Risk & Business Magazine Bowen Miclette & Britt Spring 2016 | Page 26

B M The Easy Way B The Philosophy of Benefits and Risk Management BY: PETER SULLIVAN, SENIOR VICE PRESIDENT - BENEFITS DIRECTOR, BOWEN, MICLETTE & BRITT I n business as in life, things can go one of two ways: the easy way or the hard way. In terms of exposure to risk, the hard way would be attempting to put a Band-Aid on a heart attack and expect a positive result. The easy way, however, is to mitigate the risk ahead of time through careful planning. In that way, you not only promote health and productivity in employees, but you lower costs and avoid incidents as well. Prevention and mitigation will always result in a better outcome than just signing up for a benefits package and hoping for the best. Typically, brokers will take a one dimensional approach to their clientele. This involves preparing a cost-benefit analysis spreadsheet that outlines a few plans and then having the client choose the one that matches their needs in the most effective way. Businesses do not benefit from this cookie-cutter approach to benefits. What works for one business may not always work for another, and even if it does work, those two businesses are likely going to have unique issues that they face. What works for a small business may not work for mid-sized or large businesses. Even companies in the same industry have different exposures, different risks and different needs when it comes to their policies and benefits packages. 26 SPRING 2016 Our philosophy is to take a multidimensional approach to benefits. By providing marketing and analysis for the components that all benefit plans include, we are able to evaluate the needs of our clients and develop plans unique to their situations. From there, we strive to develop a cost management strategy which assists in the creation of longterm cost containment. Additionally, we add Wellness and Disease management features meant to assist in the detection and handling of medical risk within groups. Those features are specifically designed to mitigate risk and improve health and productivity. For example, take common healthcare plans. These include six basic components: a claims payer, PPO network access, utilization review, disease management, stop-loss protection, and a pharmacy benefits manager. Each of those elements must be evaluated independently in order to determine who provides the most effective services at the best price. Only then is the cost management strategy of the client met effectively. Self-funded plans allow these components to be interchangeable, but even if a client were to choose a fully insured platform, the knowledge of how the components work provides significant leverage at the negotiating table. The philosophy that we bring to the table is one of our hallmarks. Rather than treating our clients like a revolving door of monthly payments with labels attached to them, we want to find the right solutions at the right price for every individual. This means analyzing needs to determine whether a traditional or non-traditional platform is best, and then, designing, managing and servicing the plan to produce the most effective results. This requires monthly analysis in order to track objectives and report to our clients the progress that the activities and resources that we provide are making a difference. So unlike putting a Band-Aid on a heart attack, we may need to recommend something as simple as medication to treat a heart related illness or possibly something as drastic as a heart transplant. Whichever treatment is prescribed, we are prepared to handle it! If you would like more information or a review of your current policies, please contact us at (713) 802 - 6140 or [email protected] Peter Sullivan is Senior Vice President Benefits Director at Bowen, Miclette & Britt. SPRING 2016 27