. This is just one example of the positive outcomes that have come from our Summit.”
The meeting ended with an overview of the company’s future plans. CEO Roberti indicated that they have already initiated a two year planning process to review real estate options in line with their projected growth and that foreseeably could include a new building for their operation.
PHX is a four time recipient of the Inc. 500/5000 list of fastest growing private companies in America. It received the inaugural “Hire Power” Award from Inc. magazine recognizing PHX as one of the top job creators over the past three years. For more information, visit www.phx-online.com
