Pasito - Saving companies and employees money on healthcare and payroll

Unlocking the Future of Employee Benefits: Pasito's Mission to Revolutionize Healthcare and Payroll

In a world where employee benefits often resemble a bewildering maze, Pasito emerges as a guiding light, aiming to transform the landscape of healthcare and payroll optimization. Founded in 2021 by a dynamic team of visionaries, this startup, led by Pauline Roteta, Julie Scotland, and Ignacio, is on a mission to revolutionize financial and health outcomes for individuals and their families. By leveraging their expertise and innovative technology, Pasito seeks to save companies money on healthcare and payroll. In this article, we delve deep into Pasito's journey, exploring their founders, the problems they aim to solve, their ingenious solutions, and the vast opportunities they are poised to seize.

Who Are the Brains Behind Pasito?

Pauline Roteta: CEO Extraordinaire

At the helm of Pasito stands Pauline Roteta, a trailblazing entrepreneur with an impressive background. She boasts the coveted title of co-founder and CEO of Pasito, an achievement that has catapulted her into the ranks of influential startup leaders. But Pauline's journey didn't start here; she earned her stripes in the world of finance, serving as a Senior Investor & Portfolio Manager at BlackRock. Her credentials are nothing short of remarkable, including certifications as a Certified Financial Planner® (CFP) and a Chartered Financial Analyst (CFA). Pauline's journey to Pasito was paved with academic excellence, having been a Fulbright Scholar, and she holds a B.Eng. from Vanderbilt University.

Julie Scotland: The CGO Pioneering Growth

Julie Scotland complements the Pasito dream team as the co-founder and Chief Growth Officer (CGO). With more than 15 years of experience in the B2B SaaS sector, Julie is a force to be reckoned with. Her track record includes pivotal roles in leading growth at SecureDocs (which was subsequently acquired) and MyCase (also acquired), both within the ambit of AppFolio, which had its IPO. Julie's expertise in the software-as-a-service domain has proven invaluable to Pasito's mission.

What is Pasito All About?

At its core, Pasito is driven by a noble mission: "To improve financial and health outcomes for individuals and their families through smarter employee benefits elections and engagement." But how does Pasito set about achieving this lofty goal? The answer lies in their innovative approach to optimizing healthcare and payroll through data integration and personalized guidance.

The Problem - Navigating the Health and Wealth Benefits Maze

Why Are Employee Benefits a Maze?

Employee benefits, especially when it comes to healthcare and retirement planning, often resemble an intricate labyrinth. The crux of the issue is that employees frequently make uninformed decisions when it comes to selecting their benefits. This prevailing lack of awareness and knowledge means that employees are often over-insured while simultaneously under-saving for retirement.

A Case in Point: Sarah's Dilemma

To illustrate this problem, consider the case of Sarah, an employee at a typical company. When it comes to selecting her health plan, Sarah is often overwhelmed with choices and uncertain about which option to choose. Consequently, she ends up electing her company's PPO health plan, even though it might not be the most financially prudent choice for her.

Based on her family's income and health data, Sarah could have potentially saved over $2,000 if she had elected and utilized an HSA-eligible health plan. These savings could have been channeled towards various financial goals such as covering medical expenses, paying down debt, or saving for retirement. However, Sarah's company, which covers 80% of health insurance premiums, also finds itself in a suboptimal situation, having overspent by more than $3,000 due to her uninformed choice.

The Solution - Personalized Benefits Selection and Engagement

How Does Pasito Address the Problem?

Pasito's value proposition lies in its ability to provide personalized benefits selection and engagement at scale. Through their web application, they harness both company and personal data to optimize benefits coverage and assist employees in utilizing their benefits effectively throughout the year. Pasito accomplishes this by integrating a diverse array of data, including:

  • Payroll data
  • Health data
  • Financial data
  • Family data
  • Benefits data

The Benefits for Employees

With Pasito's guidance, employees can look forward to substantial advantages:

Significant Savings: On average, Pasito helps employees save $2,000 or more. This isn't just a mere cost-cutting exercise; it's about putting more money back into the pockets of hardworking individuals.

Understanding Benefits: Pasito demystifies the complex world of employee benefits. Employees finally gain a comprehensive understanding of how to maximize their benefits, ensuring they make informed choices.

The Benefits for Companies

Pasito isn't solely focused on the employees; it has substantial benefits for companies as well:

Financial Savings: Companies stand to save thousands, if not millions, of dollars on various fronts, including premiums, healthcare expenses, and payroll taxes. These savings can be reinvested for growth or redirected to other strategic initiatives.

Enhanced Employee Value Proposition: Pasito helps companies showcase the full value of their benefits package to both current employees and potential candidates. This can be a powerful tool for talent acquisition and retention.

Reduced Administrative Burden: By equipping employees with the knowledge they need, Pasito reduces the influx of personal questions received by HR and benefits administrators. This streamlines administrative processes and frees up valuable time.

The Opportunity - A Thrilling Scope and Impact

The Scale of the Problem

To truly appreciate Pasito's potential, one must consider the scale of the problem they are addressing. The example of Sarah is not unique; there are countless individuals like her in companies across the United States. In fact, Pasito estimates that in a typical company of 1,000 employees, there are approximately 300 individuals facing similar dilemmas. This translates to nearly $1 million in wasted health and benefits spending for a single company.

The National Perspective

Zooming out to a national level, the magnitude of the issue becomes staggering. Across the United States, there are approximately 48 million individuals akin to Sarah, grappling with suboptimal benefit choices. The consequence? A mind-boggling $200+ billion is squandered annually due to poor health insurance and benefits elections. This capital could instead be channeled towards achieving better financial and health outcomes for individuals and families. Moreover, it has the potential to alleviate a significant portion of the $190+ billion in U.S. medical debt, a crisis that has far-reaching implications.

In Conclusion

Pasito, with its innovative approach and dynamic team, is poised to redefine the landscape of employee benefits optimization. By leveraging data, technology, and personalized guidance, they aim to put an end to the wasteful spending associated with healthcare and payroll. Through their efforts, employees will save money, gain clarity about their benefits, and make informed decisions. Simultaneously, companies will experience financial relief, enhance their employee value proposition, and streamline administrative processes. As Pasito continues to grow and make its mark, the potential for positive change in the realm of employee benefits is boundless. In a world where employee well-being and financial security are paramount, Pasito stands as a beacon of hope, offering a brighter, more prosperous future for all.