Employers with 500 or more employees and self fund their group health benefits now can participate in the “Big Data” revolution and bring new capabilities and immediate cost reduction strategies to their Self-Funded Health Plans.
Employers can reduce their medical spend immediately by leveraging data mining and analytics. Up to 10% of your medical spend is lost due to waste, abuse and fraud. Until recently, it was virtually impossible to identify and fix these problems.
To reduce costs and liability risks, employers must effectively manage the “5 Levers of Self Funded Management Control.” As a result of technology improvements, Plan Sponsors can dramatically reduce their cost, and Fiduciary liabilities.
Employer sponsored health plans have evolved significantly over the past few years, and employers have access to a myriad of tools and resources to assist them in managing risk, performance, and efficient utilization within their health plan.
Basic services such as claims payment, disease management, data analytics, etc. have become so complex and use terms that have become so nebulous in their meaning, that employers need to have a better grasp of the capabilities of each aspect of their plan. Additionally, they require a deeper understanding of the roles and responsibilities of each piece of their plan, and how those pieces come together to form a complete program.
With Health Care Reform as the catalyst, we will deeply explore each aspect of both a fully-insured and self-funded health plan. We will also discuss what high performing companies, vendors, and employers are doing, and what you should be asking of your partners.
A fundamental disruption in America's health insurance market is well underway. For years the employee benefit purchasing experience has consisted of the employer choosing benefits, setting deductibles, deciding on co-pays, and shifting costs to employees to help pay for those choices. The end result hasn’t been pretty. Deductibles have increased. Co-pays have increased. Despite ever rising premiums, an employee can easily spend $5,000 or more out-of-pocket even with insurance coverage.
Learn why so many companies are moving to defined contribution health plans and private exchanges to break the cycle of ever increasing cost as employees become knowledgeable consumers and active participants in the benefits purchasing experience.
Join one of the nation’s most well-recognized consulting teams to explore the new world of company retirement plans. In this session you will learn about the history and evolution of defined contribution & defined benefit plans; the focus of Department of Labor audits; understanding your responsibility as a Plan Sponsor and/or fiduciary; and how to create the optimal defined contribution plan for your employees. “Thinking Beyond the Box” will empower you to demand more out of your service providers and help better understand all of the moving parts in a 401(k), or other defined contribution plan and most importantly help you understand your fiduciary responsibility.