If you’re like me, it’s been challenging to keep up with the rapid changes taking place since March. Everything we once considered “normal” has been turned on its side, and the way we do business is no exception. Employers of every size are being forced to scrutinize their entire operation in order to adjust.
Since no one knows the future, it’s up to each of us to figure out the next right step with the information we have. This will mean different things to different people, but invariably healthcare costs will be one of an employer’s biggest line items. Taking a hard look at those expenses and knowing what options are available can have a major impact on a company’s financial health.
The traditional health plan model, while familiar, has failed to deliver a cost-effective solution for many businesses and their employees. There are a variety of other options out there, especially for self-insured employers. Whether it’s adding a cost-saving option alongside an existing plan or choosing a complete replacement of a traditional PPO, prudence and thorough vetting will be required. That said, there’s one wild card that can be eliminated: picking a proven industry leader to ensure success.
As a CEO, I understand first-hand the pressure and responsibility of challenging economic periods and the need to pivot to thrive in difficult times. I started ELAP in 2007 just before the Great Recession; talk about timing. The past 10+ years have taught me exactly what the key levers for success are in a reference-based pricing solution. Meaningful savings, exceptional client service and unrivaled member advocacy are at the top of that list.
With a client Net Promoter Score (NPS) of 78 and a member satisfaction score of 98%, I’m confident that we’re getting it right. Compared to the healthcare industry averages of 13 and 73% respectively, I’m proud of what we can promise employers for an alternative.
These times are forcing all of us to think outside the box and tap into what it is that keeps us moving forward. For employers, exploring cost-effective solutions for their health plans and partnering with a leader may be the exact right next step. On behalf of everyone at ELAP Services, I wish all of you the best for good health and success on your journey.