Health and Welfare Plan Management
Buck understands the interdependencies involved in managing healthcare and recognizes the unique needs of members. We ensure that motivations and end-goals for short and long-term benefit strategies are considered every plan design, while keeping programs cost-effective. We can assess, anticipate, and manage the implications of an ever-changing environment.
Benefit design and strategy development: To have an effective benefit plan design, a plan sponsor must have a strategy that addresses its business environment, its corporate goals, the regions and business segments in which it competes, and the emerging health care marketplace. Our team will help guide you through the complexities of plan design, model with you the appropriate alternatives, and implement a coherent strategy for change.
Actuarial, financial, and funding services: We assess, predict, and manage the implications of an ever-changing environment. With medical inflation as the most difficult trend to manage, we assist in developing reliable budgeting and pricing models. You can be sure your health care programs will remain financially sound in both the short and long term.
Benchmarking and comparative analyses: Benchmarking objectively lets you know how you are performing against your peers. We believe that conducting a custom survey can be more effective than simply pulling historical plan information from a database, particularly given the swift changes employers are making today in order to meet financial challenges and Patient Protection and Affordable Care Act (PPACA) requirements. This way, we're able to capture the future direction of your peer group and also incorporate forward-thinking questions related to PPACA and other current trends.
In addition, we also utilize purchased plan design benchmarking data from outside sources to provide cost and plan design information. Our research has demonstrated that these studies leverage strong databases of consistent study participants and metrics, and provide us with a better range of information for national, industry, and geography averages than leveraging one study alone.
Health care reform financial modeling: The PPACA includes a number of provisions that affect the design and cost of employer-provided health plans. Our financial modeler helps you analyze your PPACA implications, identify the possible financial impact of various PPACA provisions, and plan for the future.
Vendor management and performance optimization: Many organizations have turned to human resources and benefits outsourcing as a means to reduce costs, leverage scalable technology for transactional tasks, and focus internal staff on strategic functions. However, outsourcing to a service provider does not relieve an organization of the governance and management responsibilities for program administration, employee satisfaction, and fiduciary oversight. If you've made a significant investment in establishing outsourcing relationships, you need to protect that investment.
Buck uses a diverse team of experts who have worked in a variety of vendor settings to serve as your personal advocates to ensure that you get the most and best from every vendor partner. Buck's vendor management services in health and productivity include developing customized performance guarantees, adherence monitoring, and issue resolution. In addition, we annually review trends in cost, service, and access to ensure that objectives are met.
Data warehousing: You have data. But how do you use it? At Buck, we focus on leveraging data with a replicable methodology that takes data from its raw state to create knowledge and, in turn, insight. Through our relationship with Xerox, Buck has a proprietary data warehouse and reporting platform that supports the consulting process and drives the development of targeted strategies. Of course, we recognize that you may prefer using alternative vendor relationships, and can work with any preferred vendor partner to leverage data and reporting.