What is a Consortium?
A benefits consortium creates a dynamic change in healthcare financing and strength for its members, allowing cost stability, transparency, control, and flexibility. The advantage- A group health insurance purchasing consortium manages risk and maximize performance.
Improve Cost Management
- Group Purchasing Power: wholesale prices, volume discounts
- Control employee benefit premium costs
- Eliminate or reduce most insurance company administrative expenses: profits, risk charges, premium taxes
- Competitive stop loss insurance pricing
- Manage cash flow more effectively
- Improve management reporting and understanding of risks
Increase Employer Control:
- Complete flexibility in designing coverage
- Eliminate costly state mandates
- Improve claims and data management
- Target and implement specific wellness and disease management programs
Reduce Overall Risk:
- Claim risk is capped; only predictable risk is retained
- Volatile risks transferred to Stop Loss Insurance Carrier
- Mitigation of risk through the consortium
- Year to year price stability
EMPLOYEE BENEFIT SERVICES, Health Insurance [and INSURANCE ADVISORY SERVICES] are not offered through MML Investors Services, LLC or its affiliated companies Certain associates of TriBridge Partners, LLC offer securities, investment advisory and financial planning services through MML Investors Services, LLC. Member SIPC. Supervisory office: 11350 McCormick Rd., Executive Plaza IV, Ste 200, Hunt Valley, MD 21031 – 410.785.7654. TriBridge Partners, LLC is not an affiliate or a subsidiary of MML Investors Services, LLC or its affiliated companies.