Plan Sponsor Fiduciary Liability
Our strategy addresses employer issues related to Plan Sponsor Fiduciary Liability for self-funded health plans. Since employees pay a portion of the health care expenses, employers are responsible to ensure the plans are spending the dollars prudently. Our program identifies fraud, waste and abuse in the payer system and allows the employer the ability to correct many of these inefficiencies therefore reducing their liability and costs. I have attached some articles addressing this issue.
Why does Fiduciary liability exist?
With employers designing and controlling healthcare & RX programs & costs, and employees contributing to the cost of that healthcare & RX, A Fiduciary relationship is formed. The DOL has taken a hard stance on fiduciaries of those health plans and holding them accountable for where the money is being spent. The answer I didn’t know or my TPA is supposed to do that are over! By actually having true fiduciary level transparency and identifying the fraud, waste, and abuse in your health plan you can fill the fiduciary gaps in the plan. By doing so employers can see anywhere from a 7 to 25% savings in their plans. We can help you find the fiduciary gaps in your plan and have the solutions to guarantee real time actionable management.
This article in Forbes Magazine is a great insight into the Fiduciary Liability CEOs and HR Executives face as plan managers READ THE FULL ARTICLE