An operational and professional services consultant operating in regulated industries with a global footprint and over 500 employees
The client’s prior advisor was providing basic services and managing the plan. But the client was not satisfied with the level of innovation. They were also experiencing significant administrative burden.
Apex delivered a no-cost, no obligation peer review of the client’s existing benefits plan. This review left no stone unturned to identify potential areas of improvement.
Apex market analysts examined stop loss contracts, medical claims and ancillary benefits. The pharmacy benefits team dissected pharmaceutical contracts to identify disadvantageous contract terms and potential savings opportunities.
The peer review identified savings within several components of the current plan. Apex delivered savings of $154,115 on their stop loss premiums and added a No New Lasers provision and a Rate Cap guarantee to the plan.
These changes reduced total health plan spend by nearly $457,000 (7%). The client also saved $60,000 within their ancillary benefits program. Apex also delivered a $20,000 plan implementation credit and $29,000 in strategic carrier funding. This funding allowed the client to invest in a communications and engagement platform. This reduced the burden on the HR team and improved employee engagement with the plan — all at no net cost to the organization.
Benefits cost per employee per month decreased by 42% over 2 years with no disruption to employees or plan design.
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