For years a national retailer with more than 14,000 employees complacently accepted a steady escalation of health plan costs.
The company and its broker had not actively directed vendors and carriers to improve their competitive position. The passive approach to insurance products and services and limited market availability led to double-digit price increases.
Risk International Benefits Advisors (RIBA) conducted a Check 173™ analysis to identify several areas within the plan for cost improvement. Utilizing advanced procurement technology and a non-traditional, unbiased approach, the RIBA team worked diligently to drive superior vendor outcomes by identifying alternative providers and providing a wide range of unbiased market options.
As a result, the company saved $8 million across various plans, while simultaneously providing its employees more valuable, relevant benefits. In addition to the savings, new client service touchpoints and processes were added to ensure vendor accountability.