Organizations must have a prepared and intentional process to ensure proper financial management of their benefit plans. Decisions about plan funding, consideration of alternative funding, the proper use of stop-loss insurance, and coordination with internal budgeting are all based on the specific risk profile and tolerance of each organization. RCM&D is skilled at helping clients manage their plan financials, including reviewing carrier renewals, projecting plan costs, determining premium-equivalent rates and COBRA rates, developing an employee contribution strategy and calculating reserves.
Upon initial engagement with a client, we perform a comprehensive review of the program, building the historical financial background and assessing the current state. We also perform a demographic analysis to improve our understanding of the employee population. Regardless of the scope of our review, any recommendations will be based on our fundamental understanding of our client’s business goals.
Based on the objectives of the benefits program and the need to manage plan costs, we will guide our clients through the process to consider plan design changes. When comprehensive claims data is available, we perform extensive data analysis using a web-based analytical tool to perform sound decision-making.
Another key element in financial plan management is helping clients to effectively market their employee benefit programs. When the plan objectives call for a marketing process, we employ our standard RFP process, detailed below. For each RFP we will help our client determine which carriers/vendors should be included based on our understanding of the market and how we have seen those vendors perform for other clients.
Our Standard RFP Process
Ready to continue the conversation? We’d like to. We are eager to discuss your risk and benefits management challenges, your organizational goals, and your appetite for new solutions based on your unique business needs.