4 minute read
New innovative Health plan reduces employer premiums by 30%
By Eric Trost
Exhausted by the skyrocketing costs and headaches associated with their fully insured carrier. ACME Inc, an employer with 1700 employees spread across 40 states faced a too familiar challenge, that each year their health insurance premiums would go up. They were paying a fully insured carrier millions of dollars per year-and the carrier planned to increase those annual costs by 18%. Along with facing double digit increases every year they were also struggling to manage plans across multiple states and keep network accessibility.
Tired of costs and headaches associated with fully insured options, ACME, Inc. needed a solution that allowed them to save money while still providing their employees with access to the best provider networks. The company decided to look at Vitori Health’s self-insured alternative to help them:
1. Keep their margins (difference between claims liability and actuarially expected claims), resulting in millions in savings
2. Reduce their pharmacy spend
3. Retain access to the nation’s largest provider networks (open access)
This company turned to Vitori Health, which offers an industryleading health plan that help companies save money without losing coverage. Vitori provided them with:
• The ability to only pay for the actual cost of employees’ claims
• Occurrences of balance bills were just 0.2%, 20X less than a traditional carrier
• Eliminated network issues by providing a national open-access architecture
• Flexible plan designs, including Nationwide Surgeons of Excellence program
• Greater price transparency with the most cost-effective and lowest net cost results
• They completed their first year moving from fully insured, to a self-insured plan with millions in Savings, better coverage and an amazing customer service experience.
Take a look at the highlights:
• Saved them $7.97M or 53.7% below cost vs. their prior BUCA carrier
• $2.74M or 28.5% below budgeted expense
• 39.6% / $860K Rx savings - $1.3M vs. $2.17M prior BUCA
• $559,320 preferred surgery savings vs. legacy insurance rates (35 procedures & $15,980 average savings per procedure)
• $243,200 savings with telemedicine use (48% of visits for behavioral health)
• 38% lower stop-loss premium than BUCA self-insured rates
• 5 avoided stop-loss claims that would have occurred under BUCA reimbursement rates that led to a reduced stop-loss renewal
Client Feedback, “Our sales team would need to increase sales by more than $80M to equal the P&L impact of the savings we’ve seen with Vitori Health.”
Learn how we can help you win and retain more business. Vitori Health creates a financially sustainable future for a mid-market broker/consultant running out of options. With rising costs, a looming 4th quarter deadline and a labyrinth of choices, learn how we can become a strategic partner capable of introducing innovative, modern and tangible tools for better control and transparency in managing healthcare costs with an unmatched claims savings guarantee.
Do you have clients that:
• Pay more than $750,000 annually for employee health benefits?
• Have over 150+employees?
• Are fully insured or self-funded?
If so, sign up for our July 23rd Broker Symposium where we will show you how to save your clients 30%.
Register:
www.benefitsoptionins.live/home-page
Eric Trost President, A seasoned employee benefits consultant that has built my career on being employer focused and consumer driven and building strategies that work. My work emphasizes that healthy, productive employees promote healthy business. I have been entrenched in areas such as employee benefit design, PPO network evaluation and other programs that can save self-funded employer groups money without cost shifting to their employees.
As a consultant, I know health insurance is complicated, so I strive to make employee benefits simple, and minimize surprises. My consultative approach helps client partners and employees do more with less. My brand allows employers to reclaim their benefits as an investment vs. an expense.
Benefits Options Insurance Agency
949-922-3920
