September 21, 2023
A peer review assesses specific opportunities within your existing plan to see if there are areas for improvement and
innovative strategies that your current consultant may have simply failed to identify, or may not have the capability or
expertise to deploy.
Reviews do not typically address consultant compensation, as those fees are a relatively minor portion of the benefits
What the peer review consultant reviews is your organization’s:
- existing benefit program design; and
- recent financial, medical and pharmacy claims data.
Benefits-related peer reviews, which you receive at no cost or obligation, typically result in two types of findings:
- areas of your current program that are performing well; and
- potential opportunities to substantially reduce costs and/or improve the quality and risk profile of your program.
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.
$1,000,000 in Potential Savings Identified Through Peer Review
An Indiana commercial property development, investment and management company with 350 employees was unsatisfied with the customer service and level of innovation provided by their benefits advisor. Apex was engaged to complete a Peer Review to identify immediate and future plan savings with minimal disruption to plan members.
Without involving the company’s broker, Apex confidentially reviewed the company’s benefits program and claims history. The review netted nearly $1,000,000 in identified savings — funds the company could have been using to increase its profit margin, hire additional employees or invest in employee development.