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How You Know it's Time to Fire Your Employee Benefits Broker

Jeff Griffin

Many companies stick with their employee benefits broker for years on end, not giving too much thought to whether a change is warranted. HR directors always have long to-do lists full of time-sensitive issues, so finding a new broker is typically the last thing on their minds — except maybe during contract renewal season if the news isn’t good (and it never seems to be with health insurance these days).

The issue here is that there is a point when it’s time to fire your broker, but recognizing it when the time comes is difficult because you have a million things on your mind and far more pressing matters at hand. There are some definite signs it’s time to find a new employee benefits broker and it’s important to keep an eye out for them. Here are some of the big ones.

They’re Not Helping You Contain Costs Year-Round

Employee benefits brokers should not only be reaching out when it comes time for your annual renewal. Top-notch benefits consultants are working with you year-round to make sure you’re taking every possible step to keep your benefits costs contained.

True cost containment strategy requires constant effort in the form of chronic condition identification and management, medication adherence, large-scale claim intervention, consistent execution of a sound wellness program, financial oversight, and diligent carrier reconciliations.

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Topics: Employee Benefits, Compliance, Strategy, Education, Disruption

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6 Ways Employee Benefits Administration Automation Can Save You Time (and Money)

David Rook

Some employers choose to take on employee benefits administration with paper forms and spreadsheets, thinking they’ll save money. They see the cost of online automation, coupled with the monthly commitment — usually per employee, per month (PEPM) — and find it hard to believe the benefits of the software would be worth the investment. It’s true that employee benefits administration software is not free, but the benefits of automation far outweigh the cost.

The reality of the situation is that regulation complications, paperwork, and human error end up costing employers far more time than it's worth. And of course, that doesn’t include the fines your business could incur as a result. Here are six ways employee benefits administration automation can save you time and money.

1. Increased Efficiency for Both Employer and Employee

Automated employee benefits administration increases efficiency for both you, the administrator, and your employees who use it. Regardless of the task you are trying to complete, it will, in short order, take less time when it’s automated as opposed to old-fashioned spreadsheets, or worse, paper. 

Many companies still have employees fill out paper forms, which an HR director or assistant then has to manually enter into a payroll system, an HR system, and the health insurance system. What took two or three people to accomplish could have taken one — the employee — if an employee benefits administration platform was used. With well-organized systems, all those different parts talk to each other and disperse the information where it needs to go, which means you get to focus on real work instead of paperwork.

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Topics: Automation, Disruption, Technology, Enrollment, Compliance

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Bringing Mobile Healthcare to Underprivileged Youth

David Rook

As an employee benefits broker, we immerse ourselves in health care issues every day. After all, it’s part of our mission to ensure our clients’ employees and their dependents get access to outstanding health care resources. 

Yet our reach in this regard only extends so far. For the unemployed and under-employed, employer-sponsored health care simply isn’t an option. And for some, not even the marketplace exchanges and other government-provided relief programs make their way to the youth of this country. 

That’s why, as long time supporters of underprivileged children’s charities, it gives us great pride to lend our support to The Hope Association and their Run for Hope initiative. Their mission is to build and operate two mobile health clinics to serve underprivileged children in the Washington, DC and Los Angeles metro areas, with possible expansion to other cities thereafter. 

We announced this collaboration back in September, when Levi Rizk, a Virginia Pediatrician, set off from Santa Monica Pier to run from LA to DC in just under 100 days.  To cover that distance, he'd have to run roughly 40 miles a day. That essentially two marathons a day, back-to-back for 100 days. Tomorrow morning, Levi will run the last 3 miles of this journey, up the National Mall in Washington DC to the steps of the US Capital.

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Topics: Innovation, Disruption, Preventative Care, Giving Back, Community

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Bringing Health Care to Underprivileged Youth

David Rook

As an employee benefits broker, we immerse ourselves in health care issues every day. After all, it’s part of our mission to ensure our clients’ employees and their dependents get access to outstanding health care resources. 

Yet our reach in this regard only extends so far. For the unemployed and under-employed, employer-sponsored health care simply isn’t an option. And for some, not even the marketplace exchanges and other government-provided relief programs make their way to the youth of this country. 

That’s why, as long time supporters of underprivileged children’s charities, it gives us great pride to lend our support to The Hope Association and their Run for Hope initiative. Their mission is to build and operate two mobile health clinics to serve underprivileged children in the Washington, DC and Los Angeles metro areas, with possible expansion to other cities thereafter. 

Read More
Topics: Innovation, Disruption, Preventative Care

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Healthcare Innovation Through Disruption: Lab Testing & Theranos

Joe Genova

Healthcare Innovation Through Disruption: Lab Testing & Theranos

Silicon Valley has been a hub of innovation for the past few decades, and Palo Alto-based Theranos is no exception. Founded in 2004 by Elizabeth Holmes, then a 19 year old Stanford dropout, Theranos is poised to disrupt the 75 billion dollar laboratory testing industry.

Their business model is simple; they developed technology which allows them to be quicker, more convenient and far cheaper than their competition. 

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Topics: Cost Containment, Innovation, Disruption

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