{"id":10079,"date":"2020-11-10T16:54:49","date_gmt":"2020-11-10T21:54:49","guid":{"rendered":"https:\/\/roundstoneinsurance.com\/?p=10079"},"modified":"2023-01-04T09:15:56","modified_gmt":"2023-01-04T14:15:56","slug":"cost-saving-measures-with-your-health-insurance-plan-qa-with-roundstone-founder-mike-schroeder","status":"publish","type":"post","link":"https:\/\/roundstoneinsurance.com\/excelsior\/blog\/cost-saving-measures-with-your-health-insurance-plan-qa-with-roundstone-founder-mike-schroeder\/","title":{"rendered":"Best Practices for Health Insurance Plan Design: Q&#038;A with Mike Schroeder"},"content":{"rendered":"<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Do you want to hear from an expert on great health insurance plan design? Because you may be at a crossroads where covering the increases every year is <em>definitely<\/em> keeping your business from thriving.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>The following discussion shows you how health insurance plan design doesn\u2019t have to become a massive kink in the hose every year at renewal time. A long-term plan that runs smoothly on its own (<em>and<\/em> saves you money) leaves you with more time to devote to the parts of your business that <em>really<\/em> need your attention.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><strong>Q: What is the problem with health insurance plan design today? How do we change the way employers manage employee benefits?<\/strong><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>A: Many employers have found themselves on what we call the fully insured merry go round. Your renewal comes in each year with a big increase. Your choices for health insurance plan design are to eat the cost, pass the increase along to your employees, or switch providers. So you meet with your benefits advisor to see if that\u2019s really the best they can find. You look for other options, other companies, other plans, to see if there\u2019s a better option when it comes to cost.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Because a fully insured plan offers little to no insight into what is driving the cost increase, it takes more and more time every year at renewal to come up with a solution that holds off the worst of the damage until next year. But that still doesn\u2019t solve your problem, not really.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><strong>Q: It doesn\u2019t seem right. \u201cI have solved this problem <em>temporarily<\/em>. I have fixed this <em>for now<\/em>.\u201d Is not a long term or lasting strategy. How can this be solved for good, with better health insurance plan design from the start?<\/strong><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>A: We at Roundstone have demonstrated over the years that healthcare can and should be managed like any supply chain. When you have access to your own claims data and pharmacy spend, you can analyze your costs just like any other part of your business. And you can implement cost containment strategies, just like any part of your business.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Roundstone\u2019s Cost Savings Investigators (CSI Team) assumes this burden and makes regular recommendations of cost containment programs for you- so you don\u2019t have to spend extra time researching programs and wondering if they\u2019re right for you. Not all insurance providers share this commitment to cost savings. It\u2019s part of the Roundstone difference, and is part of our business that we take very seriously.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>A Roundstone health insurance plan design takes the long view. You save money upfront and <span style=\"text-decoration: underline;\"><a href=\"https:\/\/roundstoneinsurance.com\/excelsior\/blog\/a-cash-flow-solution-you-might-not-have-thought-of\/\">impact your business\u2019s cashflow<\/a><\/span> in as little as 30 days, but the real impact is the money you save over the long-term. We don\u2019t hold you to a multi-year contract or commitment, but employers who have been with our program for five years have seen <span style=\"text-decoration: underline;\"><a href=\"https:\/\/roundstoneinsurance.com\/excelsior\/blog\/it-pays-to-be-flexible\/\">dramatic savings<\/a><\/span>&#8211; up to 20% annually when compared to a fully insured plan.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Your cost containment strategy should be more than a 12-month \u201crate grab\u201d where you sign the lowest increase you can find after shopping the competition year after year. That\u2019s time consuming, and doesn\u2019t give you any control over your costs. Fortune 500 CEOs don\u2019t worry about health benefits because they have insight into cost drivers and control over their response. They retain savings year over year when costs are low. With a Roundstone plan, you can, too.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><strong>Q: Roundstone\u2019s mission centers on delivering transparency and control back to employers. What is the difference when employers have transparency and control? What changes? <\/strong><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>A: Transparency to access your own data, and control to impact your own costs are two of the main pillars that make a Roundstone health insurance plan really work. Transparency and control enables employers to save a significant amount of money over the long-term.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>When does this make a difference? When you have the flexibility to choose partners that fit your employees\u2019 needs. When you can run a cost benefit analysis on any part of your plan at any time. When you can track savings and keep that extra money in your bank account instead of handing it over as part of a lump payment to a big insurer.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Roundstone\u2019s turnkey solution means big savings are available without added work for you, but you have the control and transparency to check in whenever you like. Proactive cost saving strategies and a return of unused premium dollars add up in a big way when you choose a Roundstone plan. It\u2019s a proven strategy to keep your costs low over time.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><strong>Q: Can you share some cautionary tales, some \u201cdon\u2019ts\u201d?<\/strong><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>A: Don\u2019t look at health insurance with a twelve month horizon. Flat costs are achieved through a long-term perspective aimed at reducing costs.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Don\u2019t accept a double digit increase every year. It keeps your business from thriving.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Don\u2019t pass increases along to your employees every year. It makes your workforce unhappy and hamstrings <span style=\"text-decoration: underline;\"><a href=\"https:\/\/roundstoneinsurance.com\/excelsior\/blog\/its-hiring-season-how-are-you-attracting-top-talent\/\">your ability to recruit talent<\/a><\/span> and grow your business the way you want to. (Due to increases in employee contribution for employer sponsored health plans, household income has declined 1% in the last 10 years.)<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Don\u2019t stay on the merry go round of shopping for a new plan year after year. It doesn\u2019t solve your problem and it doesn\u2019t save you money in the long run.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h2><strong>Q: Now, this year has been unprecedented in just about every way imaginable. Why is now a good time to make this change? <\/strong><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>A: Roundstone customers keep the money they don\u2019t spend on claims. Remember earlier this year when access to healthcare was extremely limited due to the pandemic?<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Our employers saw a 30-50% reduction in healthcare costs during this time. That\u2019s a significant cashflow opportunity in a time when most small and mid-size businesses found themselves with few options to boost their cashflow. This cash flow bonanza for our customers is one of the rare bright spots during the pandemic.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Roundstone also assumes the burden of delivering cost savings through a turnkey solution focused on cost savings. It\u2019s funding your benefits like a Fortune 500 company- <span style=\"text-decoration: underline;\"><a href=\"https:\/\/roundstoneinsurance.com\/excelsior\/blog\/why-the-switch-to-self-funded-health-insurance-is-easy\/\">with an Easy button.<\/a><\/span> An easy, ready to implement, proactive solution that keeps your health plan efficient, Roundstone does the work for you (while you collect the savings).<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Your benefits decision every year should be an easy one. Roundstone makes the subject of benefits clear- you won\u2019t have to think or worry each and every year about offering great benefits to your employees at a great value.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Making the switch upfront is easy, too. We take extra care in the onboarding process to ensure minimal disruption to employees.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Roundstone can help you implement a proven, long-term solution for your healthcare benefits that is easy to understand and implement. <span style=\"text-decoration: underline;\"><a href=\"https:\/\/roundstoneinsurance.com\/excelsior\/contact-us\/\">Contact us<\/a><\/span> to continue the conversation, and ask any questions we may have missed!<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p class=\"excerpt\">Do you want to hear from an expert on great health insurance plan design? Because you may be at a crossroads where covering the increases every year is definitely keeping your business from thriving. The following discussion shows you how health insurance plan design doesn\u2019t have to become a massive kink in the hose every [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":10088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1827],"tags":[],"class_list":["post-10079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v25.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Best Practices for Health Insurance Plan Design | Roundstone<\/title>\n<meta name=\"description\" content=\"Do you want to hear from an expert on how to design a better healthcare plan for your employees? 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