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MediBid can develop employer benefit plans for Brokers, Consultants and TPAs

MediBid is innovating the healthcare market in several ways, including building creative benefit plans for employer groups. MediBid does this while working with consultants/brokers and third-party administrators (TPAs) in order to develop plans that best meet their clients’ needs. Though MediBid can work with employers directly in creating a benefits package, we can also connect employers with reputable brokers that MediBid trusts. In short, MediBid is flexible enough to work with nearly any party, whether employer, consultant/broker or TPA.

Why employer groups are bringing MediBid on board

The constant uptick in healthcare benefit costs is something employers are familiar with, but it’s reaching a point where employers are looking for alternatives. According to a 2018 National Business Group on Health (NBGH) survey, the cost of healthcare benefits was expected to rise by 6 percent in 2019, to nearly $15,000 annually per employee. Further, the employee’s share of healthcare expenses, including premiums and out of pocket costs, is rising faster than wages, also according to the NBGH’s study.

The answer to this dilemma is a creative benefits package that contains costs and provides employer group members with easily communicated value.

How MediBid delivers value to plan members

Traditionally, employers have settled for benefits plans that are overstuffed with things that group members rarely, or never, use. These bloated plans may seem impressive on paper, but they tend to be underutilized to the point where they aren’t worth it.

Employees want a benefits package that best fits their family’s health situation as well as their budget. MediBid builds plans with this in mind, crafted for each employer group.

If possible, MediBid will analyze an employer’s claims (either directly with the employer or through their consultant/broker) and determine what healthcare services are most important to their employees. With this data, MediBid will develop a plan that members are more likely to utilize and realize the value from.

How MediBid contains costs for employers

In developing plans for employer groups, it’s inefficiency that MediBid seeks to correct, while also providing a competitive market to drive costs down further. When analyzing an employer’s claims, it is usually apparent that inefficiencies exist, and that they are costly. In nearly all cases, MediBid can reduce an employer’s healthcare costs between 38 to 60 percent, by removing these inefficiencies and using the power of a competitive market. Here’s how MediBid can bring your company’s healthcare costs down:

  1. By building plans that deliver what’s needed, and nothing more – Employees want plans they can understand and the coverage they need. Traditional plans, though, are inscrutable to most and stuffed with services no one will use. MediBid’s plans are simple and provide exactly what employees want. For example, MediBid can develop plans that cover a defined number of doctor’s visits or a defined number of hospital stays. MediBid can develop plans that remove the deductible or premiums entirely, and opt for copays that incentivize the use of MediBid’s competitive healthcare market.
  2. By empowering group members to make smart consumer choices – Given the rising costs of healthcare, employers can achieve considerable savings if their employees just make the economical decision when choosing providers. Unfortunately, that’s an impossible expectation given the lack of price transparency and consistency in the general healthcare market. As a result, group members drive the cost of the plan up by unknowingly choosing low quality/high cost providers.MediBid’s competitive auction market is a corrective force in this regard. With MediBid, patients and providers are able to contract directly on a per-episode basis, so there’s no middleman confounding the pricing. Patients submit a request for care, along with medical information for the provider’s review. Providers bid on these requests, offering a single bundled price for everything, including the facility and anesthesiologist, if necessary.Patients then choose the provider that best meets their cost and quality standards. In every case, the patient is making an informed decision on their provider, and an informed decision tends to be an economical one. Compared to what they would pay for picking a provider randomly, group members can save thousands of dollars on major procedures. Multiply this advantage over and over, and employers are saving money just by giving their employees more agency in their healthcare choices.
  3. By integrating MediBid’s competitive market into a plan – Every time a group member uses MediBid’s auction platform, they are saving the employer money. The goal, then, is to steer group members to MediBid, and that can be done with incentives.For example, our plans can reduce copays when group members find their provider through MediBid. Another example – a plan can share some of the savings with the group member, so group members are now driven to help their employer contain costs.It’s an elegant loop where everyone comes out ahead. The employer contains costs and delivers a benefits package that makes for a compelling recruitment tool. Group members get a plan that offers more value, and help their employer reduce costs without feeling pressured to do so.

MediBid’s plans are unlike anything else in healthcare, and they are an easy sell to employers and employees alike. They’re simple to understand, deliver maximum value and do so while reducing costs by up to 60 percent by using the following cost containment principles:

  • Transparency in Cost and Quality
  • Competition in Healthcare
  • Bundled Pricing
  • Direct Contracting with Providers
  • Reference Based Pricing
  • Healthcare Shopping tools