Benefits Advisory:
Revolutionizing Benefits Management
Challenge:
A major obstacle significantly impeded the growth of our client in the communications technology sector. Despite their significant presence in the market, they were struggling with inefficient benefits management for their employees. This not only posed a threat to their financial stability but also hindered their capacity to operate at their full potential. This obstacle demanded a strategic approach to rectify and optimize their benefits structure.
Solution:
- Identified an underperforming pharmacy contract with suboptimal financial guarantees and terms.
- Revealed an inadequate stop-loss deductible strategy, resulting in excessive premiums.
- Discovered a contract breach by their broker, who failed to offset a fixed annual fee with earned commissions.
Results:
- Conducted a comprehensive search for pharmacy benefit managers, resulting in improved contractual terms and financial guarantees.
- Performed a cost-benefit analysis that recommended increasing the stop-loss deductible and eliminating aggregate stop-loss coverage, resulting in significant net savings.
- Successfully renegotiated the broker contract, excluding the annual fixed fee and ensuring a more equitable partnership.
The transformative success of our client stands as a testament to the power of strategic benefits management. By addressing their challenges head-on and implementing tailored solutions, we streamlined their benefits processes and unlocked $2.5 million in first-year savings.
Don’t let inefficiencies stand in your way. Your organization can embark on a journey of financial optimization and cost-effective benefits management. Complete the form below to connect with our expert team.
