Working Smart in Self-Funded Healthcare
So you have a great product in a large industry. Something that distinguishes you from your competition, but you only have a small company. How do you make that idea work and go big? Well, if you are AdminaHealth LLC, you use the talent that came up with the idea and partner with the best to power your solution.
Choosing a good health plan is an incredibly important decision and for many companies, offering good plans that attract and retain the best talent is just good business. According to the US Census Bureau, approximately 55.7% of the population received healthcare insurance from their employer. Every year, more and more employers are offering a self-funded solution. In self-funded healthcare an employer provides coverage for benefits like health or disability insurance with their own funds. This is opposed to using an insurance company to cover their health insurance and other benefit needs. The benefit to self-funding can be increased cost savings. However, there are downsides as well. In addition to the uncertainty in funding weekly claims costs, companies take on the administrative burden of separate vendor reporting and multiple vendor payments. That’s where companies like AdminaHealth come in.
Companies that elect self-funding can choose to have some administrative help from vendors that can provide the following services: claims adjudication and processing, legal counseling, automated claims payments, third party subrogation and recovery services, auditing of medical claims and cost containment services. Some offer services to assist fully insured companies transition to a self-funded option. That’s where AdminaHealth got their start.
AdminaHealth began in October 2015 with the development of an easy to use, online platform that eliminated the need for syncing multiple programs and manual entries. For those situations where a client was already well versed in how to run their self-funded program, the portal provided exactly what they needed. So a great idea became a great company.
So what’s in this portal that makes it so appealing? In addition to being a single point of entry for their program management, the online portal is completely scalable. It serves both the multi-national corporation as well as the single entity company. But the real game changer is the unbundling of benefit offerings so that multiple bids can be received for each benefit without increasing the workload on a client’s HR staff. Naturally, more competition means more options and better prices. AdminaHealth’s portal allows companies to increase the number of vendors and maximize their benefit choices while increasing overall plan savings through competition. And since the technology automates the increased administrative effort of managing more vendors, clients are able to reap the benefit of more competition without further burdening their internal personnel.
Remaining Small and Nimble
As you may expect, AdminaHealth is always innovating. But considering their small workforce, why would they choose a solution like SAP HANA? Well, it turns out that this solution isn’t just for large workforces but it is well suited for companies that need real-time data to make their customers happy. Rob Bull, COO AdminaHealth LLC explains in a recent video that SAP HANA turned out to be a perfect choice due to SAP’s proven track record of technical expertise. AdminaHealth is able to customize their solutions for clients and provide real-time analytics.
“SAP HANA is absolutely fundamental to the success of AdminaHealth, giving us the platform to help our clients achieve better insights, better health, and better employee retention.”
Rob Bull, COO, AdminaHealth LLC
But it didn’t stop there. Implementing Fiori applications, AdminaHealth’s clients have the ability to see their numbers in real-time and on-the-fly. They are able to approve claims from anywhere. And that helps their clients keep their workforce happy.
AdminaHealth’s story is one of big ideas executed quickly with the help of the right partners. It shows us all how cutting edge technology is not limited to the biggest companies. And in this case, it makes healthcare that much easier for their clients’ HR departments.
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