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The TPA Insurance Industry is About to Explode: Q&A with Rishab Bansal, HealthComp’s Chief Transformation and Operating Officer

Q&A with Rishab Bansal

Q: How have your past experiences positioned you for success at HealthComp?

My first job out of college was in healthcare. Over my two decades of experience since then, across sales, operations, digital, and data, I’ve watched the healthcare industry evolve significantly. In the meantime, it’s satisfying to contribute to what an affordable and delightful patient experience looks like.

I’m excited for the opportunity to now help HealthComp leapfrog on its transformation journey.

Q: What motivates you right now about the independent TPA industry?

Digitization, data, and analytics are disrupting the world. My former work helping clients across industries transform themselves by bringing industry-leading practices and digital- and data-led disruption is something I’m excited to bring over to my new role. HealthComp is positioned uniquely in the market to transform how healthcare is provided to its members and to enhance the provider experience.

Q: What’s something interesting about the TPA space you want others to know?

There’s so much potential market growth and increased adoption efforts coming soon. The insurance third-party administrator market size was valued at $280.69 billion in 2020 and is projected to double by 2030. Demand for the insurance third-party administrator market is expected to grow tremendously in the coming years. The next few years may even completely change the way this industry operates and measures itself on outcomes.

Some factors are propelling this market growth. One is that there is now rapid adoption of third-party administrators in the health insurance industry. Another is a rise in the need for operational efficiency and transparency in insurance business processes. A third factor is technological advancements such as Internet of things (IoT) adoption, artificial intelligence, machine learning, and robotics process automation.

Furthermore, artificial intelligence technology has claims administration with predictive outcomes, wherein low-cost claim processing can be automated, eliminating the need for claim adjustment intervention.

Q: What does your workplace personality look like?

I consider myself a T-Shaped persona – capable of many things but having specialized expertise in a few areas. I remain focused on improving growth and business outcomes.

I acquire and enhance my skills and attributes by observing others, practicing often, and seeking feedback. I take pride in getting into the shoes of clients and solving business problems that drive better outcomes and enhanced experiences.

Q: What do you define great leadership as?

I am a firm believer in the philosophy that relationships precede results.

I believe leadership is about possessing and practicing skills, but also about sharing learnings and helping others become better.

Leadership is also about building and empowering future leaders, coaching them, and – more importantly – allowing them to try new things and embrace failures as learning opportunities. This can only be done by building trust-based relationships.

Q: What emerging trends do you notice in the employer healthcare/TPA space?

Three key themes have emerged over the past two years:

  1. We must embrace and acknowledge hybrid work cultures as the future of work. More importantly, we must provide flexibility to our employees, colleagues and clients so they can deliver outcomes without compromising on quality.
  2. We must lead with empathy. This means being aware of what the person on the other side is going through. And what changes – both immediate and permanent – they’ve experienced because of COVID-19. This mindset lets others know they are cared for and protected.
  3. Wellness is often the most underrated element of the workforce. We must create the right infrastructure, avenues and forums for teams to focus on their health and wellness.

Chad Harris

Chief Executive Officer

 

Chad Harris serves as the CEO of HealthComp and is a value-driven healthcare leader with over twenty years of experience running business process and information technology businesses as a senior executive. Chad has a reputation for creating and controlling rapid growth by focusing on the intersection of customers, market dynamics, and the new digital world.

 

Chad has held many senior executive positions and led global teams of more than 10,000 people across dozens of counties. Chad has grown both large and small businesses, from those with less than $100M of revenue to those producing multiple billions of revenue, focusing on delivery, customer satisfaction, and innovation to create market leadership.

 

Chad's philosophy is to inspire change by doing what comes naturally, putting the needs of others before his own, working incredibly hard, and focusing on "how" to accomplish things, never "if they can be accomplished."

Thomas Martel

Chief Growth Officer

 

Tom serves as the Chief Growth Officer at HealthComp. In this role, Tom focuses on strategic initiatives aimed at accelerating HealthComp’s growth nationwide. His passion lies in assessing market and enterprise structures and creating efficiencies that enable teams to deliver best-in-class performance.

 

Previously, Tom led Cigna’s largest employer segment, largest region which was comprised of several health plans including the two largest health plans. He worked closely with Market Presidents and their leadership teams to develop and execute local market strategy and deliver growth for the enterprise. Tom earned his degree from Saint Anselm College and holds certifications from The Wharton School and the Darden School of Business at the University of Virginia. In his spare time, he enjoys sailing and holds a Master Captain’s license with the U.S. Coast Guard. He is also active in community outreach programs including local food bank and shelter services.

Sanoj Balakrishnan

Chief Technology Officer

 

Sanoj Balakrishnan serves as the Chief Technology Officer at HealthComp. In this role, he oversees the company’s overall technology strategy and architecture, building secure and highly scalable distributed systems.

 

Most recently, Sanoj served as Head of Healthcare Digital Business and Technology at Cognizant, working with payers and providers in developing solutions that reduced healthcare costs and provided a best-in-class experience for members. Earlier in his career, he worked at technology organizations in a variety of software engineering and architecture roles. Sanoj earned his B.S. from University of Mumbai and Computer Systems Management from National Institute of Information Technology.

Justin Tran

Executive Vice President, Product

 

Justin serves as the Executive Vice President of Product at HealthComp. He has 8 years of experience in developing and delivering solutions that reduce health care costs, improve quality, and provide a best-in-class experience for members. Most recently, Justin was an Associate Partner and business unit leader at McKinsey & Company where he helped large carriers and healthcare technology companies build new clinical services and solutions for fraud, waste, and abuse. Justin earned his B.S. in Accounting and Data Informatics from Indiana University, Bloomington.

Tucker Stein

Chief Financial Officer

 

Tucker serves as the Chief Financial Officer of HealthComp. Tucker previously worked for The Boeing Company in a number of finance and strategy roles, most recently as a finance lead for the Transactions and New Business Development group. In this role, Tucker led investments and strategic partnerships for Boeing’s Space and Communications portfolio. Tucker earned his MBA at Stanford’s Graduate School of Business and his Bachelors of Science at the University of Redlands.

Tom Georgouses

General Counsel

 

Tom is involved in multiple areas of HealthComp including Operations, Compliance and Legal Affairs. Tom was admitted to the California Bar in 1990 and started his legal career with Stammer, McKnight, Barnum and Bailey, LLP. When he left the firm to join HealthComp in 2014, he was the Managing Partner (he had represented HealthComp since 2003). In private practice, Tom’s areas of focus included healthcare and transactional work. Tom holds a Bachelor of Science Degree in Business Administration-Finance from California State University Fresno and received his Juris Doctorate from San Joaquin College of Law.

Rishab Bansal

Chief Transformation & Operations Officer

 

Rishab serves as the Chief Transformation & Operating Officer at HealthComp. Rishab focuses on transforming and modernizing HealthComp’s operations to provide delightful and distinctive experiences to its members, providers, and clients. His agenda includes integrating all entities towards a One HealthComp vision, driving profitable growth, and delivering value and business outcomes.

 

In his former work over the last 2 decades, he has helped clients across industries to transform themselves by bringing industry-leading practices and digital and data-led disruption. As the trusted advisor to the C-suite, Rishab helped his clients leapfrog on their transformation journey to accelerate business outcomes and helped them unlock new opportunities to drive profitable growth, profitability, and enhanced experience for their employees and clients.


Elaine Davis

Chief Human Resources Officer

 

Elaine Davis serves as CHRO for HealthComp. Elaine previously served as CHRO for Continuum Global Solutions and has served in executive leadership positions for Xerox and GlaxoSmithKline. Elaine holds Bachelor’s and Master’s degrees from the University of California at Berkeley.