One-Size Fits All Is Not The Right Size
If you’re opting for a one-size-fits-all plan, you’re leaving money on the table and may end up with something that runs counter to your corporate goals and values. We live in a world of options and that includes choosing whether to take control and go with a customizable self-insured health benefits plan or get a prepackaged fully-insured plan.
It’s estimated that nearly 59 percent1 of all health plans in the US are now self-funded and that number continues to grow. Self-funded plans give companies the choices they want, and more and more companies are realizing they can customize a plan to create a perfect fit.
Data Delivers
Customizing a plan relies on quality data collection, analysis and extraordinary reporting. For instance, if your employees’ healthcare claims are out of control, an in depth analysis can pinpoint the money pit. Are employees seeing out-of-network providers? Are they taking brand-name meds instead of generic or mismanaging chronic health conditions? Are they heading to the ER instead of urgent care? It’s possible. Nearly 17 percent of all visits to hospital emergency departments across the United States could be treated at an urgent care center – for a significantly reduced cost. 2 Our thorough data analysis can tell you which of these money-sucking culprits are driving up your employees’ healthcare claims.
Analysis Leads To Solutions
Tapping into cost-saving solutions depends on two things: clean, up-to-date data and competent analysis. As a claims payer, we have immediate access to critical data in a HIPAA compliant environment. That data is analyzed by our clinician analysts, who understand risks and potential plan cost drivers. It’s key to structuring a customized plan that addresses rising healthcare costs, while also meeting the needs of all members.
As a leading health benefits administrator, Prairie States knows how to collect, measure, analyze and report data that facilitates results. To help you reduce costs over time, we analyze:
- Claims and prescription data
- Health risk appraisals and biometrics
- Condition management data
- Wellness programs
- Demographic profiles
- Average tenure and turnover rates
Solutions = Savings
Prairie States’ account managers prepare detailed reports and are always available to explain the deep and relevant data. You’ll also receive individualized recommendations to improve your ROI for healthcare services, meet specific company health goals, ensure effective risk reduction strategies and ultimately deliver the kind of program that attracts and retains top talent.
With nearly 30 years in cutting edge health benefits administration, we have the experience to interpret your data and help customize a cost-saving healthcare benefits plan that is a perfect fit.
Get away from one-size-fits all healthcare plans. Get into a customized, money-saving self funded plan from Prairie States. Talk to your broker about it today!
1. Employee Benefit Research Institute: “Self-Insured Health Plans: State Variation and Recent Trends by Firm Size”; 2011, Paul Fronstin, Ph.D.
2. Weinick, Robin M.; “Many Emergency Department Visits Could Be Managed at Urgent Care Centers and Retail Clinics”; Health Affairs, vol. 29, no. 9, Sep. 2010, p. 1630-1636.
Prairie States Enterprises, Inc. is a third-party health benefits plan administrator that brings industry expertise and a clinical focus to self-insured companies. Our in-house claims administration, health management services, wellness programs, plan analysis and predictive modeling tools result in remarkable and unprecedented cost control for employers. We also provide the most compassionate and personalized level of service for plan members.