Stepping lively into success

Having the best possible solutions in place offer brokers and advisors a strategy that will yield exceptional results across five key areas. Consider what ending rampant medical overbilling can accomplish for a brokerage or advisory firm in short order:

Significant client savings

As shocking as it may sound, medical bills that exceed justifiable charges by a factor of 10 or even as much as 100 times are commonplace. Bills often run into the hundreds of thousands of dollars, if not millions, when legitimate charges are only a fraction of that. Imagine the impact that ending egregious billing practices can have on bending the cost curve – saving dollars that are so significant they can be reinvested in health benefits coverage, used to ease or eliminate out-of-pocket costs or pumped back into the business in countless other ways.

Compliance with the CAA

Rampant medical overbilling is firmly in the crosshairs of the Consolidated Appropriations Act, which lays the groundwork for greater transparency and better stewardship of health and welfare benefits. The CAA serves as a reminder that plan sponsors must act in the best interest of plan participants and their beneficiaries. Ensuring that medical procedures are priced in a fair and reasonable manner helps immeasurably when it comes to compliance with this important law.

Improved employee experience

Having to navigate their way through a complex maze of pre-authorizations, paperwork and provider network restrictions is hard enough for health plan members. The same can be said about rising monthly premiums, annual deductibles, co-pays and coinsurance. Add facing egregious or unreasonable costs, as well as balance bills, to the mix and that exacerbates the level of friction employees and their families already face. But when employees are shielded from rampant medical overbilling practices, their health benefits experience will improve right away.

Stronger client relations

Given the depth of dysfunction in U.S. health care, benefits brokers are always looking over their shoulder, fearing that at any moment a competitor could swoop in and lure their client away with all sorts of promises. All it takes is for one costly claim to go sideways, and just like that, a door can slam shut on years of sweat equity. Forging long-term relationships is a real challenge in this climate. The best way to safeguard those relations, of course, is to always put clients first. By offering a way out of the medical overbilling morass, brokers will solidify a competitive edge that stabilizes client relations as far as the eye can see.

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Burnish your value proposition: 5 ways to combat rampant medical overbilling

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