A technology company with 90 employees located in Hendon, VA, came to Andus facing a $1.7 million cost via a fully insured healthcare plan.
Recruiting and retaining top talent in a very competitive industry was challenging, therefore, offering a robust and affordable healthcare plan was essential. The group sought help from Andus and their industry leading healthcare purchasing model.
Andus, adept at solving these types of challenges, was excited to partner with the company and work with them to tackle their current issues. Andus immediately implemented their proprietary partially self-funded model with Rx strategies, this enabled the group to keep their current insurance carrier, keep employee contributions levels and maintain their rich benefit offerings.
The technology company had long been advised by brokers and carriers that they were “too small” to partially serf-insure their healthcare plan. As a result, they continued to receive double digit increases year over year with little information as to why. By partnering with Andus, they quickly realized that “too small” was a myth because their plan was structured in such a way to protect them from catastrophic claims. They now had complete visibility into the real cost drivers behind their plan.
At the direction of Andus, the company’s first year plan cost was $1.2 million versus $1.7 million, saving the company $500,000. It was the first time in the company’s history that they had experienced a decline in healthcare costs.
By adopting a data driven approach, the company now decides what they want to buy and enjoys complete control over the purchasing process. Unlike before, they can see exactly how their plan dollars are being spent. They also can continue to enjoy rich benefit offerings without the fear of massive premium increases, allowing them to use their benefit plan as a recruitment and retention tool.
