One of the largest and most well-respected non-profit organizations in Arizona (with 75 locations across the state) was experiencing employee dissatisfaction with the cost and quality of their current benefits program. Additionally, the organization had been receiving inaccurate and inconsistent plan financial data and compliance advice. This combination of factors lead management to lose all confidence in their overall health plan design and strategy.
First, Alera Group reconstructed the non-profit’s historical financial records and combined them with raw data files in order to have an accurate picture of the past while performing a complete compliance assessment to set them up for success moving forward. Next, the non-profit’s benefits, premiums and contributions were benchmarked against similar organizations in their area, enabling Alera Group to create a new benefits strategy that stacked up to the competition. The Alera Group team also established HRA accounts that provided employees and families with immediate access to first dollar funds for medical expenses. Finally, the team introduced a high-performance provider network option and used those savings to significantly increase the value of employee and family healthcare accounts.
The employees and their families experienced improved benefits with no costs increases and saw a much-improved member experience because of the new, integrated health plan platform compared to their previous confusing and unbundled package. The non-profit saved $897,000 in the first year and $7.26 million over the next five years.
DID YOU KNOW?
60% of employees said having a benefits package is extremely or very important to their employer loyalty. If you want to retain top-tier talent, you need to offer top-tier benefits!