Customized Employee Benefits will Remain Key to Cost Containment in Healthcare after Election
As the presidential election approaches and questions remain about the future of healthcare delivery post-vote, employers are finding that customized employee benefits will remain a key focus. A leading expert in self-funded insurance, Tom Doney of Cypress Benefit Administrators explains why customizable options are so important to cost containment in healthcare.
Appleton, WI (PRWEB) October 25, 2012
As the presidential election nears, there are a lot of uncertainties about the Patient Protection and Affordable Care Act – also known as ObamaCare and the Health Care for America plan – and the overall direction healthcare will take in 2013. Regardless of how the vote turns out, one thing is certain: flexibility is key and employers will continue to look to health benefits customization as a way of containing escalating costs while maintaining quality options for their employees.
This was the message recently delivered by one of the self-funded insurance industry's leading experts, Tom Doney, during presentations in Vancouver and Las Vegas. Doney, CEO of Wisconsin-based Cypress Benefit Administrators, said cost containment continues to be a focus as insurance premium and healthcare service rates keep rising. “Customizing a menu of cost-effective options is absolutely one of the most proactive ways employers are finding can help hold the line in annual healthcare expenditures,” according to Doney. “The right menu matched with the individual needs of the employee base can positively impact annual premiums, plan usage and the number of total claims.”
No matter what direction healthcare delivery reform takes after the election on November 6, employers offering employee benefits will need to be selective in how their plans are structured as they factor in the increasing costs for health-related services.
Doney said The Cypress Solution offered through his company is an example of how employers can customize employee benefits to provide affordable healthcare. “The Cypress Solution combines a full set of medical risk management tools with a proven four-step process that was designed to provide employers with smart benefit options and combat skyrocketing expenses at the same time.” He added, “In terms of cost containment, our clients have averaged increases in employee benefit rates of just three percent over the last five years, and their per-employee costs are more than 30 percent below published national averages.”
As the first piece of the process, The Cypress Solution focuses on claim reduction/elimination through wellness programs that provide health risk assessments and incentives for good health and behaviors. The second is involving employees in the decision-making process by making them active healthcare consumers instead of just users. Next is cost management, which focuses on claim audits and various checkpoints and measures used to identify any fraudulent or erroneous billing practices. The last step in The Cypress Solution is employer data management. This includes the frequent monitoring of employer-specific reports and new benefit options.
By giving employers the ability to select the most suitable mix-and-match employee benefits through self-funded insurance programs like The Cypress Solution, Doney said everyone wins. “Employees take a more active role in their own health, save money and get the best care available, while employers can feel confident in knowing that they're offering the most quality, cost-effective options out there,” he explained.
Since starting business in 2000, Cypress Benefit Administrators, a privately held company headquartered in Appleton, Wis., has evolved into more than a third party administrator (TPA) by pioneering the way toward cost containment in healthcare as the country's first TPA to bring claims administration, consumer driven health plans and proven cost control measures together into one package. Its customized employee benefit packages combine an appropriate mix of health insurance options that allow for adaptability to the ever-changing healthcare environment and that make sense for employers of 50 to 18,000 throughout the United States. For more information on Cypress Benefit Administrators with offices in Portland, Ore., Omaha, Neb. and Pueblo, Col., visit http://www.cypressbenefit.com.
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