- Basic Group Term Life Insurance
- Basic Group AD&D Insurance
A large Southwestern IDN was seeking immediate employer paid plan savings, long-term rate stability and the expertise to help the company craft and administer future changes in their employee benefits plan.
Working with Insurance Point and MedAssets, the IDN was able to significantly reduce their employer paid benefit costs, a saving of 25% over their previous plan. Through intelligent aggregation, the IDN was able to combine their insurance benefits with those of a large group of other healthcare employers and achieved considerably lower rates with a significantly reduced risk of large premium rate swings in the future.
Insurance Point conducted a thorough HR and insurance policy document review during the proposal phase. The IDN was surprised when Insurance Point identified that a $3+ million overpayment had been made to their current carrier. Insurance Point not only found the overpayment but were able to confirm the overpayment with the carrier and worked with the current carrier to get the funds back swiftly to IDN.
As industry leaders in bringing Group Purchasing Organization (GPO) best practices to a suite of HR benefit offerings, low and stable long-term rates are now available to hospitals and healthcare organizations that are clients of Insurance Point and MedAssets. The streamlined GPO process delivers guaranteed savings and frees Human Resource department personnel to focus more closely on critical HR functions like talent development, policy implementation, and strategic planning.
By partnering with Insurance Point and MedAssets, this large Southwestern IDN was able to significantly reduce their employer paid benefit costs by 25% per year for the initial 3-year rate guarantee period. As a result the of careful analysis and actions of Insurance Point, the IDN recovered a $3 million overpayment made to a carrier.
“While exploring Employer Paid beneft savings with Insurance Point and MedAssets, Insurance Point indentified, confirmed, and retrieved a $3 million overpayment that we had made to our current carrier. While that refund will find many good uses, we were also very surprised to see that we were able to save 25% per years on our Employer Paid benefits through the Insurance Point Intelligent aggregation model and large pool of employees spreads our insurance risk and makes a lot of sense. Their personalized service is second to none. I would recommend Insurance Point to any healthcare organization.”
Large Southwestern IDN, EVP & CFO