Leveling the self-funded field - Benefit News

This article by Robert Bull for Benefit News discusses how technology has removed the barriers to self-funding that used to exist for small- to mid-size employers.

Read the full original article from Benefit News.

"What used to be a painstaking manual process has been automated, and HR teams at self-funded companies can now provide richer benefits at a lower price. A good healthcare plan goes miles in attracting and keeping quality employees — and ensuring that they’re productive by minimizing
absenteeism due to a lack of care for either themselves or their family members.”

How do you know your organization is choosing the best self-funding solution? Look for these four things:

1. The ability to consolidate information and manage all healthcare-related data from a single system instead of utilizing multiple service providers.
2. Data transparency in order to perform a meaningful cost analysis.
3. Real-time data access to keep track of claims and cash flow on a monthly, weekly, or daily basis.
4. Safeguards to keep data secure.

For the many small- to mid-size organizations that aren't quite ready to self fund, partial self-funding is a viable option. Contact an expert at Nonstop Wellness today to learn more about partial self-funding, and whether it's the right option for your organization: