It is estimated that 40% of companies with over 100 enrolled employees are self-funded. Over the next 5 years, this figure is estimated to reach 75%.
Business owners, CEO's and CFO's are searching for cost containment strategies, alternative funding solutions and improved plan designs for their healthcare investment.
GodfreyDowns is not a brokers-broker; rather, we work as a strategic partner & advisor providing 6 ultimate advantages for your mid to large market clients. Our "Front & Back Office Support" encompasses many aspects of customizing alternative funding opportunities for you and your client.
#1 REINSURANCE: Our consulting firm has secured over $425 million dollars in highly competitive stop loss reinsurance for our broker partners in just the past 8 years. With significant financial market leverage and access to the top 25 A+ rated stop loss carriers in the world, we achieve "Preferred Premium Rating" at the highest level. The results are superior reinsurance contracts which minimizing risks, reduced fix costs in the specific premiums with financially sound aggregate attachment points.
#2 PROSPECTING: Allows our team to work directly with your producers in making client presentations and introductions to self-funding. Our model is to sit 2nd seat with you and your team as the self-funded expert to consult and advise your clients in the most cost effective methods in lowering today's out-of-control healthcare costs.
Our 40+ years of real world plan design and plan management, will dramatically save your clients money by accumulating "unspent" healthcare dollars. The reserve or surplus dollars can be used to pay for future claims, to lower plan deductibles, to reduce co-pays and to improve wellness strategies for a healthier work force. We love creating better consumers of healthcare.
Our efforts implement significant cost containment improvements to your clients' financial bottom line. Our efforts will expand your market footprint allowing for more time to sell; whereby increasing your business revenue stream. Everyone wins.
#3 PLAN DESIGN: ERISA compliance requires specialize knowledge and understanding of the ever changing healthcare landscape. We know the lay of the land all too well. We carefully craft the framework of a self-funded plan to meet the client's healthcare needs, risk tolerances and financial obligations. We structure each stop loss contract to protect a companies cash flow from varying risk and liability exposures.
Company financial requirements are taken into account including adequate stop loss contracts, 3rd party actuarial analysis and verification of adaquate risk protection. We perform in-depth disruption analysis along with network recommendations and wellness strategies to balance the plan and maximize the longterm performance.
#4 CONVERSION: The art of converting a fully insured healthcare plan to a self-funded offering requires meticulous due diligence. In doing so, we work closely with the implementation teams and account managers at the agency, TPA, stop loss carrier, pharmacy manager, and the client's HR & finance personnel for a highly efficient and smooth transition.
Open Enrollment meetings with the client and the TPA implementation team are conducted prior to the effective date. This insures everyone is on the same page as we move to launch.
#5 CUSTOM REPORTING: As you know, data is the heart & soul of an efficient self-funded healthcare plan. It runs our world; so, we provide a detailed customized reporting package on a monthly basis. Our customized reports cut to the chase when it comes to data. We pull secure information from multiple sources and provide a highly detailed medical, pharmacy, stop loss, dental and short term disability claims analysis report.
Our proprietary reporting includes an aggregate report, large claims report, pharmacy details, case management notes, waited & pended reports and a full financial analysis & charting.
#6 RENEWAL: Essential renewal strategy & planning begins 120-days out from the renewal anniversary date. During the renewal process, we leverage the plans performance data to selectively market reinsurance carriers, TPA's, pharmacy and networks.
All financial aspects of the plan are competitively marketed by our firm. Financial renewal illustrations are provided and reviewed with our strategic broker partners. Once agreed, we again sit 2nd seat at the renewal table to finalize. Once contracts are confirmed and signed, the group's premium rates & factors are locked in for the next plan year.
We then start the process all over again with a sharp pen and a watchful eye.
The strength and impact of our consulting leverage is our savvy business model. We focus solely on customized self-funded healthcare plans and cost containment strategies. We have comprehensive business relationships and alliances with national TPA partners, A+ rated reinsurance carriers and RX contracts with the top 5 PBM''s in the U.S.
We make brokers better. We save their clients hundreds of thousands of dollars year over year. We review and make critical path recommendations, analyze financial risks with independent actuarial verification and we carefully oversee the self-funded plan on a monthly basis.
As an alliance broker, our firm provides executive level consulting and prospecting to grow your mid to large market book of business. Our role is to sit 2nd seat with you and your team of producers to assist in presenting self-funded strategies to your client, to close opportunities and to renew the plan each year.