Some business relationships are sparked due to a referral, or the recommendation of a trusted advisor. Some start because of an offer of lower costs, and others are established after a careful, lengthy study of all options.
Strategically choosing a Third Party Administrator (TPA) partner, who will likely administer your entire health benefits plan, is a decision that deserves a great deal of attention.
Choosing a strategic TPA partner can be the difference between short-term and long-term cost savings. It can influence whether you can consider self-funding, partial self-funding, or even having a custom network developed for your health plan.
Your TPA partner will be the difference between whether your organization:
- has access to utilization data
- is legally and regulatorily compliant
- has the option to offer a variety of products to employees
- has the information and expertise to influence pharmaceutical costs
- to name just a few!
The key difference in our approach is that we not only work with medical providers to gather data, but also analyze that data to make informed, strategic decisions based on a specific employee populations. The end result is lowering costs and turning your healthcare spend into a performing asset.
You deserve to know about the ownership, corporate structure and management of your TPA.
Some other questions to consider might be
- Did your firm provide a plan implementation schedule?
- Do you know how all time is charged?
- Does your TPA provide year-end financial information and periodic reports and claims data?
- How often do you see your TPA representative?
- Are they SOC1 certified?
- What are their percentages for financial and procedural accuracy?
- Are you and your employees satisfied with the customer service you receive?
The right partner can develop and administer a plan that is best for your company and your needs. Your TPA must be knowledgeable about your company’s unique needs and be aligned to support you as you grow.
Contact us for a free questionnaire to help determine how your current TPA partner stands up.