Self-Funded With Spencer The Employer Perspective On Self-Funding (with Stephanie Koch)
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May 14, 2024 Join Stephanie Koch, Director of HR at Hendry Marine Industries, as she shares her 25+ years of insights on transitioning from fully insured to self-funded healthcare. Discover how reference-based pricing saved her previous employer over a million dollars in the first year and learn about the lifesaving impact of onsite mobile clinics. Stephanie also discusses the importance of utilizing data to improve employee engagement and preventive care, urging employers to embrace innovative benefits that foster transparency and better health outcomes.
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Switch From Carrier After 18% Renewal
- Hendry switched from a traditional carrier to reference-based pricing after an 18% renewal shock.
- The first RBP year saved over one million dollars and preserved or improved employee benefits.
RBP Forces Claim-Level Audits And Lower Prices
- Reference-based pricing audits each facility claim and ties reimbursement to a Medicare-based reference plus profit.
- That produces far larger discounts than typical carrier-negotiated discounts and reduces overbilling.
Flip Messaging To Be Employee-First
- Communicate benefits from the employee-first angle, not the employer savings angle.
- Rework enrollment messaging to emphasize member benefits and service support to win buy-in.