The total cost of unplanned absences is more significant then most employers realize and is generally not tightly controlled. As a result, unplanned Absence equals 64% of medical costs,
- Major Cost Components
- Direct premium costs
- Direct payroll costs f or incidental and extended absences
- Indirect costs for replacement workers and/or lost productivity
- Administrative expenses for internal staffing or 3rd party vendor fees.
- Business Issues
- Lack of integrated systems to track absences
- No accountability within organization for management and reporting
- Consulting community does not leverage the link to drive change.
- Lack of integration between desparate providers to impact results.
- Hospitals face even higher risks
- Demanding  work
- Continuous 24/7 operations
- Increased chance of injury
- Exposure to illness and disease
- Hospital risks additional factors
- There is a 37% higher rate of depression than in other working populations
- There is an 89% higher rate of injury among hospital workers verses those in the private industry as a whole.
- There is a growing shortage of nurses in the U.S. By 2025 there will be a shortage of 500,000 nurses.
- Example: In a hospital with 5,000 workers,62 full-time employees are absent from work every day. The costs of these absences include:
- Cost of lost wages
- Recruiting costs
- Cost of replacement workers
- Lower productivity
- Lower quality of care risks
- Resource exhaust for replacement training
The results of all above are that 55% of medical costs are generated by the 10% of the workforce who file a disability claim
- Covers group life and disability plans
- Has a 30+ year history serving clients
- Has a 97% client retention rate
- Covers over 300,000 employees at over 150 hospitals
- Has an average annual savings of 25%
- Is fully insured
- Comes with a three-year maximum rate guarantee. (Rates cannot go up but can go down).
- Program includes a highly effective Absence Management program which saves clients 5x-10x the amount saved on the life and disability rates.
In order to prove our claims, we need only-
- A current census
- A letter to current carrier(s) permitting us to talk to your carrier to obtain any additional info needed
Within 45 days of receiving these items we will be back with a complete presentation of plan rates, design recommendations
CORE SERVICES AVAILABLE TO CLIENTS AT NO ADDITIONAL COST
- Time Off
- RFP design for Life, Leave. FMLA. STD, LTD and Workers Comp
- AUDIT- Leave, FMLA, STD, LTD, Life (Claims Operations, Financial)
- Renewals
- Financial review- Paid/ Incurred loss ratio
- Vendor Integration
- Reserve Buy-Out support
- Service
- Implementation support
- Internal training
- Communications review/ recommendations
- Procurement services for in-sourced clients
- Performance guarantee, development, negotiation, management and monitoring
- Policy review/ creation, (attendance, leave, STD)
- Analytics
- Incidence/ Duration/ Diagnostic Analytics- Key disability drivers
- Reserve analysis
- ROI modeling
- Process review- Federal, State and Local Leave Law Compliance review
- Claims team staffing analysis
- Bench Marking competitors’ programs
- Merger and acquisition plan review
- State compliance review
- Data Warehouse Reporting/ Support
- Vendor Management
- RFPs
- Audits
- Vendor integration
- Reserve buy-out support
- Vendor Stewardship Meeting Management