Latest Plan Management Articles
The Potential Regulatory Minefields of Managing Employee LeaveApril 30, 2019
4 Necessary Steps to a Successful Long-term Benefits StrategyApril 16, 2019
What PBM-carrier Mergers Mean for Employers and Benefits PlansApril 9, 2019
Rx Sticker Shock? 3 Ways Employees Can Reduce Prescription CostsApril 2, 2019
How Corporate Synergies solved challenging renewals for clients…and saved them time and money.
A multi-million-dollar industrial product supplier with 600 plan members faced a 19% rate increase. An analysis of the claims data uncovered factors driving the increase. Corporate Synergies designed a new plan that reduced costly non-compliance, reduced Rx copays for chronic conditions, and waived wellness screening copays as part of a newly launched disease management program.
Same Plan Design and Carrier, Lower Cost
A non-profit’s broker was unable to address a 24.8% rate increase. The organization was feeling forced to move to another carrier at the last minute, which would cause a disruption to its 200 plan participants. As the employer’s new broker, Corporate Synergies achieved a rate reduction for the same plan with no change in carriers.
Takes a Dive
A regional company with 425 plan members faced a 26% rate increase, which would result in an additional $365,000 in medial and Rx expense. The incumbent carrier was willing to reduce the rate by only 3%. Corporate Synergies negotiated with alternative carriers and achieved a combined medical and Rx option for a substantial decrease to in-force rates.
The experience I’ve had over the past 7 years has been awesome. Corporate Synergies is responsive, accessible and great to work with.Law Firm