How Prioritizing Consumer Empowerment Can Redefine an Industry

Entering Colorado’s consumer-directed care market in 2019 was both a challenge and an opportunity for Palco. At that time, the market was dominated by an incumbent vendor with over a decade of experience, deep knowledge of the local regulations, and strong relationships with stakeholders. We started with zero clients and faced significant competition in establishing ourselves. Despite these odds, we became the state’s leading vendor in customer support for five consecutive years.

One of our defining innovations has been our real-time budget reporting system, which empowers consumers with up-to-the-minute data for financial planning. This feature has set a new standard in the industry and addresses a critical need for transparency and control, helping families make informed decisions. Click here to view the full survey reports.

Our success in Colorado also highlights the dedication and hard work of our employees, who continuously rise to the occasion. Their commitment to understanding the state’s nuances and providing tailored support has been instrumental in helping us achieve approximately 30% market share, taking substantial ground from the incumbent.

Entering an entrenched market is never easy. It requires building trust, outperforming established vendors, and addressing unmet needs. The incumbent’s declining market share in Colorado reflects our ability to innovate where they failed to evolve. Whether it’s through customer-first service, efficient processes, or advanced tools, we have proven to be the better choice for Coloradans.

Equally important, our success highlights the value of competition in the market. By allowing two Financial Management Services (FMS) vendors, the State has ensured that consumers and their families benefit from choice, innovation, and accountability. Had there been only one FMS vendor, families would suffered from stagnation, inadequate support, and lack of innovation. The fact that Palco was able to capture 30% of the market in a relatively short time demonstrates the effectiveness of maintaining multiple vendors to serve the diverse needs of the population.

This accomplishment is not just a victory for our company but a testament to how prioritizing consumer empowerment can redefine an industry. Moving forward, we remain committed to delivering excellence and leading with innovation in every market we serve.

by Alicia Paladino
Chief Executive Officer