Health plan transformation: HR leaders share how and why employers are changing their approach to health care
As companies offer health care options to their employees to balance the need to manage and control costs with providing the best care for their employees, an executive at pest control and protection services provider Rollins shared how and why the company decided to work with Imagine360 to adopt a reference-based pricing strategy.
According to the American Hospital Association, under reference-based pricing, employers (supported by a third-party administrator or vendor) pay a fixed price for each medical service rather than negotiating prices with providers. When a provider bills for services, the payer remits a set amount. If the provider is not satisfied with the payment, they can charge the patient the unpaid portion of the claim. Historically, payers have been limited in their reference pricing for out-of-network emergencies and laboratory claims. But more organizations are considering it as a strategy for managing healthcare costs.
Jamie Benton, Rollins' vice president of human resources, spoke in an interview about how he led a shift in the company's health benefits strategy that resulted in $29 million in savings over five years. It also unlocks reinvestment opportunities that few HR leaders are able to realize.
“When employees don’t have to think twice about going to the doctor — because it’s free — that changes behavior,” Benton said. “Free primary care, free mental health, free generic drugs are all made possible through savings from Imagine360.”
To read Benton's full interview, please fill out the form below:
photo: krisanapong detraphiphat, Getty Images
