Problem:
Due to rising operating expenses, a 100 life Orthopedic practice was having difficulty maintaining profit margins and attracting the talent needed to grow their business.
Action:
Health Compass executed the Strategic Health Insurance Creation (SHIC) project which dove into their populations’ claims and developed a multi-year benefits strategy for the company.
- In the first year of the new strategy, the company would stop paying for healthcare employees never actually consume.
- In the second year of the strategy, the company would stop overpaying for the healthcare their employees do consume.
Year 1 Results:
- Saved $56,000 Dollars ($560 Per Employee)
- Streamlined Employee Experience & Benefits Administration
- Mitigated 2 Catastrophic Claims
Year 2 Results:
- Saved $311,000 Dollars ($3,110 Per Employee)
- Made Healthcare Pricing & Quality Data Available to Employees
- Added Strong Out-of-Network Coverage
Because of these actions, the company was able to reduce margin erosion and negotiate more favorable terms with a new equity partner in 2023.