MILWAUKEE, Aug. 14, 2020 /PRNewswire/ -- Healics is excited to announce it has become a 100% employee-owned ESOP company. Becoming an ESOP allows Healics to reward each of its employees with company stock as part of their retirement benefit plan in addition to the company's existing 401(k) plan.
Healics' leadership team spent 18 months researching and planning for the ESOP conversion and identified a number of benefits for employees that are inherent to an ESOP structure.
All employees are now company stakeholders and have a vested interest in the current and future success of Healics. That interest helps foster an engaged and motivated workforce that supports a workplace culture of continuous improvement and growth. In addition, being an ESOP underscores Healics' commitment to its employees, which is an invaluable tool in the retention of top talent and the recruitment of new talent.
"Over the years, we've investigated different ownership models and the employee stock ownership plan is the one that appealed to us because it rewarded all of our employees who have helped Healics grow," says Patti Plough, LPN, CWC, who recently retired as president and CEO of operations for Healics. "Since establishing this company, we've been blessed so we wanted to share the blessings with our employees and give them the opportunity to become employee owners of Healics."
Numerous studies have shown that the majority of ESOP companies experience increases in productivity, revenue, stock value and profitability, all of which benefit the employee owners.
"Throughout our exploration of an ownership transfer, we've been focused on our employees and securing their future. We're excited about the opportunities for growth that an ESOP structure can deliver," says Michael Naparalla, RN, president and CEO of sales and marketing. "We wanted to ensure our employees were taken care of and that, as a company, we maintained the superior level of care Healics is known for. Our mission is to help our participants and patients live their healthiest, happiest, most vibrant lives."
Plough and Naparalla have been co-CEOs since 2011 when the pair purchased Healics from the company's founder. Naparalla is staying on at Healics in his role as president and CEO of sales and marketing while Plough retired from Healics on June 5 when the company became an ESOP.
Naparalla, the executive leadership team and Healics' employee owners are all focused on the company's future growth and continued success.
"It's an exciting time for everyone at Healics," says Naparalla. "We're invigorated and motivated by the change to an ESOP and look forward to a bright future for decades to come."
Healics is an industry-leading health care company that provides employee preventive health and well-being programs and employer health clinics to businesses, municipalities and nonprofit organizations throughout the country.
The company has approximately 140 field and corporate employees, including physicians, nurse practitioners, physician assistants, medical assistants, phlebotomists, health screeners and health coaches who work with nearly 500 clients.
Healics, originally known as Health Steps, was established in 1985 in Milwaukee as a health and wellness software company. Plough, an LPN, has been affiliated with Healics since 1991 and Naparalla, an RN, has been affiliated with the company since 2001. Each had their own corporate wellness companies and both sold the Healics software tool to their respective clients. In 2011, Plough and Naparalla purchased Healics from the company's founder. In March 2017, Healics merged with Brookfield-based Interra Health to add on-site and near-site clinical care to its offerings.
Monica Baer, 414-881-5053