Employee healthcare costs are squeezing employers’ budgets to the breaking point. Now, more than ever, providing the best value for each benefit dollar is crucial. Plan sponsors rely on Milliman consultants to effectively design and evaluate benefit programs that deliver the best possible value.
Milliman is the industry leader in healthcare consulting. We advise more insurers and HMOs than any of our competitors and have come to understand the dynamics of healthcare utilization, costs, and outcomes management. We possess the resources, experience, and expertise to assist employer plan sponsors with any of their healthcare consulting projects.
Examining costs in order to contain them
A large employer engaged Milliman to investigate its rapidly rising healthcare costs. A team of actuaries and clinicians evaluated the current benefit design, provider contracting opportunities, and medical management practices to identify opportunities that could slow the upward trend. We gave the client the information, direction, and guidance it needed to check spiraling costs.
Knowing the right questions
Another large employer asked Milliman to review, analyze and negotiate a new pharmacy benefit management (PBM) contract with its current vendor. Our experience in understanding PBM transactions and insight on benchmarks for pricing terms, discounts, formulary development, current industry practices, and preferred contract language enabled us to develop a new contract for the client that represented approximately 10% savings in drug spending, adding up to more than $10 million in savings over a three-year period.
Communicating benefit programs to employees
We do more than help clients design or evaluate benefit programs. After your programs are in place, our consultants can work with you to develop customized communication strategies and deliverables. With expertise in both benefits and communications, we turn complex, sensitive, and often confusing benefit concepts into easy-to-understand messages and clearly written materials.