As the year draws to the end, finance pencils are being sharpened, and budgets are being reviewed.
Make sure you’re getting the most out of your benefit dollars with three ROI strategies that should be part of every sustainable benefits plan:
Preventing your benefits costs from climbing out of control is a much better strategy than damage control once they’ve already climbed too high.
At GroupHEALTH, we target prescription drug costs by eliminating waste associated with brand name drugs, large markups and high dispensing fees. Drug formularies and the use of central dispensing pharmacies help control costs significantly. We call this solution Smart Rx.
To reduce disability claims GroupHEALTH teams up with Disability Management Institute (DMI). Our Early Intervention Program is an especially powerful way to impact the costs of long-term disability coverage. Plus in 2021 DMI saved their clients over $4.9 million in WCB relief-of-cost decisions.
To get the most out of your investment in employee benefits, you need benefits that provide the most value to your employees.
At GroupHEALTH, our licensed Advisor Partners help our clients to customize their employee health benefit plans to meet the unique needs of their business. This way the company and their employees are both more satisfied and their plans are set to grow as the business grows.
Administrative Services Only (ASO)
An ASO employee benefits plan means the organization or employer self-funds the benefits plan. The employer is assuming the risk associated with higher than anticipated or catastrophic claims, instead of transferring the risk to an insurer. For some organizations, this can lead to savings.
GroupHEALTH’s Hybrid ASO plans significantly lower the risk of self-insuring extended health and dental benefits. In Hybrid ASO plans, prescription drugs are isolated from other extended health benefits and are fully insured. This protects you, the employer, from the largest risk in ASO benefit plans, prescription drugs.