Status Quo is a Dangerous Strategy

Healthcare, technology, regulations and employee demands are changing rapidly.   Employee benefit strategies which do not adjust to change often result in lower levels of profit, employee engagement and competitive advantage. At its core, the status quo resists adaptation. Traditional approaches – which often involve accepting a broken industry’s standards – may lead to obsolescence.

At TBC we challenge the status quo with insight and innovation. We maintain awareness of each customer’s unique requirements. We diligently survey the economic, legislative and healthcare landscape to bring employers and their employees what they need, not what the industry wants to sell them. Our associates have a zest for learning and a passion for innovative solutions. We abandon preconceptions and listen to our clients. We work hard to customize solutions that drive towards a measurable, preferred future. Our team casts aside vendor marketing fluff to provide impactful solutions. We don’t do status quo.

3% Matters

The employee benefits industry has conditioned most employers to think in terms of 12-month renewals.  Under this approach, strategies that would drive a difference in inflation trend are tabled because of the seemingly small impact on near-term costs.  This mindset is a mistake for employers who think long-term.   

For instance, a company currently paying $1 million annually for health coverage will save $500K during the first five years by reducing their renewal trend from 8% to 5%. Over 10 years, those savings will exceed $2.4 million. 

A 3% reduction in renewal trend doesn’t just happen. It results from executing carefully crafted, multi-year strategies. At TBC we are committed to helping our clients drive down costs and defy industry trends through innovation and long-term thinking.  

Choosing the Harder Right over the Easier Wrong

Traditional, off-the-shelf solutions are easy. They can also be expensive. The healthcare and benefits industries are highly efficient at wasting your money or, at best, squeezing increased margins out of employers through non-transparent and bundled approaches.  The road of innovation, focus, patience, negotiation, interrogation and analytics is not difficult. It’s just different…and effective. 

At TBC we find it instinctive to take the less traveled path over the easier, traditional route. We view ourselves as fiduciaries of each client’s interests, which takes priority over industry relationships or our profits. We take the time necessary to find the best solution to meet your long-term needs. For us, the harder right is more than a choice; it’s a commitment.

Moving Beyond Predictive to Prescriptive

Typical employee benefits strategies look back at historical information to explain what has happened. We believe in leveraging data analytics to predict what is likely to happen next and, more importantly, what prescriptive strategies should be employed to proactively address emerging trends. Robust data analytics, unbundled case and disease management, vigorous pharmacy strategies, employee engagement and wellness initiatives, and other techniques are available to address these challenges. We can provide pro-active strategies to address the ever-rising costs of healthcare.

Light is a Powerful Antiseptic

Perhaps the most significant issue in healthcare is lack of transparency. The entire payor process is designed — intentionally or not — with limited consumer sight into one of the most significant costs for families and employers. There are numerous examples of how this insidious problem drives waste and increases healthcare costs.    

At The Benefit Company, we force light into the dark recesses of healthcare costs. Breaking through opaque annual renewal increases, we provide unparalleled insight into the drivers behind each employer’s unique healthcare spend. This information allows employers to control their own destiny, adopting strategies which target their own cost drivers. Employers who fail to leverage transparency will live in a vicious and ever-escalating cycle of out-of-control healthcare costs.  

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