Benefit & Risk Management Services (BRMS)

Traditional group health insurance plans, while convenient for employees, often pose significant financial challenges for employers. The reliance on one-size-fits-all plans can lead to overpaying for misaligned coverage and limited access to providers, causing employee frustration, particularly for those with chronic conditions. Compounding this issue are rising healthcare costs and tax rates, creating a heavy financial burden for employers. Now there’s a growing need for alternative funding, affordable solutions that prioritize quality healthcare for employees without straining employer budgets.

Benefit & Risk Management Services (BRMS), is a leading independent third-party administrator (TPA) with over 30 years of claims and benefit administration experience. They empower businesses to optimize their employee benefit programs with integrated technology and customized service solutions. Through MyHealthBenefits® (MHB), their innovative benefit administration platform, BRMS streamlines the management of self-insured and fully insured plans, while offering a comprehensive suite of ancillary services.

“MyHealthBenefits is the hub of our member and client experience. It gives them one centralized site to access all their employee benefit information, manage eligibility, view plan documents, claims and ID cards. We also provide concierge services, chat features, and mobile applications to enhance the overall experience” said Executive Vice President Luke Schafer.

BRMS prioritizes building strong relationships with clients, brokers, vendors, and plan members. This collaborative approach ensures alignment with each client’s goals and strategies.

By working together, BRMS helps businesses simplify benefit design, control healthcare costs, and ultimately enhance the member experience.

Through strategic partnerships with the country’s leading carriers, provider networks, pharmacy benefit managers (PBM), care management solutions and targeted disease management programs, BRMS saves their clients an average of 40% when compared to traditional health plan offerings.

“Our holistic approach emphasizes striking the optimal balance between service personnel and cutting-edge technology, complemented by fostering strong client relationships conducive to the success of their health plans,” says Paul Schafer, Executive Vice President.

In one powerful example, BRMS worked with a company of around 260 employees who previously spent around $3.8 million yearly on their fully insured medical plan. After switching to a captive arrangement, a national PPO network and a pass-through PBM the group saw significant savings of $625,000 in the first year alone. The savings allowed the client to enhance their benefit offering and implement targeted disease management programs to improve health outcomes and reduce costs.

By continuing to focus on better service, technology and relationships, we aim to redefine the next generation of TPAs.

“When we looked at the total savings over a five-year span, we saved the client close to $5.2 million had they received the same annual premium increases” said Paul Schafer.

Today BRMS manages over 450 employer groups and 550,00 member lives. Moving forward, BRMS aims to expand their national presence in the TPA market, enhancing its multi-employer and benefits administration footprint while simultaneously improving their technology. Additionally, plans are underway to expand service regions nationwide, broadening the company’s reach and enhancing accessibility to their clients.

“Our goal is to be the largest independent TPA in the country. By continuing to focus on better service, technology and relationships, we aim to redefine the next generation of TPAs” Luke Schafer concludes.