By: Nic Hayes
Self-funded insurance plan executives face the constant challenge of attempting to contain costs without compromising the quality of care. However, the increase in the severity of catastrophic claims, primarily due to specialty pharmacy, transplants, cancer treatments, neonatal care, and advances in medical technology, and the relentless rise in overall healthcare costs have made this challenge increasingly difficult. This dilemma strains the finances of mid-sized companies and puts pressure on premiums paid by employees. Furthermore, many self-funded employers rely on stop-loss insurance to help them manage these costs resulting in carriers bearing more and more risk in the absence of exclusions or cost caps. Unchecked, this premium pressure cooker is expected to continue indefinitely.
With the challenge of containing costs without compromising care on the forefront of many plan executives’ minds, Blackwell Captive Solutions provides innovative and customized captive solutions that bring about stabilization and insulation for self-funded employers from the catastrophic claims that can be extremely difficult for organizations to absorb.
Returning Your Premiums to You
While there are a bevy of solutions available to employers to help contain the costs associated with the more frequent, high-cost claims, Blackwell’s solution stands out as a solution that simultaneously reduces premiums and returns surplus to help improve plan performance.
However, before diving into Blackwell’s solution, it is important for employers to understand that they are going to pay stop-loss premiums no matter their plan design. With this in mind, this is an instance where not pursuing a captive solution may be riskier than purchasing a traditional stop loss to proactively address large expenditures. Simply put, if you’re already paying stop-loss premiums, why not also have the full captive benefit in place as well allowing you to stratify your overall risk and potentially have your surplus returned.
“Stop buying insurance alone from the market! Take a leap of faith with us and assume risk in an entirely different way by rethinking and repositioning your self-funded plan to capitalize on the buying power coupled with like-minded employers with Blackwell Captive Solutions.”
President, Blackwell Captive Solutions
Meeting Your Needs
In addition to providing a way to contain health plan costs, Blackwell further sets themselves apart with their ease of collaboration and flexibility to clients’ needs.
While other captives force organizations to purchase a pre-determined box of services where exclusives reign, Blackwell prides themselves on a personalized, client-centric approach where service and communication are front and center every day. Blackwell collaborates with their consultants, partners, and clients to create a unique solution that is customized to the goals of your organization. To facilitate this collaboration, Blackwell makes access to their entire team as easy as possible. Additionally, the access they provide to their cost-containment channel partners, such as their state-of-the-art telehealth and advanced primary care solutions, gives employers a plethora of options to mitigate their most frequent high-cost claims.
Through their close collaboration with clients, Blackwell also equips them with the knowledge to navigate these costs and challenges by ensuring they have complete insight into industry trends, utilization patterns, and data analytics to stay proactive with their well-being and health finances.
The Benefit of Being Self-Funded
It is crucial for employers to know what is occurring with their plan costs monthly, as the beauty of self-insurance lies in the ability to pivot off-cycle, if necessary, as waiting until renewal can be too late. With the increase in healthcare costs being an ongoing 24/7 concern, employers should be particularly vigilant and have high expectations of their health plan service providers and partners. As a solution, Blackwell can be incorporated into the health plan at any time and has the power to be a true game changer for your health plan and health finances. Blackwell’s captive solution provides a safe environment to implement innovative and sound risk stratification solutions with a robust return on investment. Simply put, the math works!
We are proud to feature Blackwell Captive Solutions on the Granite List.