Gaining Financial Control
Disciplined Negotiations and Financial Reporting – Obtaining the best coverage for your employees at the absolute best price possible is a simple matter of proactive negotiating. Our policy of marketing all lines of coverage to all carriers for any new client guarantees that you will be getting the best price across your entire benefit offering. Additionally, our annual planning, monthly activity reports, and negotiation timelines, coupled with our financial reporting package ensure that you remain fully aware of the financial status of the plan.
Mid-Year Plan Design Modeling and Benchmarking – A full six months prior to your renewal, before you decide to make any changes to your plan design, you need to know how your plan compares to your peers as well as accurate predictions of the impact the changes that you do make will have on your costs. Using reliable benchmark data from Medstat™ and Kaiser Family Foundation, as well as thousands of benchmark results from Veritas’ internal MyWave Survey Drill-Down, we will accurately benchmark your plan across region, size of employer, and industry, as well as your specific competitors if necessary. Once we’ve used the benchmark data to determine the need for possible plan design changes, we will use our Plan Modeler actuarial based plan design modeling software to accurately analyze the impact of plan design changes.
Claims Drill Down Services – If you want to have better knowledge of why ER visits are so high or what your generic substitution rate is, we have the tools to help. Decision Master® Warehouse is a Web-based decision support system that helps you assess your group medical and Rx plans with an easy-to-use management report. We’ll provide clear recommendations to combat problems with utilization and plan costs based on analysis of your real carrier data. And since the management report benchmarks your data against national norms organized by industry and geographic region, we can provide the solid, high quality information you need to formulate plan design decisions.
Integration of Employee Paid Benefits – Many employers want to make a measured shift to employee paid, voluntary benefits for some of their benefit offerings but are wary of working direct with a vendor for these benefits. As part of our strategic planning process, we help you assess the viability of these cost saving alternatives for your group and then use our annual and monthly reporting process to effectively implement the delivery process into your core benefit offering.