THE SOLUTION
Batesville chose to work with us and shift to a new self-funded platform that allowed for more robust cost containment strategies. These strategies included direct medication sourcing, improved stop-loss opportunities, and other cost containment measures.
This innovative approach gave Batesville more control over their health care spend, and it allowed them to realize substantial savings without reducing the quality of their health benefits. The results were remarkable. Batesville was able to save around $1.5 million. Furthermore, after the renewal and implementation of additional cost containment measures, they achieved a further cost reduction of 14%.
DIRECT MEDICATION SOURCING
TRANSPARENT PHARMACY BENEFITS MANAGER
IMPROVED STOP-LOSS OPPORTUNITIES
CLIENT
TESTIMONIAL
"I am extremely satisfied with the strategic planning, preparation, and renewal negotiation process. She is always willing to go back to the table to the vendors to negotiate better pricing. I also like the long-term approach of how we slowly make changes, like pulling levers. It makes it easier for us to sell it to senior leadership as like most companies, even though they may need something, they resist change. The gradual process makes it easier to put in place strategic cost saving measures when it comes to insurance."
-Sonja White,
Human Resources, Batesville Tool & Die
STAGE 2 - FUNDING
SELF-FUNDED
By self-funding, the company assumes greater control over healthcare expenses, allowing for more flexibility and customization in plan design. This model enables Batesville Tool & Die to tailor healthcare benefits to better meet the unique needs of their workforce while also potentially reducing costs. With self-funding, the company can implement innovative cost-saving measures and health initiatives.
STAGE 3 - PHARMACY
TRANSPARENT PBM | RX ADVOCACY | J-CODE MANAGEMENT
Implementing transparent Pharmacy Benefit Management (PBM) practices, robust Prescription (Rx) advocacy, and pivotal J-code management. By prioritizing transparency in PBM, the company ensures that employees have clear insight into medication costs and coverage, empowering informed decision-making. Additionally, the robust Rx advocacy program provides personalized support and guidance to employees, helping them navigate complex medication regimens and find cost-effective options.
STAGE 4 - RISK MANAGEMENT
DATA ANALYTICS
Batesville Tool & Die leveraged data analytics for enhanced risk management within their self-funded insurance program. By analyzing claims data and health trends, they identified cost drivers and high-risk areas, allowing for targeted interventions and informed decision-making. This data-driven approach enabled proactive management of health risks, improved employee wellness, and contributed to significant cost savings.
STAGE 5 - EMPLOYEE ENGAGEMENT
MEMBER SUPPORT SPECIALIST
By utilizing Conner Insurance's member support specialist, Batesville Tool & Die ensured personalized assistance for their employees, enhancing their understanding of benefits and streamlining the claims process. This dedicated support improved employee satisfaction and contributed to more efficient management of their self-funded insurance program
STAGE 6 - MEDICAL CONTRACTING I
BUNDLED SURGICAL | CENTERS OF EXCELLENCE | DIRECT HOSPITAL CONTRACT
Batesville Tool & Die enhanced their self-funded insurance program by adopting innovative cost-saving strategies, including bundled surgical procedures, centers of excellence, and direct hospital contracts. These initiatives allowed the company to negotiate better rates, ensure high-quality care, and streamline expenses. By focusing on these proven methods, Batesville Tool & Die significantly reduced healthcare costs while maintaining superior medical outcomes for their employees.
STAGE 7 - MEDICAL CONTRACTING II
REFERENCE BASED PRICING
Batesville Tool & Die adopted reference-based pricing to further control their self-funded insurance costs. This strategy involves setting payment rates for medical services based on a multiple of Medicare rates or other industry benchmarks. By implementing reference-based pricing, the company achieved greater transparency and predictability in healthcare expenditures, reducing overall costs while ensuring fair pricing for high-quality care.