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Cost Savings from Self-Funding? It's All about Control

10/10/16

  07:58:00 pm, by MedBen5   , 260 words,  
Categories: Health Plan Management, Cost savings

Cost Savings from Self-Funding? It's All about Control

magnifying dollar sign

A recent EBN opinion piece on self-funding makes the observation that "TPAs have no financial incentive to comprehensively review all [claim] payments." At MedBen, we believe just the opposite ‒ as a third party administrator, it is entirely in our best interest that every claim receives a thorough examination.

If the advantages of self-funding had to be encapsulated in one word, a good candidate would be "control." Through self-funding, you control plan design, plan language, and above all, plan costs. And a good TPA like MedBen is invaluable in helping employers realize the maximum financial return from having a higher degree of control.

MedBen often highlights its claims surveillance system, and for good reason: By screening every claim using advanced algorithms, we ensure that claims that may otherwise be overlooked are found and addressed. From there, board-certified medical specialists further review flagged claims and, if necessary, work with the provider to reach a proper resolution.

In 2015, MedBen clients realized an average savings of $13.61 per employee per month through claims surveillance. That represents a 26.5% reduction on a reviewed claim.

Moreover, MedBen has the staff stability and expertise to help you make the most of your plan control in other areas, such as matching proper benefits to the employee population, or using plan language to prevent overpayments for care when less costly alternatives are available.

Earning client loyalty is all the "financial incentive" MedBen needs to do the job right. Learn more about how we help you control your health plan by contacting Vice President of Sales & Marketing Brian Fargus at bfargus@medben.com.

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