William Goddard: 5 ways organizations can save money on rising medical insurance costs

1. Challenge your provider to give you the best price available and consider a competitive bid for your medical insurance to make sure you are getting the best price
2. Run a claims audit to assure that your insurer is paying your claims correctly and that you are only paying for those claims eligible for benefits
3. Request a benefits plan design review from an independent insurance consultant to determine the appropriate insurance plan design to deliver better benefits
4. Consider starting a captive insurance company. Captive insurance companies present a formal method to reinsure or develop a fund to reduce reliance on private insurance
5. Implement a wellness program to help lower or control the cost of medical benefits, using company dollars strategically and measuring return on investment

Source: Biz Journals
Source URL: http://www.bizjournals.com/stlouis/blog/2016/08/5-ways-organ...

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