Diligence-grade analysis of benefit programs — and of the companies selling them.
Most of what we do is for employers analysing their own programs. But the same machinery works when you need to understand an organisation you don’t run — a target, a portfolio company, a client, or a competitor.
Four questions we get asked from outside the company.
Benefit spend is an EBITDA line nobody diligences.
An 800-person target is carrying somewhere north of $10M in annual health spend, and it scales from there — usually assembled over a decade, one approval at a time, with no independent review of the whole. We tell you what's recoverable post-close, what's locked into contract, and what the seller's run-rate assumes that it shouldn't.
You're about to back a company whose entire pitch is a savings claim.
Taking savings claims apart is the thing we do every day — selection bias in the study population, overlap with programs the employer already runs, how much of a published outcome actually transfers to a different workforce. We'll tell you whether the ROI story survives contact with a real buyer's data.
Walk into the renewal already knowing the answer.
An independent read on a prospect's or client's benefit portfolio before you're in the room — where the portfolio trails peers, which vendor claims won't hold up, and what the defensible negotiating position actually is. White-label available.
How your claims hold up against an independent model.
If you sell a benefit program, you already know your ROI study will get challenged. We'll run it through the same attribution framework a skeptical CFO would — before someone else does it in front of your prospect.
Nobody’s data becomes somebody else’s research.
Selling research on employers while also serving employers only works if there is a hard wall between the two. There is, and it’s worth being specific about where it sits — because if you’re commissioning research from us, you’re also trusting that we’d never do this to you.
Intake documents, claims summaries and anything else a client sends us are walled off from third-party work entirely. Not anonymised — excluded.
Filings, vendor-published materials, regulatory data, and our own benchmark library — which is aggregated to the point that no single employer is identifiable in it.
If the subject of a requested engagement is a current Axionia client, we turn the engagement down. We’ll tell you we’ve declined; we won’t tell you why.
The memo is the start of something, or it isn’t. Both are fine.
Plenty of engagements are exactly what they say on the tin — a screen before an LOI, a claim review before a term sheet, and then we’re done. But if you hold a portfolio, the first piece of work is usually the cheapest way to find out whether the rest is worth doing.
A diligence memo on a single business — what its benefit spend actually buys, what’s recoverable, what’s locked into contract. Built from public and market sources, delivered on a date, priced as one piece of work.
If the business becomes an Axionia client, we stop researching it for you and start advising it with you. That isn’t a loophole in the wall above — it’s the wall working. We can’t hold both roles, so the research relationship on that company ends when the advisory one begins, and we’ll say so at the time.
What you keep across every conversion is the view above the companies: where each sits against benchmark, which vendors appear in how many of them, and at what spread of prices. None of that requires one company’s confidential data, which is precisely why you can have it.
The same vendor, sold into eleven of your companies at eleven prices, is a finding no single engagement can produce.
Scoped, quoted, and delivered on a date.
Research engagements are priced per piece of work rather than by subscription — a pre-LOI screen is a different job from a full diligence memo, and a single vendor claim review is different again. Tell us the decision you’re trying to make and the date you need it by, and we’ll come back with scope and a fixed price.
Turnaround is typically days rather than weeks. Every deliverable carries the same discipline as our employer work: dollar impacts as ranges, vendor claims marked as unverified until adjusted, and every assumption exposed so your own team can push on it.
Tell us the decision. We’ll tell you what it takes to answer it.
A short conversation is usually enough to tell whether this is a two-day screen or a three-week piece of work — and whether we’re the right people for it at all.