ScriptSourcing, LLC of Baltimore, MD launches prescription cost mitigation services that helps businesses reduce unnecessary overspend for their self-funded health plan, slashing healthcare costs by 26%.
Baltimore, MD-based ScriptSourcing, LLC announces the launch of its prescription cost mitigation services for self-funded health plans. By implementing rx cost mitigation solutions, businesses can save up to 26% on health insurance costs.
More information about ScriptSourcing, LLC is available via http://www.scriptsourcing.com
This new service is being offered to help businesses save on health insurance without sacrificing the quality of medical coverage. Health insurance has become the second-biggest expense for companies after payroll, highlighting the need for a better approach.
ScriptSourcing, LLC notes that most companies overpay for health insurance because employers are relying on health insurance carrier to manage health care costs and the results have been double-digit premium increases. With a self-funded plan, employers can customize the benefits, ensuring that employers do not overspend on medical and prescription claims.
With this strategy, businesses effectively run their own health plan instead of buying one from mainstream providers. Because they have access to data, they can effectively manage risk and reduce healthcare spend; this allows them to retain underwriting costs as profits instead.
ScriptSourcing, LLC also works with businesses to secure stop-loss carriers that protect them from unpredictable claims. If an employee brings forth a claim that exceeds the coverage of the self-funded plan, the stop-loss carrier will shoulder the extra costs.
NorthBay Adventures, one of the firm’s clients, is an adventure camp for kids with 60 employees. In the 10 years since shifting to a self-funded health plan, the company has saved over $3 million without raising employee premiums, co-pays, or deductibles.
Self-funded plans enhance cash flow as savings from health insurance payments become accessible funds that can be used to grow a business. Its flexibility also allows companies to tailor-fit coverage to match the nature of their businesses.
ScriptSourcing, LLC is a leading company that helps innovate the way healthcare is implemented. With its self-funded health insurance consultancy, it aims to help businesses become more competitive in today’s challenging economic landscape.
A spokesperson from the firm says: “With a self-funded plan, healthcare can become a win-win situation for both employers and employees. And we provide clients with expert guidance in setting up such a plan.”
Further information about ScriptSourcing, LLC and its services is available through the URL above.