Winning the Bid:
How Boutique Beat National
$1.3 MILLION +
Saved more than $1.3 million vs renewal
2%
Showed a 2% increase vs current rates
4 MEMBERS
Pre-identified 4 members for alternative med & Rx savings programs
The Situation
HEALTHCARE CLIENT
NEW JERSEY
421 EMPLOYEES
One of our broker partners runs a boutique brokerage firm. One of their long-standing clients decided to do their due diligence and invite in a large national brokerage house to run an analysis on market opportunities for renewal.
The employer group is a specialty pharmacy consulting company in the Northeast that was offering a fully insured medical and prescription drug program since 2004 with Blue Cross.
In the midst of a worldwide pandemic, the employer group received a 40% renewal increase from their insurance carrier.
The employer group questioned the merits of such an increase and wanted to understand their claims data and the details of the contracts governing their plan – particularly the pharmacy benefits contracts.
Minimal claims information was made available and the contracts were completely unavailable.
Goals
CLIENT:
Save money and gain transparency and flexibility in the plan.
BROKER:
Win the bid. Implement both a short-term and long-term solution/strategy.
