Benefits Advisory:
Revolutionizing Benefits Management
Challenge
In the fast-paced world of communications technology, our client encountered a challenge significantly impeding their financial growth. 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.
