BenefitsPRO reports that “employers’ health care benefit costs could jump by as much as 7 percent this year due to the COVID-19 outbreak – on top of the 5 percent increase that employers had previously projected before the pandemic.” That’s why it’s essential for self-funded employers to have a third-party administrator like MedBen with proven experience in controlling costs, even in uncertain economic circumstances.
In 2019, innovative strategies helped MedBen clients beat national medical and pharmacy trends:
- Forensic claims analysis saved an additional 58% on targeted claims, over and above any PPO discounts.
- Alternative reimbursement strategies like direct-to-employer contracting and reference-based pricing saved clients 24.7% compared to previous PPO discounts.
- MedBen Rx Advocate clients took advantage of our transparent prescription pricing to save 14.8% per employee compared to traditional pharmacy plans.
- Our worksite wellness initiative MedBen WellLiving saved clients 7.6% on average per-employee claim cost compared to those not using WellLiving.
If MedBen isn’t your TPA or you’re not utilizing all the MedBen saving solutions available to you, contact us at 888-627-8683.