MAY 2024HR TECH OUTLOOK19Our commission-free service establishes a transparent and mutually beneficial partnership, offering a national PPO plan with an 8 to 15 percent decrease in benefits costs while eliminating any potential misalignments with the plan sponsor's goalsthe Medical, Dental, and Vision platforms and offering a benchmark for paid amounts and discount percentages provided by healthcare and prescription administrators.Benecept performs a thorough analysis of all plans which includes claims, costs, behavior, and provider usage within a benefit program along with historical data and provider contracts to identify the best suited service providers to curate plans that surpass rigid contractual constraints. The ability to access client datasets also enables a precise examination of provider contracts; removing gag clauses and stipulations that obstruct cost and network transparency.Benecept offers customized self-funded medical plans and consultant fee arrangements. Benecept assigns every employer a dedicated personal account team to assist HRs with employee claim, plan, and network access questions as well as HR eligibility, COBRA, and other administrative related guidance.Unlike bundled carrier solutions that wrap network, administration, and pharmacy benefits into a single package, Benecept embraces an independent solution, leveraging best-in-class providers and transparent pharmacy and advocacy services. Recognizing the complexity of the healthcare business, Benecept assists employees in navigating their benefits landscape, effectively boosting member satisfaction. Throughout an engagement, the firm enables plan users to directly contact assigned advocates, alleviating the workload on HR departments.In building product platforms, Benecept utilizes financially sound decision making and creates impactful plans that best align with client healthcare requisites, budgets, and employee plan perception. Setting Benecept apart within the industry is their adeptness in empowering clients to obtain claim and cost reporting on their data sourced from various carriers. This proficiency allows clients to create a path for long-term plan management and translates to reduced costs and higher employee satisfaction. One of Benecept's recent achievements involves an engineering firm with a 1000+ strong workforce. They wanted to realize cost savings while retaining their existing programs. Benecept designed Health & Welfare plans that transitioned the client from a veiled bundled suite of plans to distinct self-funded cost-transparent plans. In the first year, the client achieved a 34 percent cost reduction; dropping a combined 15 percent in the second and third years and generating savings of 9.5 million dollars.Benecept is an advocate of the Consolidated Appropriations Act of 2021 (CAA) which ensures network transparency, eliminates surprise provider bills, and insures disclosure of healthcare spending data. These disclosures combat inefficiencies and misconduct within the system, resulting in overall premium reductions. A pivotal part of Benecept's Health & Welfare strategy is to reduce health and prescription plan costs.Benecept also offers extensive retirement services, backed by membership with the Retirement Plan Advisory Group (RPAG), a premiere retirement services provider in the U.S. To protect sponsors from Employee Retirement Income Security Act (ERISA) liabilities, Benecept offers an open architecture of funds and intellectual property to create high-performing retirement plans.
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