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Healthcare and Insurance Industry Consolidation: A Bitter Pill?July 10, 2018
Another Way to Improve Employee Wellbeing: Disease ManagementMay 22, 2018
Why It Might Benefit Employees to Pay for Long-term Disability InsuranceMay 14, 2018
The Role of PBMs in the Rx Drug Supply Chain…and Why it Matters to EmployersMay 8, 2018
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