1. Understand your claims data
Do you know where your plan dollars are being spent? Down to the penny? Our clients do. How many ER visits, what high cost drugs are being prescribed, what hospitals are being used and why? Data is power. Once you know where the money is going, you can custom tailor a program to enhance benefits and reduce wasteful spending. (HIPAA allows access to this data. See the Permitted Uses and Disclosures section, article 2.) Our goal is to help you bend the cost curve.
2. Attack high cost pharmacy
Today we are spending more on pharmacy than hospitalizations. Is the $300 drug ten times better than the $30 drug? Probably not. Your plan can afford to give away the tried and true drugs – without a copay – helping employees and lowering costs. And for drugs that cost $10,000 a month, we have tools to cut that cost in half. If you are not managing these very costly prescriptions, someone is making a lot of money from your program.
3. It’s America. Pay people for results.
If you want to encourage healthy behavior, pay for results. Everyone knows they should take care of themselves. Paying someone to do the right thing actually saves the employer money. Paying for it can be done with contribution changes, enhanced benefits, or outright cash payments. It works. And it reduces cost over time.
4. Your plan is an investment, not an expense
Some of our groups require biometric screening to find out who has a chronic condition. A lot of people, even those that get an annual physical, don’t know they have something, which left untreated, decreases vitality and longevity.
5. Lower the deductible
A high deductible has not worked to lower costs. We want members to get primary care that is way less expensive than paying for expensive care later. Ten primary care visits is usually less expensive than one ER event.
6. Bonus: Have a long term plan.
Purchasing health care once a year off a spreadsheet is not a long term plan. Stirling Benefits was founded in Connecticut nearly 50 years ago to offer an alternative to insurance company programs. We are a Third Party Administrator (TPA) that work with select fee based advisors.
Are you interested in bending the curve on health care costs? Would you like a second opinion on your options? We may be able to save your firm tens or hundreds of thousands of dollars and offer a plan you can be proud of!