8 Questions to Ask Your Benefits Broker
Take control of your costs
We challenge the premise that you are destined to experience large increases in the cost of benefits year after year.
We’d love to tell you about how we can help identify if you’re paying too much for you medical or pharmacy benefits — without disrupting your current broker relationship.
If you saved more, you could do more. Consider how you could reinvest the savings:
- Hire more employees
- Increase salaries to retain top talent
- Provide richer benefits
- Innovate and increase your competitive strength
- Increase profit margin
How much could you be saving?
A Peer Review Assessment analyzes your current plan and identifies areas for improvement and innovative strategies that your current consultant may have failed to identify or lacks the capability or expertise to deploy.
Having a peer review conducted does not require you to make a consultant change. It can, however, provide you and your employees and plan members with the peace of mind that you are doing your very best to leverage a finite budget to deliver the best benefits program for the greatest return.
What the peer review analyzes:
- Your organization’s existing benefit program design
- Your recent financial, medical and pharmacy claims data
Peer reviews typically result in two types of findings:
- Areas of your current program that are performing well
- Potential opportunities to substantially reduce costs and/or improve the quality and risk profile of your program
Stories of Savings
We have the expertise to save you more on medical costs than any other Indiana benefits advisory firm. Just look at the proof points in our case studies.
- January 30, 2024
City government with 500 employees sees cost increase transformed to savings after Apex’s renewal negotiation with the stop-loss carrier. A 20% cost increase instead becomes over $500,000 in savings.
- August 31, 2023
A family employed by an Apex client was seeking answers and resources as they navigated their child’s complex health challenges. Apex’s Second Opinion Program connected them with world-renowned experts and vital local support.
- July 27, 2023
A county government with 100 employees partnered with Apex to implement reference-based reimbursement. Over the next 6 years, they experienced sustained savings on both health care spend and PEPM costs.
- June 15, 2023
A county government with over 450 employees partnered with Apex to implement reference-based reimbursement and saved millions over 7 years, decreasing their PEPM costs in the process.
- May 15, 2023
A no-risk, no-obligation review of the current PBM contract and recent claims uncovers over $10,500,000 in savings for a global manufacturer.
- March 28, 2023
A holistic peer review identifies significant savings and opportunities to reduce administrative burden for a small HR team serving 500 employees around the globe. Basic broker services were replaced with a strategic partnership that created deep, sustainable cost savings.
- September 20, 2022
Prior to Apex becoming the strategic advisor, this client also had a near-site clinic available to all members on the medical plan. After a thorough review of clinic data, our team found that the cost per visit exceeded $225 due …
- August 10, 2022
Working closely with the insurance company’s reinsurance and pharmacy teams, the Kinetiq Health team came up with a solution to purchase the treatment directly from the manufacturer at actual cost while the hospital continued administering the dependent’s infusion therapy each …
- July 19, 2022
After reviewing the language of the pharmacy benefit management (PBM) contract that determined the terms and cost variables, savings opportunities were identified without changing any benefits to employees.