Case Study
How USI found sustainable healthcare savings for a biotech firm competing for highly qualified talent.
Strategies
and Solutions
Positive Financial Impact
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With a level funding strategy, the organization achieved a premium reduction of 8% in the first year — a $300,000 savings. Switching to a high-deductible health plan saved the organization an additional 3% ($50,000) over the next three years. And leveraging the service calendar, USI was able to negotiate an early renewal, reducing the proposed rate increase from 12% to just 3%.
The transformational savings and enhanced protection achieved through USI's tailored solution empowered our client to move forward with confidence. With the strategic leadership of our employee benefits experts, the company is now well-equipped to offer a competitive benefits package at more sustainable costs.
Background
A growing biotechnology firm with over 350 employees in locations throughout the Midwest turned to USI to help better manage their health plan spending. The organization had been offering a rich benefit plan to compete for top talent in the biotech space — but as the workforce grew, the costs of maintaining the plan became unsustainable.
The company had previously discussed several solutions to control health plan spending, but without a formal process and timeline, the firm struggled to implement any impactful changes.
8%
Premium reduction
in the first year
$350,000
in savings over 3 years
measurable results
Working with USI, the client decided to switch from a traditional PPO to a high-deductible health plan and convert to a level-funded strategy.
Using our service calendar, USI mapped out the key milestones and important deadlines that would need to be completed over a three-year period to help with the transition and success of the new plan design and funding approach.
OPPORTUNITIES
— USI Employee Benefits Client
We've been able to make some significant changes to our benefits with USI's help. The service calendar keeps us on track and helped us save quite a bit at renewal.
Consistent Service and Savings
By establishing a service calendar, we put you in control of your employee benefits planning.
With our proactive, strategic approach to managing every stage of the benefits cycle, our clients can better manage spending and prepare for renewal with early projections.
of all workdays lost
65%
Using the projections to negotiate with the carrier typically results in a lower starting rate, saving clients
at renewal.
~10%
The facility lacked state-of-the-art surveillance capabilities
#hashtag
USI helped improve security camera use to document fall incidents. New state-of-the-art cameras with artificial intelligence send alerts when the system detects unusual behavior. The cameras also serve as a training tool for workers and a deterrent for fraudulent claims. Additionally, USI helped implement the use of wearable technology equipped with location tracking and fall detection.
The company had an ineffective return-to-work policy in place
#hashtag
USI helped the client initiate a light-duty
return-to-work program to ensure injured employees could come back to work sooner.
An inadequate jobsite layout and improper personal protective equipment resulted in slippery walking surfaces
#hashtag
USI helped formulate an engineering control to divert oil away from travel paths. USI also recommended the use of non-slip floor polish in travel path areas, and non-slip footwear for slippery areas. As a result, the client saw a 55% decrease in slip-and-fall injuries.
The client lacked a tracking method to monitor prevention measures
#hashtag
USI helped the client develop a dashboard tracking system to be updated weekly, including the status of preventive measures to combat conditions that led to falls.
Dashboard
Tracking System
Jobsite Layout Optimization
Improved Policy Implementation
Security System Upgrades
The client used an unsophisticated incident investigation process
#hashtag
USI helped implement a thorough incident investigation process and claims management plan for slip, trip and fall claims. The client saw a 62% reduction in total incurred claims.
Investigation Enhancements
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Strategy:
Level funding
With a level-funded plan, employers pay a fixed premium for 12 months to an insurance company, which handles claims. If claims costs are lower than the premium, employers may receive a refund.
Benefits of level funding:
Lower premium tax
Fewer mandated benefits
Greater claims transparency
CAT Modeling and Proprietary Analytics
Solution
Strategy:
High-deductible health plan
Fully insured programs with low deductibles and copays are inefficient due to added costs from insurance carriers for retention, risk-sharing, and profit.
Many fully insured employers switch from a traditional PPO plan to a high-deductible health plan to reduce benefits spending. This can reduce fixed insurance costs by 25% to 30%.
CAT Modeling and Proprietary Analytics
Solution
Strategy:
USI's service calendar
USI's service calendar helps employers manage key tasks and remove surprises at renewal. Our dedicated service
process helps to ensure:
Important deadlines are not missed
Compliance is up to date
Better rates can be negotiated at renewal
CAT Modeling and Proprietary Analytics
Solution
