In 2018, the new administration of King University, located in Bristol, TN decided to review processes under all departments and redesign them under the guiding principle of “Is this the best thing for our professors and staff?” At that time, their health plan was overseen by an alumnus and trustee of the university for over 20 years, and while costs had trended upward over this timeframe, nothing appeared to be broken.
They asked eBen to provide a fresh set of eyes on their current offerings as well as audit their plan from a compliance perspective.
OUR WORK
- eBen performed a thorough review of health plan design and financing, and explored every possible funding arrangement that was available through various markets and vendors.
- We performed an in-depth review of the processes in place to administer their plan, as well as filings on a state and federal level.
- Employees were consulted to identify the issues that were most important them and their families.
- Networks and pharmacy benefit managers were compared to ensure that lowering costs would not cause disruption to the health plan from an employee perspective.
RESULTS
- We were able to save King University in excess of $600,000 in the first year by placing them in a hybrid funding arrangement, using proprietary risk management contracts, and taking advantage of the provider discounts generated from Blue Cross Blue Shield of Tennessee.
- Employees were provided with a richer health plan including lower deductible and out-of- pocket amounts, as well as access to a much broader network of providers.
- Processes and filings were corrected to meet compliance requirements.