Benefits Advisory:
Optimizing Benefits With A Strategic Employee Benefits Strategy
Challenge:
A solid employee benefits strategy is crucial in today’s rapidly changing world. Our consulting services client relied on an outdated Medical/RX product for over a decade despite experiencing rapid headcount growth. Recognizing the urgent need for transformation, we thoroughly examined the situation and identified significant areas for improvement.
Solution:
- Discovered an antiquated Medical/RX product.
- Revealed a low stop-loss deductible that did not align with the growing number of enrollees.
- Identified a deficiency in complex care management.
Results:
Our proactive approach led to a shift from a traditional carrier-based administrative model to a third-party administrator, providing deeper network discounts, lower fixed costs, and increased flexibility. Key initiatives included:
- Full sourcing of pharmacy services, resulting in substantially improved financial guarantees, contractual terms/conditions, and value-added clinical programs.
- Implementation of a concierge care navigation resource, guiding members to the most cost-effective and highest-quality point of service.
- Refining the specific stop-loss deductible, thereby optimizing their risk management strategy.
Our comprehensive employee benefits strategy yielded exceptional outcomes, with our client experiencing $1.8 million in first-year savings. This success illustrates the power of having a well-designed and strategic employee benefits plan.
If your organization is looking to optimize its employee benefits plan, complete the form below to connect with our team of experts.
