August Healthcare Case Study: New Jersey Medical Group Saves $435,214 on 2023 Health Care Costs Using The Difference Card!
Using our proprietary Difference Guarantee strategy, the Difference Card helped an orthopedic group create the most cost-effective healthcare plan. The Orthopedic Group has been a client since 2020, with The Difference Card providing healthcare savings year over year.
This employer had about 190 participants in the medical plan, and their current benefits strategy included only a single EPO plan to choose from.
By moving this group to a lower cost EPO option with Horizon and funding the difference in benefits, The Difference Card was able to reduce their premiums compared to their prior Platinum Plan premiums.
Our team of Data Analysts and Underwriters reviewed the employee information and came up with a conservative forecast of claims utilization. After benefits were built back to the original single option benefit plans by using The Difference Card Strategy, the net renewal was over 22% less than their previous costs.
Our East Coast Team was ultimately able to save this customer $435,214 off their 2023 health insurance costs versus going back to a traditional platinum plan with the insurance carrier.
Many Difference Card customers look for financial protection when taking on the risk of paying claims for their employees. This healthcare-specific employer decided to purchase The Difference Guarantee insurance policy, which capped the client’s utilization liability and guaranteed almost $426,000 in savings.
The Difference Card helps employers in all industries, not just healthcare employers, to save an average of over 18% off their health insurance costs, while often improving benefits and experience for employees.
To learn how much The Difference Card can save you, find a consultant in your region or request a proposal today.
Key Takeaways
- The Difference Card used its proprietary Difference Guarantee strategy to help an orthopedic group create a more cost-effective healthcare plan; the group has been a client since 2020 with year-over-year savings.
- The employer had about 190 participants and only a single EPO option; by moving to a lower-cost Horizon EPO and funding the benefit difference, premiums were reduced compared to the prior Platinum Plan.
- Data analysts and underwriters produced a conservative claims forecast and rebuilt benefits to the original single-option plan using The Difference Card strategy, producing a net renewal over 22% lower than previous costs.
- The East Coast team saved the customer $435,214 on 2023 health insurance costs versus returning to a traditional platinum plan; the client purchased The Difference Guarantee insurance policy, capping utilization liability and guaranteeing nearly $426,000 in savings.
- The Difference Card serves employers across industries, typically saving an average of over 18% on health insurance while often improving employee benefits and experience; readers are invited to request a proposal or find a consultant.
