Case Study: Bounce

Bounce
Industry Technology
Location San Francisco, CA
Website usebounce.com
Full-time employees  8

DOWNLOAD THE PDF

When Cody Candee founded Bounce in 2018, he had no employees. However, when the business was finally able to grow, he wanted to offer a comprehensive health benefit that would be easy to manage. He was looking for a benefit that would also be valuable enough in the costly area of San Francisco to help retain valuable employees as well as attract top talent.

A strong referral from a friend brought Cody to PeopleKeep. He liked that a qualified small employer health reimbursement arrangement, or QSEHRA, would be a low maintenance option that would cover employees’ premiums and out-of-pocket medical expenses with tax-free reimbursements. He later switched to Gusto in an effort to consolidate payroll and the QSEHRA benefit. After finding the Gusto user interface difficult to use as well as having limited reimbursement options, they returned to PeopleKeep as the better solution.

Since returning to PeopleKeep, Bounce has had a 100% participation rate with the QSEHRA. Employees feel more confident with the addition to their overall compensation package and prospective employees see the benefit as flexible and attractive. Cody is saving precious time in administrative duties, which helps him focus on growing his business.

“I came back to PeopleKeep because you can do so many more types of reimbursements and I like the user interface more.”

Cody Candee

Bounce in San Francisco, CA

100%

participation rate

Flexible

and customizable health benefit

Improved

employee retention

“The benefit saves me tons of time as a CEO and that time savings is definitely worth many thousands of dollars per year.”

The company

Bounce is creating the operating system for "things" in the physical world. They operate a network of 1,000+ storefronts where customers can store their luggage or pick up their packages. They launched on Product Hunt in 2019 (#1 product of the day) and have quickly expanded to 200+ cities.

The challenge

Cody Candee started Bounce in 2018 with no employees other than himself and his co-founder. Once the business had grown enough where they could afford to hire a few employees, Cody knew they wanted to offer a health benefit in the compensation package. He assumed that health insurance was pretty standard for US employees but he wasn’t sure what the best option would be for his small business.

After researching how much traditional company sponsored health insurance would cost, he took a few months to speak with other company founders to find out what they were offering to their employees to compare options. He knew he wanted a benefit that would be fast and simple to manage so he could focus on building his business and not on time-consuming administrative duties. He also had to make sure the benefit would cover the high costs of living and medical care in San Francisco as that was where most of his staff resided.

The solution

Cody spoke with a friend of his that strongly recommended PeopleKeep. After Cody did his own research on the company and considered the helpful information that his friend provided, he felt comfortable signing up. With the QSEHRA, his employees would be able to receive tax-free reimbursements for their premiums and other medical expenses. As all of his employees were single and without kids, he could even research what the average cost of premiums in their area were so that he could set an allowance that would fully cover that expense and adjust it to be higher every year if needed.

“All in all, this benefit sounded like a better option.”

Since his employees were fairly inexperienced with shopping for their own insurance plans, PeopleKeep’s partnership with a health insurance concierge service was also a huge plus. With this service, employees could speak to a real person that would help them find the best plan for their budget and answer any questions.

While initially Cody was using PeopleKeep for his QSEHRA benefit and Gusto’s software for payroll, he eventually decided to leave PeopleKeep. Gusto had begun offering their own QSEHRA benefit and Cody was hoping that it would be simpler having payroll and the QSEHRA under one roof. After switching to Gusto, Cody found that the software was very tedious and difficult to use for uploading documents and the user interface wasn’t as flexible as what PeopleKeep provided. Gusto also offered less options for eligible reimbursements because they were only able to reimburse premiums and not premiums plus other out-of-pocket medical expenses that PeopleKeep has the flexibility to allow.

“I came back to PeopleKeep because you can do so many more types of reimbursements and I like the user interface more.”

After determining that the experience for him as an administrator and for his employees had significantly declined, he returned to PeopleKeep as a QSEHRA customer and kept Gusto for only payroll services.

The results

After rejoining, Cody loves that PeopleKeep’s inference is more user friendly and offers many more expenses that are eligible for reimbursement. With PeopleKeep, Cody has reached 100% participation with the QSEHRA. The onboarding process was easy as well. His employees used the insurance concierge service to help them find plans that they needed and found the knowledgeable assistance they received very valuable. And when they have questions, PeopleKeep’s customer support team has been very responsive. Employees know they can easily start a chat with them in only a few minutes.

“It’s great to be able to use this for anything, from dentist appointments to Lasik, and more!”

Retention has improved at the company because employees feel much more confident with the full coverage medical care that they are able to receive. Cody and a few employees were even able to receive extra medical services that they weren’t able to afford previously, such as Lasik. Since most of his employees are single, the allowance easily covers everything they may need. Cody has even received positive feedback from prospective hires that the benefit offers maximum flexibility which will definitely make Bounce a more attractive company to consider for employment.

The amount of time Cody is saving has made the transition to PeopleKeep worth it. Now he fully focuses on expanding his business and giving his customers the attention and service that they deserve.

SEE HOW IT WORKS