Client Sees Significant Savings and Increase in Employee Engagement After Moving to Self-Insured Model

The Client

Large employer operating in the Manufacturing Industry

The Challenge

The client was fully insured but, working with their Caravus consulting team, understood the advantages of cost-containment strategies and contract flexibility only self-insured plans could offer.

The Solution

Caravus recommended moving the client to a self-insured model using “next generation” stop loss, based on the analysis completed by the CaravusRx team, elected to carve-out the Pharmacy Benefit Manager (PBM)

The Outcome

The self-insured option helped this client achieve:

  • Significant prescription drug savings without increasing the cost for employees

  • The implementation of an outpatient orthopedic and imaging program that provides employees coverage at no out of pocket cost

  • The implementation of a cancer support and education program

With the savings achieved, the employer elected to invest in a Benefit Employee Experience Technology platform, which ultimately increased employee health-related engagement and provided additional cost savings to the client.

 

Alyssa Johnson