Market & Competition

In the United States, PEOs play a pivotal role in supporting the operations of over 200,000 small and mid-sized businesses. This extensive reach has led to the provision of services to a staggering 4.5 million individuals in terms of employment. The PEO industry boasts a total of 523 companies operating in the country.

Highlighting the immense impact and influence of PEOs, these organizations facilitated a cumulative payment of $305 billion in wages to their 4.5 million worksite employees in the year 2022. This substantial contribution not only reflects the magnitude of the industry but also underscores its crucial position in the nation’s employment landscape.

Current Alternatives

When it comes to professional employer organizations, Ocean Wave Health Inc. faces competition from various sources. The most prominent competitors include internal HR departments, providers of specific HR services, and insurance brokers.
Internal HR departments within organizations often handle their own HR functions, including benefits administration and employee management. Although this may seem like a convenient option for companies, it can be time-consuming and costly in the long run.

Providers of certain HR services offer specialized solutions for specific HR functions, such as payroll processing, employee training, and performance management. While these providers may offer expertise in their respective areas, they may lack the comprehensive support that professional employer organizations like Ocean Wave Health Inc. can provide.

Insurance brokers, on the other hand, typically focus on offering fully insured health plans. Although these plans may provide a sense of security, they tend to be more expensive and limit consumer choice and value. Ocean Wave Health Inc. aims to provide cost-effective and customizable solutions, allowing employers to offer competitive benefits packages to their employees while maintaining flexibility.

Despite the competition, Ocean Wave Health Inc. differentiates itself by offering a comprehensive suite of services as a professional employer organization. By combining HR expertise, benefits administration, and risk management, we provide an all-inclusive solution that helps businesses streamline their operations and optimize their workforce.

Our Advantages

Our company, Ocean Wave Health Inc., offers a compelling advantage in the healthcare management industry. We specialize in providing management services for self-funded health plans, catering to the needs of small and medium-sized employers. By implementing our solution, these employers can offer their employees a self-funded health plan that not only reduces costs but also enhances the quality of healthcare provided.

One of the key advantages of our approach is the cost savings it offers. Unlike traditional fully insured plans, self-funded plans allow employers to have more control over their healthcare expenses. With our turn-key solution, employers can avoid excessive premiums and administrative fees typically associated with fully- insured plans. This translates into significant savings for both employers and employees.

Moreover, our self-funded health plan solution doesn’t compromise on the quality of healthcare. We understand the importance of providing comprehensive coverage and access to a wide network of healthcare providers. By carefully selecting and partnering with top-quality healthcare providers, we ensure that employees receive the best possible medical care. Working with a top machine learning (AI) driven, tele-behavioral health provider, we are able to keep claims costs down while dramatically improving outcomes.

Our dedicated team of experts works closely with employers to customize and tailor their self-funded health plans according to their unique requirements. We provide guidance and support throughout the entire process, from plan design to implementation and ongoing administration. This ensures a seamless experience for both employers and employees, promoting a positive and efficient healthcare journey.

In addition to cost savings and quality care, our self-funded health plan solution offers additional advantages. Employers have the flexibility to customize their coverage options, allowing them to align the plan with their specific needs and budget. Furthermore, by analyzing claims data and leveraging advanced analytics, we provide valuable insights to employers, enabling them to make data-driven decisions that optimize their healthcare spend.

Overall, our turn-key solution for self-funded health plans empowers employers to provide their employees with a cost-effective and high-quality healthcare coverage. By partnering with Ocean Wave Health Inc., employers can unlock the advantages of a self-funded plan, benefiting both their bottom line and the well-being of their employees.