Project Description
A mid-size veterinarian hospital needed solutions to runaway healthcare costs and increasing workers’ compensation claims. They had evaluated the PEO market, but wanted help deciphering all the various options, as well as breaking apart the bundled-cost options to compare to unbundled plans. The hospital needed assistance with two distinct projects: 1) the selection and entry into the PEO, and; if and when needed, based of future evaluation 2) exit from the PEO.
Challenge
For selection and entry into the PEO, Employee Benefit Advisors (EBA) was tasked with the challenge of evaluating all the client’s options — both PEO and open-market. This led EBA to identify those PEOs with multiple health insurance plan choices, with low healthcare premiums. Workers’ comp savings were also identified.The second challenge was two-fold: to rollout the PEO to an open-market analysis, while avoiding additional incurred increases or costs.
Solution
EBA guided the company in the original selection of the PEO, as well as implementation; working with the PEO to manage claims and utilization. Finally, as special business interests unfolded specific to the client, EBA helped exit them from the PEO market.Results
Employee Benefit Advisors helped with the clients’ entry into (and exit from) the PEO market, generating the following results:
- Guided the company in the original selection of the right PEO; as well as assistance with exit from the PEO market
- Ancillary benefits were separated out, in order to create a customized package to better accommodate the employees
- The employees’ health insurance premiums dropped 40%, while plan participation increased by 100%
- The client was able to offer a multi-option package to accommodate the needs & budget requirements for employees of all levels
- The change allowed the employer to provide more benefits, making their package one of the best benefit packages in their industry
CFO’s Testimonial
“You have definitely exceeded my expectations. Although I was a little nervous about the process of enrolling 100 staff members into a new plan, the implementation was seamless. The orientation was well organized and very informative. Thanks for all of your help with finding an affordable insurance plan that works well for our staff. Our staff members are very pleased with the plan options. Thank you and your team for all your hard work.”
