In today’s economy, employers are realizing that to save money on employee benefits, they have to think outside the box and consider alternatives to the traditional methods of accessing care.
Appleton, WI (PRWEB) July 09, 2013
After releasing the 2012 data for its multi-year cost comparison report, Cypress Benefit Administrators is showing how its customizable employee benefit plans are giving employer clients the ability to control costs without compromising quality.
The third party administrator (TPA) revealed that its average medical plan cost increase for 2012 was just 1.87% while the national average was over three times as high at 6.6%. Cypress rate increases have averaged 2.81% from 2008-2012 as the U.S. increase has averaged 7.29% in this same five-year period.
Tom Doney, president and CEO of Cypress, explained that these numbers and the company’s continued success in containing costs in healthcare benefits is achieved by offering quality-focused employee benefit plans that can be customized to each business.
With the TPA’s unique approach, employer clients are able to select from a wide-ranging menu of employee benefit options and build their own plan piece by piece instead of having to settle for standard, one-size-fits-all offerings.
“From the start, we’ve realized that all of our clients have very different benefit needs and that a single solution could never work,” Doney said.
While the TPA’s tailored benefits have been leading to significant cost savings over the years and proven to be key to containing costs, Cypress has also made sure that clients don’t have to make any sacrifices when it comes to quality.
A few examples of how quality and cost-effectiveness are integral factors in the programs Cypress offers:
- Medical Tourism – The U.S.-based program allows patients to stay in the states to receive care from renowned national Centers of Excellence instead of having them incur the costs and hassles of traveling internationally.
- Telemedicine – Through Consult A Doctor, employer clients and their employees are able to connect with certified physicians 24/7 via phone, email, mobile app and chat options and avoid the expense of unnecessary office and ER visits. Post-consultation surveys show a satisfaction rate of 96%.
- On-Site Medical – With experienced providers on site, employees can receive physicals, health risk appraisals, CPR/first-aid training and advice for disease management directly at the workplace. Along with minimizing lost work time, improving employee health and maximizing convenience, these services can result in savings of up to 40-50%.
“In today’s economy, employers are realizing that to save money on employee benefits, they have to think outside the box and consider alternatives to the traditional methods of accessing care,” Doney said. “But with a forward-thinking TPA like Cypress, it means they don’t have to make any concessions in terms of quality.”
Since starting business in 2000, Cypress Benefit Administrators, a privately held company headquartered in Appleton, Wis., has evolved into more than a third party administrator (TPA) by pioneering the way toward cost containment in health benefits. Cypress is the country’s first TPA to bring claims administration, consumer driven health plans and proven cost control measures together into one package. Its customized employee benefit packages combine an appropriate mix of health insurance options that allow for adaptability to the ever-changing healthcare environment and that make sense for employers of 50 to 18,000 throughout the United States. For more information on Cypress Benefit Administrators with offices in Portland and Salem, Ore., Omaha, Neb. and Colorado Springs, Col., visit http://www.cypressbenefit.com.