Challenge:
A higher education organization with 655 employees enrolled on their health plan was seeking a sustainable and forward-thinking strategy with focus on saving money while continuing to provide high quality benefits with improved communication. Wanted to explore potential savings through self-funding.
Solution:
We completed full market analyses of medical network, claims, and self-funded feasibility to identify appropriate funding options to maximize savings. Implemented data warehouse and analytics platform, contribution modeler, and employee decision support tool.
Impact:
Health plan costs were reduced by $700 per employee in the first year without reducing benefits. First year total plan savings of $459,000. Employee contributions equal to or lower than previous year.
