Benefits Science

Benefits Science Technologies (BST) operates as a data analytics firm, now integrated into MultiPlan as its Data & Decision Science service line. Founded in 2012 by a team of MIT-trained data scientists, including Dimitris Bertsimas, Sid Mann, and Stephen Sofoul, the company was established to apply advanced analytics to the healthcare sector. The founders' expertise at the crossroads of data science, healthcare, and software development shaped the company's direction. Stephen Sofoul serves as the CEO and President. The company's journey culminated in its acquisition by MultiPlan on May 8, 2023, for a total consideration of approximately $160 million in cash and stock.

BST's business model is centered on a Software as a Service (SaaS) platform that delivers data-driven insights to help clients manage healthcare costs and risks. The company serves a diverse client base that includes employers, their consultants, commercial health plans, and government health plans. By leveraging machine learning and artificial intelligence, BST analyzes vast datasets to provide descriptive, predictive, and prescriptive analytics. This approach helps roughly 75,000 employers optimize their health plan decisions by predicting future risks and prescribing actions to mitigate them. Revenue is generated through this SaaS platform, and prior to its acquisition, BST was projected to generate approximately $16 million in revenue for 2023 with breakeven profitability. Post-acquisition, MultiPlan anticipates BST will contribute over $100 million in incremental annual revenues within several years.

The core of BST's offering is a suite of analytical products. One key product, BenInsights, is a self-service software platform for employers and their consultants. It aggregates a health plan's data to provide financial and clinical reporting, along with decision-making tools. This platform integrates predictive risk modeling and offers value-added services like benefit plan design and optimization. Another significant service is Risk Analytics & Insights, which complements traditional actuarial models by using interpretable risk models and scoring to enhance decision-making for commercial and government health plans. In response to federal transparency mandates, BST also launched Panorama, a cloud-based service that decodes and organizes complex healthcare pricing data from carriers, making it accessible for employers to benchmark network performance and optimize plan design.

Keywords: healthcare analytics, data science, benefits optimization, risk management, SaaS, machine learning, cost containment, predictive modeling, health plan insights, prescriptive analytics, employee benefits, MultiPlan, BenInsights, Panorama, claims data analysis, benefit plan design, risk scoring, financial reporting, clinical reporting, employer health solutions, government health plans