Annual Benefits Cycle
Evolution Benefits Consulting has developed an approach we call the ABCs - Annual Benefits Cycle. Our firm is uniquely designed to assist employers with the ongoing tasks of monitoring, managing, and maintaining their benefits programs.
Our human resource experience combined with our financial and vendor management knowledge will provide you with unmatched resources and independent recommendations and observations. In an age when independence is a concern, Evolution Benefits Consulting provides these services with allegiance to the clients we serve.
As an Evolution Benefits Consulting client, you would be assigned a team of professionals who will assist you in monitoring and managing your program. Our team-based approach gives you direct access to senior management, professional advisors, insurance-industry trained financial analysts and underwriters, and administrative service professionals.
The Annual Benefits Cycle provides you with the following:
- Year-end accounting of benefit plans, indicating plan experience, cost, projections, and recommendations for improvement.
- Benchmarking plans against norms and similar companies. Amending benefit designs to reflect changing employer requirements.
- Calculating employee premiums/premium equivalents and employee contributions.
- Real time monitoring and tracking of claims experience as compared to expected budget.
- Reviewing plan renewals and assistance in securing the best rates and terms.
- Managing and enhancing vendor relationships.
- Hosting and facilitating "stewardship" meetings with key benefits vendors.
- Providing quarterly updates with key company stakeholders.
- Supporting benefits department to address day-to-day questions/issues (as needed).
- Evaluating vendor performance.
- Calculating IBNR requirements.
- Facilitating meetings as required; and providing a backup service personnel knowledgeable about employee benefit program.
- Assistance with new vendor implementation, setting performance standards
Effective management of health plan vendor relationships is yet another area that can yield cost savings and improve participants' perception of the benefit plan. Evolution Benefits Consulting is experienced in assisting plan sponsors manage vendor relationships in three ways:
- Vendor Search: Searching the marketplace for the most effective vendors, in terms of price and service, relative to an organization's objectives.
- Renewal: Analyzing vendor performance and emerging market trends to successfully negotiate renewal terms.
- Contract Negotiations: Negotiating financial terms and performance guarantees that are advantageous to the plan sponsor and incent a high level of vendor performance.
- Analyzing past performance and setting strategic objectives
As we facilitate the above services, we will constantly track current-year costs against budget, manage vendor performance guarantees and assist in problem resolution.