Top Financial, Strategic and Impassioned Reasons Your Clients Should Self-Fund with Prairie States
Reasons to Self-Fund | June 2016 | Prairie States News |
There are plenty of great reasons to have Prairie States administer your client’s self-funded plan. Some effect the bottom line, some resonate with analytical and lucid thought processes, and others provide a sense of warmth and poignancy. On their own and all together, the reasons make partnering with Prairie States a smart business decision.
Lower Administrative Costs - The administrative costs for a self-funded plan are lower than a carrier’s fully-insured plan. Carriers are involved in offering premium-base services. Some are trying to meet Wall Street expectations. Others are trying to push massive numbers of transactions through the system while expecting provider discounts to disguise any problems.
The primary focus of Prairie States’ administrative work is to meet broker and client needs. We work for both of you, we respond to both of you and we are proactive on your behalf. There is no other agenda.
Claims Review and Audit - Fully 28% of the cost savings that Prairie States achieves is through responsible claims management. Hospital bills and outpatient surgery bills are subject to a full audit against the patient’s chart before payment. And hospital bill audits over $5,000 are conducted by licensed clinicians.
We spot and correct billing errors to prevent your clients from paying it. It’s just part of our 99+% financial accuracy rate.
Bend the Trend – While the trend of national healthcare inflation continues to go up annually and averages about 5%, Prairie States consistently bends the trend and holds costs at about 2.85%. The cost containment over time is immense.
Customized Plan - We help tailor plans to company needs and goals. There’s no one-size-fits-all plan. Extensive plan options combined with our robust date analysis enables us to help design a plan that at the very least, meets expectations.
Transparency – All aspects of every plan is information you’ll have access to. Robust data reports outline every detail, from how employee-per-month costs are running to how quickly our team answers calls from members. All of it is tracked, available for review and measured against benchmarks.
Ability and Flexibility to Work with Complex Plans – We’re known for our ability to nimbly and easily administer complex plans. This is especially beneficial for companies offering a variety of plan choices to employees—whether it’s in one state or many. Enjoy the flexibility to structure plans as you see fit across departments and locations, include built-in plan incentives for wellness activities, structure the handling of payments based upon episodes of care, and more.
Customer Service – Rivaling our cost-savings capabilities is our ability to deliver one of our company’s core values—compassionate service. Plan members are always amazed and pleased to have their calls answered by a real person and their specific questions answered by someone who is truly knowledgeable and caring. It makes a difference from the top down and of course, their satisfaction and comfort with the administration of their benefits plan will make a difference to you, too.
No Surprises – You always have access to data reports and financial statements that address plan performance compared to expectations. When it’s time to renew, this ensures any renewal changes are not a surprise and things go as smoothly as possible.
Feels Like a Partnership – We are on your side and your client’s side--ready to embrace their company culture and goals. This focus is apparent as we administer plans, communicate with you and proactively anticipate future needs.
Talk to your clients about self-funding with Prairie States. We’re sure their reasons for making the change will match our unmatched services.