Thanks to Lucent Health, trend has been maintained at 3% or less!
About the Client
Our client is a large national retail client with stores and offices in over 40 states and just under 3900 employees on the plan.
Pain Points & Priorities
The client, to control costs with a former broker, had separate HMO plans in at least 30 sites in addition to a PPO network. Their biggest asset is their size and they were not leveraging that strength. They were looking at operational simplification and cost control.
The client selected Lucent Health due to the fact we had access to national top tier PPO networks with broad coverages and good economics. Also the ability to supply data on a regular basis both nationally and by site was key along with the adhoc reporting capabilities the broker felt important.
Impact & Results
Since moving to Lucent Health 11 years ago trend has been maintained at 3% or less through aggressive management of claims and RX and instituting unique plan designs, down from their previous 12% trend. They now have a daily dashboard so both the client and broker can monitor plan results real time.
The client and broker are considering implementing Value Based Pricing in one or all their plans. They are watching the possibly revisions to ACA to see if other low cost plans could be offered in the future.