A publicly traded health care equipment manufacturing
and services organization with $1.3 billion in revenue
and 4,000 U.S. employees had excessively expensive benefits.
Management of the company's short-term disability program
was insufficient. Vendor contracts were inefficient due
to long-tenure relationships with no testing for market
competitiveness. Administration of the company's benefits
program was fragmented, as was the risk pool in its medical
with those leading the company's finance and human resources
departments, EBSG completed a comprehensive diagnostic
analysis that identified ways the company could reduce
its spending. We subsequently helped the firm to procure
new vendors and implement new programs. We have been retained
for ongoing financial plan management.
identified how the company could reduce its expenses and
avoid additional costs by 11 percent (approximately $3.5
million) while improving some of the benefits at the same
time. The company is reinvesting a portion of those savings
into wellness initiatives.
gained more plan choices, a better life insurance benefit,
and an improved wellness program. In addition, the employee
process for reporting leave and filing claims for short-term
disability was simplified.
benefited from reduced plan expenses, improved margins,
and future trend mitigation.
Human Resources staff realized streamlined benefits administration.
They had fewer vendors to manage and fewer claim bank
accounts. Disability expenses were mitigated.
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