We Provide Benefits & Services that Matter
Optimization means getting the most out of your investments in health, benefits, and technology.
What to Consider When Evaluating your Benefits:
Mental Health
Are you leveraging the best resources and tools to support the mental health of employees and their families and being cognizant of what is impacting collective mental health?
Demographics of employee population can impact mental health needs; are your programs structured accordingly?
Did you know...
- 4 in 10 adults report anxiety or depression in 2020, compared to 1 in 10 in 2019?
- The spend on mental health disorders is up 25% (see SunLife statistics from 4/14/21 study and cite)?
Benefits Design
Do your employees recommend that others come work for you? How could we increase the frequency of that happening? We can help you by designing benefits that help recruit talent and by creating benefit and technology experiences that engage employees and make them your biggest endorsers.
According to a 2021 Glassdoor article, nearly half of job seekers cited attractive benefits and perks as a major factor driving them to apply for a job, while 80% of employees said they prefer additional benefits over a pay increase.
In a global survey, 9 in 10 employers (92 percent) said enhancing the employee experience will be an important priority at their organizations over the next three years, compared with just 52 percent that indicated it was important prior to the pandemic, according to a Willis Towers Watson survey of 1,550 employers around the world released in June 2021.
Assess Current Plan Design
Review plans being offered and how the plans are being used by employees. Compare benchmarking data.
Evaluate Market Options
Conduct a market check to assess potential alternative plan and carrier options.
Contribution Modeling
Create scenarios that show how shifts in cost-sharing will impact the employer and employees.
Business Impact & Budgeting
See how current or potentially new plans and options will affect current business goals.
Cost Containment
Are you paying too much for the exact same coverage as your peers in the market? This can impact your employees’ paychecks and make it difficult to compete for the same talent. Numerous cost containment mechanisms can help with this.
There are many contributing factors to cost containment when it comes to Health & Employee Benefits. Understanding how to manage your risk, what it means to proactively manage stop loss, and how to identify areas of savings and quality of care improvement opportunities are all critical components of a successful cost containment strategy.
The Rise of Million Dollar+ Claims
In the last three years, more than 20% of US employers have reported at least one $1 million-plus claim.
There has been a significant increase in $3 million-plus claims for all US employers.
We Recommend Exploring
Cost-containment strategies and how our stop-loss experts can help identify cost-effective solutions that provide options for high-quality and convenient care
Proactive monitoring of high-cost claim diagnoses to support the best possible care a the best price
Our ability to review claims to look for unreasonable charges
Benefits Communication
Do your employees truly understand and value the benefits you are paying for?
Based on the results of a 2018 AICPA study, only 3 in 10 Americans are very confident they’re using benefits to their fullest potential.
Technology & Compliance
Does your technology align with your brand? What does your technology communicate to potential new hires or to your existing staff? User interface and user experiences impact employee perception.
Are you as automated as you could be? When life events change for your employees, do you have to react or intervene with manual workflow?
Are you confident that the compliance of your benefit and retirement programs is where it needs to be as of today? We can help in areas such as common pitfalls, proactive compliance support, and live support for HR and fiduciary.
