Charleston, S.C.-based SIB Development & Consulting specializes in helping organizations — including those in the healthcare industry — achieve fixed monthly cost reductions by identifying where the companies are overpaying or being overbilled for a variety of services.
Here are 10 things to know about SIB:
1. SIB reviews its customers' fixed costs in a variety of areas such as telecom, utilities, waste removal and maintenance contracts. After reviewing the costs, SIB looks for areas where the companies can achieve savings. SIB is unique because it works on a contingency basis; therefore, customers only pay once the company has realized savings for them.
2. SIB was founded in 2008 by Dan Schneider, who currently serves as the company's CEO. "In the beginning, the company did private label or subcontracted work under other national consulting firms in the healthcare industry," says Mr. Schneider. Ready to put his company name out there, Mr. Schneider strategically decided to move SIB into the public space. The company began doing business in the healthcare sector under its own name in 2012.
3. Before founding SIB, Mr. Schneider started Main Street Assets, a wholesale mobile phone company that assisted Fortune 500 companies with the liquidation of cell phone inventory. In the two and a half years Mr. Schneider served as CEO at Main Street Assets, the company grossed more than $35 million in sales. In 2013, Mr. Schneider received a Forty Under 40 award from the Charleston Regional Business Journal, which was given in recognition of his professional success and community involvement.
4. SIB has 50 employees, and the company works with industry experts across the country, says Mr. Schneider. The experts have experience working in the fields they review. For example, SIB employs a former phone company executive who knows all about the best telecom rates.
5. SIB's customers come from the healthcare, hospitality and retail industries. Fixed cost reductions can help boost the bottom line of any company, which makes SIB's services useful across the board in all industries, says Mr. Schneider.
6. SIB has a very high success rate, as it has identified cost savings for 98 percent of its customers. One of SIB's success stories came from a 3,000-bed healthcare system where SIB was able to reduce the system's cable/satellite television costs by more than 80 percent.
7. SIB has many customers that are well-known in the healthcare industry, including San Diego-based Sharp Healthcare; Kennett Square, Pa.-based Genesis HealthCare; Kingsport, Tenn.-based Wellmont Health System; and
8. SIB has some very distinguished individuals on its board of advisors. Brad King, for example, has more than 35 years of experience in auditing, finance and accounting in the healthcare industry. He has served as CFO at many healthcare organizations, including
9. Frank Abagnale, an expert on fraud detection, identity theft and document security, also serves on SIB's board of advisors. His experiences were chronicled in the best-selling book, Catch Me If You Can. More than 14,000 institutions, corporations and law enforcement agencies use fraud prevention techniques developed by Mr. Abagnale.
10. SIB is looking to expand into new sectors of business and also take on new clients, says Mr. Schneider. This month, Charleston, S.C.-based Gold Ridge Asset Management, a private equity firm, invested in SIB. Gold Ridge will help manage the day-to-day operations of SIB, assisting the company in its expansion.
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