At its most basic, self-funding is a mechanism an employer uses to pay for its employees’ health care. It’s also an investment in controlling a major cost of doing business. The employer relies on three consultants to deliver a return on that investment: their insurance advisor, the stop loss carrier, and the third-party administrator (TPA). Advisors are the gatekeepers that influence the selection of the stop loss carrier and TPA. There are several considerations that impact the TPA selection:
If these qualities are considered during the TPA selection process, the plan is bound to have a solid claims management partner. If the task of choosing a TPA seems cumbersome, Roundstone can work in conjunction with the advisor, to find the right fit for each client. Roundstone has researched numerous TPAs throughout the country and have found strong candidates for every type of plan. If you would like us to suggest a few potential TPAs, please reach out to us and we will help direct you.