Alternative Funding that benefits you and your Employees

A way to reduce cost and improve employee benefits

What is Alternative Funding?

The standard benefit model for the past 30 years has been a fully funded plan from a large health insurance company. This means premium payments are going to your chosen health insurance company with minimal data access and cost transparency. Let us introduce you to Alternative Funding. Alternative Funding is a way to reduce cost and improve employee benefits through more claims data transparency, plan management, and benefits administration.

What's the problem with rising healthcare costs?

• Benefit Plan costs are often the second or third largest P&L item in most company’s cost structure.
• At many companies, there is little or no cost and trend data available to understand and proactively manage these large annual expenses.
These annual cost increases have often been passed along to employees; the average Family premium has increased 55% over the last 10 years, while the average wage has increased only around 10% over this same period.

What's the solution?

Alternative funding provides you with data transparency.
• What you can see – You can measure
• What you can measure – You can improve

Why a Self-funded Plan may work for you?

Self-funded benefit plans provide the greatest amount of healthcare data and cost transparency to an employer and their benefit consultant, which:

  • Enables the Benefit Plan design the greatest flexibility to proactively help plan members find the best high-outcome/low cost (HO/LC) healthcare service.
  • Provides the opportunity to introduce cost management programs that reduce and waive employee out-of-pocket costs (deductibles, copays, co-insurance) for using these HO/LC services.
  • Ensures that these same cost management programs also significantly lower the annual costs to the Benefit Plan to the employer, often by as much as 10% – 15% in the first year.

How Self-Funding Plans benefit Employees?

Gain overall data and cost transparency, while employees can benefit with higher quality care, gaps in care mitigation, lower pharmacy and annual benefit plan cost.

How can FBMC Help?

 Our consultants have over 45 years combined experience with self-funded benefit plans. In that time we’ve built partnerships industry-leading vendors in this market, and have multiple consultants formally certified in the Health Rosetta Advisers’ program. As your benefits expert, FBMC can help you understand what healthcare data you currently have available to you, and how to improve the analysis and leverage of this data.  We will help ensure that your company selects the best Plan and Funding design for meeting your business objectives.     

What's The Next Step?

Contact us to help understand where you are now with your data – and how to proactively evaluate other options.

Available FBMC assessment programs:
• Benchmarking your plan cost trends compared to industry standards.
• Benchmarking pharmacy costs.
• Employee Survey on plan costs, access, and usability.
• Fully Insured vs Self-funding Workshop – what is the same; what is different.

 

Reach Us

Find out how we can be of benefit to you!
3101 Sessions Road
Tallahassee, Florida 32303

1-850-425-6200

solutions4u@fbmc.com

What's the next step?