Zack Conner's Linkedin Analytics

Who doesn't love a case study to highlight their success, and what better company to use then...ourselves! Background Conner Insurance, a fast-growing company with 40 employees, grappled with the pressing issue of rising health insurance costs. The increasing costs were forcing the company to raise deductibles and share more costs with employees. As the company grew and costs continued to rise, there was a real risk that the increasing health plan expenses would negate wage increases for the staff. Inflation was also contributing to this situation. Challenges We were in a difficult position. We needed to control the escalating costs to protect the company's financial health. But we also wanted to ensure our employees were well taken care of and not burdened with exorbitant out-of-pocket expenses. We needed a solution that could balance both these requirements without compromising on the quality of the health benefits. Solution In response to these challenges, we transitioned to a custom self-funded plan. This innovative plan included elements like reference-based pricing, direct medication sourcing, a transparent pharmacy benefits manager, and direct hospital contracting with two reputable facilities. We also implemented a transparent bundled surgical agreement with employee incentives, a nurse concierge service, and provided quality information to their healthcare providers. These features not only offered greater control over our health care spend but also allowed us to enhance our employee experience. The generic medication sourcing program that was put in place was one such initiative that improved employee satisfaction while reducing costs. The custom self-funded plan also provided us with the unique advantage of retaining unspent claims dollars, further optimizing their benefits expenditure. Results The results of this strategic transformation were significant. we achieved a 15% savings in our benefits spend. This allowed us to lower deductibles and keep employee premiums the same, reducing the financial burden on our staff and enhancing employee satisfaction. Conclusion Our case study provides a perfect example of how companies can manage rising health benefits costs without sacrificing employee welfare. The strategic move to a custom self-funded plan allowed us to tackle the challenges head-on, realize significant savings, and improve the quality of our benefits program. Our success underscores the value of innovative benefits strategies for growing companies.