{"id":2621,"date":"2019-05-17T00:09:55","date_gmt":"2019-05-17T00:09:55","guid":{"rendered":"https:\/\/wordpress-426888-1461196.cloudwaysapps.com\/?page_id=2621"},"modified":"2019-06-16T19:20:14","modified_gmt":"2019-06-16T19:20:14","slug":"case-study-reducing-benefit-plan-costs","status":"publish","type":"page","link":"https:\/\/wordpress-426888-1461196.cloudwaysapps.com\/case-study-reducing-benefit-plan-costs\/","title":{"rendered":"Case Study: Reducing Benefit Plan Costs"},"content":{"rendered":"<p>[vc_row full_width=&#8221;stretch_row&#8221; lg_spacing=&#8221;padding_bottom:50&#8243; sm_spacing=&#8221;padding_top:130;padding_bottom:150&#8243;][vc_column offset=&#8221;vc_col-md-offset-2 vc_col-md-8&#8243;][tm_spacer size=&#8221;lg:50&#8243;][tm_heading tag=&#8221;div&#8221; custom_google_font=&#8221;&#8221; font_weight=&#8221;600&#8243; align=&#8221;center&#8221; text_color=&#8221;custom&#8221; custom_text_color=&#8221;&#8221; text=&#8221;Helping employers manage health plans&#8221; font_size=&#8221;lg:18&#8243; max_width=&#8221;590px&#8221;][tm_spacer size=&#8221;lg:5&#8243;][tm_heading custom_google_font=&#8221;&#8221; align=&#8221;center&#8221; text_color=&#8221;custom&#8221; custom_text_color=&#8221;&#8221; text=&#8221;How moving from fully insured to self-insured can save employers and employees money&#8221; font_size=&#8221;sm:20;md:30;lg:40&#8243;][\/vc_column][\/vc_row][vc_row][vc_column][vc_text_separator title=&#8221;&#8221; i_icon_fontawesome=&#8221;fa fa-heartbeat&#8221; i_color=&#8221;grey&#8221; el_width=&#8221;80&#8243; add_icon=&#8221;true&#8221;][tm_spacer size=&#8221;lg:50&#8243;][\/vc_column][\/vc_row][vc_row][vc_column][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;Who they are&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]This financial institution has nearly a dozen retail bank locations in the Midwest region. Their employee base is 55% female and the majority of the staff is between 35 and 50 years old.[\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;What they had&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]When we started working with this business, they were fully insured and expecting a large increase for their renewal\u2014with very limited plan designs available. They had trouble controlling claims costs. The goal here was to increase the scope of benefits offerings while reducing plan costs.[\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;What we did&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]<em>Year 1<\/em><\/p>\n<ul>\n<li>Moving this group to a self-funded plan allowed us to get more data on claims and prescription costs and pinpoint problem areas.<\/li>\n<li>Setting up online enrollment resulted in increased benefit plan participation and awareness while reducing administrative burden and human error.<\/li>\n<li>Implementing financial wellness and health concierge programs helped guide employees to lower cost providers and mitigate bills and invoices.<\/li>\n<li>Employee education efforts empowered plan participants to make better and more cost-conscious healthcare choices.<\/li>\n<li>HR education allowed the team to understand the benefits and ROI of moving toward a self-funded model.<\/li>\n<\/ul>\n<p><em>Year 2<\/em><\/p>\n<ul>\n<li>Implementing direct contracting with a regional hospital system nationally ranked for high quality allowed employees to get the care they needed at a lower cost.<\/li>\n<li>Employees still had options, but incentives like reduced deductibles encouraged people to use the designated hospital system.<\/li>\n<li>Employers loved the savings and Employees were happy to receive quality care at reduced costs.<\/li>\n<\/ul>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;How we helped&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]<em>Year 1:<\/em><\/p>\n<ul>\n<li>$210,000 in premium savings plus $142,000 in their claims reserve fund for a total savings of $342,000. This is a 20% savings on healthcare costs for the employer.<\/li>\n<li>Employees saw a reduction in their payroll withholdings for healthcare of as much as 30%.<\/li>\n<li>The overall average cost per employee dropped by over $2,200.<\/li>\n<\/ul>\n<p><em>Year 2:<\/em><\/p>\n<ul>\n<li>This happy employer was able to hold all the savings in the benefit contributions from year one.<\/li>\n<li>Employees saw no increase in their benefits costs.<\/li>\n<\/ul>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;What employees say&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]<em>\u201cI am reaching out to brag on our coverage.\u00a0Today I received an invoice from the direct contracting hospital system for an MRI. I specifically chose to go to our contracted facility and they were so great. Very patient focused. The initial charge was $2,000 and after it processed through our insurance, my balance was only $41.53.\u00a0That is INCREDIBLE!<\/em><\/p>\n<p><em>I have been to this facility three times and each time has been a very positive experience.\u00a0They have impeccable customer service skills. I am VERY impressed with this hospital network and excited about our group\u2019s healthcare partnership with them. Just wanted to pass on the good news!\u201d<\/em>[\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row][vc_column][tm_spacer size=&#8221;lg:50&#8243;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; content_placement=&#8221;middle&#8221; background_color=&#8221;primary&#8221; lg_spacing=&#8221;padding_top:50;padding_bottom:50&#8243;][vc_column width=&#8221;2\/3&#8243;][tm_heading style=&#8221;modern-icon&#8221; custom_google_font=&#8221;&#8221; text_color=&#8221;custom&#8221; custom_text_color=&#8221;#ffffff&#8221; icon_type=&#8221;flaticon&#8221; icon_flaticon=&#8221;flaticon-060-cardiogram-4&#8243; icon_color=&#8221;custom&#8221; custom_icon_color=&#8221;rgba(255,255,255,0.3)&#8221; text=&#8221;Get in touch to learn more!&#8221; font_size=&#8221;lg:36&#8243; icon_font_size=&#8221;lg:120&#8243;][\/vc_column][vc_column width=&#8221;1\/3&#8243;][tm_button align=&#8221;right&#8221; xs_align=&#8221;left&#8221; color=&#8221;custom&#8221; button_bg_color=&#8221;custom&#8221; font_color=&#8221;secondary&#8221; button_border_color=&#8221;custom&#8221; button_icon_color=&#8221;&#8221; button_bg_color_hover=&#8221;secondary&#8221; font_color_hover=&#8221;custom&#8221; button_border_color_hover=&#8221;secondary&#8221; button_icon_color_hover=&#8221;&#8221; button=&#8221;url:https%3A%2F%2Fincarebenefits.com%2Fcontact%2F|title:Contact%20us|target:%20_blank|&#8221; custom_button_bg_color=&#8221;#ffffff&#8221; custom_button_border_color=&#8221;#ffffff&#8221; custom_font_color_hover=&#8221;#ffffff&#8221; xs_spacing=&#8221;margin_top:20&#8243;][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row full_width=&#8221;stretch_row&#8221; lg_spacing=&#8221;padding_bottom:50&#8243; sm_spacing=&#8221;padding_top:130;padding_bottom:150&#8243;][vc_column offset=&#8221;vc_col-md-offset-2 vc_col-md-8&#8243;][tm_spacer size=&#8221;lg:50&#8243;][tm_heading tag=&#8221;div&#8221; custom_google_font=&#8221;&#8221; font_weight=&#8221;600&#8243; align=&#8221;center&#8221; text_color=&#8221;custom&#8221; custom_text_color=&#8221;&#8221; text=&#8221;Helping employers manage health plans&#8221; font_size=&#8221;lg:18&#8243; max_width=&#8221;590px&#8221;][tm_spacer size=&#8221;lg:5&#8243;][tm_heading custom_google_font=&#8221;&#8221; align=&#8221;center&#8221; text_color=&#8221;custom&#8221; custom_text_color=&#8221;&#8221; text=&#8221;How moving from fully insured to self-insured can save employers and employees money&#8221; font_size=&#8221;sm:20;md:30;lg:40&#8243;][\/vc_column][\/vc_row][vc_row][vc_column][vc_text_separator title=&#8221;&#8221; i_icon_fontawesome=&#8221;fa fa-heartbeat&#8221; i_color=&#8221;grey&#8221; el_width=&#8221;80&#8243; add_icon=&#8221;true&#8221;][tm_spacer size=&#8221;lg:50&#8243;][\/vc_column][\/vc_row][vc_row][vc_column][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;Who they are&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]This financial institution has nearly a dozen retail bank locations in the Midwest region. Their employee base is 55% female and the majority of the staff is between 35 and 50 years old.[\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;What they had&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]When we started working with this business, they were fully insured and expecting a large increase for their renewal\u2014with very limited plan designs available. They had trouble controlling claims costs. The goal here was to increase the scope of benefits offerings while reducing plan costs.[\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;What we did&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]Year 1 Moving this group to a self-funded plan allowed us to get more data on claims and prescription costs and pinpoint problem areas. Setting up online enrollment resulted in increased benefit plan participation and awareness while reducing administrative burden and human error. Implementing financial wellness and health concierge programs helped guide employees to lower cost providers and mitigate bills and invoices. Employee education efforts empowered plan participants to make better and more cost-conscious healthcare choices. HR education allowed the team to understand the benefits and ROI of moving toward a self-funded model. Year 2 Implementing direct contracting with a regional hospital system nationally ranked for high quality allowed employees to get the care they needed at a lower cost. Employees still had options, but incentives like reduced deductibles encouraged people to use the designated hospital system. Employers loved the savings and Employees were happy to receive quality care at reduced costs. [\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;How we helped&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]Year 1: $210,000 in premium savings plus $142,000 in their claims reserve fund for a total savings of $342,000. This is a 20% savings on healthcare costs for the employer. Employees saw a reduction in their payroll withholdings for healthcare of as much as 30%. The overall average cost per employee dropped by over $2,200. Year 2: This happy employer was able to hold all the savings in the benefit contributions from year one. Employees saw no increase in their benefits costs. [\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;2\/3&#8243;][tm_heading custom_google_font=&#8221;1&#8243; text_color=&#8221;primary&#8221; text=&#8221;What employees say&#8221;][tm_spacer size=&#8221;lg:15&#8243;][vc_column_text]\u201cI am reaching out to brag on our coverage.\u00a0Today I received an invoice from the direct contracting hospital system for an MRI. I specifically chose to go to our contracted facility and they were so great. Very patient focused. The initial charge was $2,000 and after it processed through our insurance, my balance was only $41.53.\u00a0That is INCREDIBLE! I have been to this facility three times and each time has been a very positive experience.\u00a0They have impeccable customer service skills. I am VERY impressed with this hospital network and excited about our group\u2019s healthcare partnership with them. Just wanted to pass on the good news!\u201d[\/vc_column_text][tm_spacer size=&#8221;lg:25&#8243;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row][vc_column][tm_spacer size=&#8221;lg:50&#8243;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; content_placement=&#8221;middle&#8221; background_color=&#8221;primary&#8221; lg_spacing=&#8221;padding_top:50;padding_bottom:50&#8243;][vc_column width=&#8221;2\/3&#8243;][tm_heading style=&#8221;modern-icon&#8221; custom_google_font=&#8221;&#8221; text_color=&#8221;custom&#8221; custom_text_color=&#8221;#ffffff&#8221; icon_type=&#8221;flaticon&#8221; icon_flaticon=&#8221;flaticon-060-cardiogram-4&#8243; icon_color=&#8221;custom&#8221; custom_icon_color=&#8221;rgba(255,255,255,0.3)&#8221; text=&#8221;Get in touch to learn more!&#8221; font_size=&#8221;lg:36&#8243; icon_font_size=&#8221;lg:120&#8243;][\/vc_column][vc_column width=&#8221;1\/3&#8243;][tm_button align=&#8221;right&#8221; xs_align=&#8221;left&#8221; color=&#8221;custom&#8221; button_bg_color=&#8221;custom&#8221; font_color=&#8221;secondary&#8221; button_border_color=&#8221;custom&#8221; button_icon_color=&#8221;&#8221; button_bg_color_hover=&#8221;secondary&#8221; font_color_hover=&#8221;custom&#8221; button_border_color_hover=&#8221;secondary&#8221; button_icon_color_hover=&#8221;&#8221; button=&#8221;url:https%3A%2F%2Fincarebenefits.com%2Fcontact%2F|title:Contact%20us|target:%20_blank|&#8221; custom_button_bg_color=&#8221;#ffffff&#8221; custom_button_border_color=&#8221;#ffffff&#8221; custom_font_color_hover=&#8221;#ffffff&#8221; xs_spacing=&#8221;margin_top:20&#8243;][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/wordpress-426888-1461196.cloudwaysapps.com\/wp-json\/wp\/v2\/pages\/2621"}],"collection":[{"href":"https:\/\/wordpress-426888-1461196.cloudwaysapps.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wordpress-426888-1461196.cloudwaysapps.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wordpress-426888-1461196.cloudwaysapps.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wordpress-426888-1461196.cloudwaysapps.com\/wp-json\/wp\/v2\/comments?post=2621"}],"version-history":[{"count":0,"href":"https:\/\/wordpress-426888-1461196.cloudwaysapps.com\/wp-json\/wp\/v2\/pages\/2621\/revisions"}],"wp:attachment":[{"href":"https:\/\/wordpress-426888-1461196.cloudwaysapps.com\/wp-json\/wp\/v2\/media?parent=2621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}