THE SOLUTION
Switching gears, LSI partnered with us, seeking a fresh perspective and innovative solutions. Our team devised a strategic shift from their fully insured arrangement to a self-funded solution, meticulously designed to maintain compliance amidst their complex benefits landscape.
This innovative solution was just the starting point. Since its implementation in 2014, we have incrementally introduced other cost containment solutions and plan improvements, customized to align with LSI’s unique needs. These adjustments have spanned across various elements of their benefits package, including plan design, pharmacy, Third-Party Administrator (TPA), stop-loss provisions, and direct medication sourcing.
HEALTHCARE SUPPLY CHAIN MANAGEMENT
TRANSPARENT PHARMACY BENEFITS MANAGER
BULK PURCHASING
CLIENT
TESTIMONIAL
"As always Ben, Ryan and Ricki are all extremely helpful and knowledgeable. They know and understand our needs and goals!"
-Angela Koosman,
Benefits Manager, Life Science Innovations
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 Life Science Innovations 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
Implementing transparent Pharmacy Benefit Management (PBM) practices and robust Prescription (Rx) advocacy. 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
PLAN DESIGN RESTRUCTURE | INSURANCE BULK PURCHASING | PLAN PERFORMANCE GUARANTEES
Life Science Innovations has revamped its healthcare strategy through plan design restructuring, insurance bulk purchasing, and plan performance guarantees. By restructuring the plan design, they've tailored it to better suit employees' needs, optimizing coverage and cost-effectiveness. Bulk purchasing of insurance ensures competitive rates, maximizing savings for both the company and its employees. With performance guarantees in place, Life Science Innovations holds providers accountable for delivering quality care, driving improved outcomes and cost efficiency.
STAGE 5 - EMPLOYEE ENGAGEMENT
COST & QUALITY TRANSPARENCY | CUSTOMIZED COMMUNICATION CHANNELS
Introducing cost and quality transparency along with customized communication channels into Life Science Innovations Benefits plan has transformed their healthcare experience. With transparent information on costs and quality, employees can make informed decisions about their healthcare, promoting efficiency and accountability. Personalized communication channels ensure that employees receive tailored information and support, enhancing engagement and satisfaction.