Plan Data: Why It Matters
Fortune 500 Companies have long recognized that controlling their costs for health and welfare plans comes down to analyzing their claims data and managing their risk. If your P&C agent came in with a 15% renewal and provided no data whatsoever, wouldn't you be upset? Your benefits broker may do this often, but why is there a different standard? There shouldn't be. We help you uncover savings opportunities within your plan by uncovering plan data, analyzing trends, making structural changes, and ushering in new solutions.
It is no surprise that pharmacy claims can make up 30% or more of your medical expenses in a given year. What if you could reduce these fixed costs tremendously? This would be helpful, and we can help you to do just that. Prosperity Benefits has several vendor partners that specialize in this area. Many of our partners have an intense focus on patient care, meaning your chronically ill employees can receive a higher level of care through the health plan, at no additional cost to them or your company. A concierge approach, with lower costs, imagine that!
What is your loss ratio? Have your losses been more than your premiums for the last 5 or 10 years? It is not likely. You may be able to benefit tremendously by analyzing your plan claims data. If you have less than 125 enrolled members, it may be more difficult, but Prosperity Benefits has the tools and knowledge to unlock this data and put it to good use. Would an educational campaign help to steer people to urgent care over the ER? It could, and that can reduce plan costs. Are you tired of being kept in the dark? If so, let's chat!
Knowing that over 50% of your staff will barely touch their benefits, on average, in a given year, it is important to control this part of your population through plan design and contribution strategies. For example, if you have a $500 first-dollar HRA, what is to prevent staff from needlessly spending these 'free' dollars? Nothing! By being creative with structure and financial products like HRA's, FSA's, and HSA Accounts, we can limit your exposure and ensure your staff are very well-insured.