How to save $Millions on your Multiemployer Health Plan
Multiemployer health plan administrators frequently make two mistakes that can end up costing the fund millions of dollars.
The first mistake is to become too comfortable with current vendors. The most important vendor is the network provider. When was the last time you put that function out to bid? If you have not done so in the last 3-5 years, you may have missed out on some important changes in the market place. This could cost you $millions.
The second mistake is due to poor understanding of the current financial position and anticipation of likely future events. Your accountant or benefit consultant can confirm for you that the fund is bankrupt after it is, and they may even be able to tell you a year in advance that you are in trouble. But can they tell you 5 years in advance? Can they tell you how to get out of it? Can they tell you whether the bad year that you just had was an anomaly or something to worry about? Unless they are an actuary with significant multiemployer experience, they probably cannot. Not taking appropriate actions when you need to or taking drastic measures when they are not necessary can cost you millions of dollars.
Will application of this idea work for your plan and save you millions? The initial consultation is free. Contact us at (201) 400-1150 or firstname.lastname@example.org