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Premier Insurance Management Services, Inc. Overview of

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Premier Insurance Management Services, Inc. Overview of Insurance Offerings for Premier Members April 9, 2008 Premier The Performance Improvement Alliance Insurance ... – PowerPoint PPT presentation

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Title: Premier Insurance Management Services, Inc. Overview of


1
Premier Insurance Management Services, Inc.
  • Overview of Insurance Offerings
  • for Premier Members
  • April 9, 2008

2
Premier The Performance Improvement Alliance
  • 1,700 hospitals that have selected Premier as
    their GPO
  • 49,000 non-acute care sites
  • 31 billion in annual group purchasing volume
  • Highest voluntary contract utilization
  • Leadership role in quality improvement and HQID
    project
  • Highest ethical code of conduct
  • Over 170 dedicated field resources
  • Robust clinical / operational / supply chain
    comparative databases

Owners Affiliates
Purchasing Partners Group Purchasing Supply
ChainImprovement
Informatics Quality Measurement Benchmarking
Insurance Liability, Benefits Risk Management
Premier Consulting Solutions Comprehensive,
accelerated approach to improving financial,
operational and clinical performance.
3
Insurance Products
  • Premier Insurance Management Services, Inc.
  • (PIMS)
  • A wholly owned subsidiary of Premier, Inc.

4
Who is PIMS?
  • A wholly-owned Subsidiary of Premier, Inc.
  • Dedicated to not-for-profit hospitals
  • Licensed Brokerage / Agency
  • Providing Two Distinct Services
  • Sponsored Insurance Programs
  • Insurance products from leading carriers
  • Special terms, pricing and profit sharing
    potential
  • Professional Liability Services
  • Third party administrative services
  • Risk management/quality programs

5
Property/Casualty Insurance
Risk-Bearing Programs
  • Excess Professional Liability (AEIX)

Group Sponsored Programs
  • Excess Workers Compensation
  • Workers Compensation Large Deductible
  • Fidelity (Crime)
  • Fiduciary
  • Property
  • Directors and Officers Liability (DO)
  • Medical Malpractice for High Risk Physicians
    (non-standard)
  • Medical Malpractice for Allied Health LTC
    Facilities
  • Continuum of Care Package BOP program

6
Insurance Offerings Property Casualty Products
  • Fidelity (Crime)
  • Multi year rates
  • Broad coverage
  • Fiduciary
  • Multi year rates
  • Broad coverage
  • Workers Compensation Large Deductible
  • Medical Malpractice for high risk physicians,
    surgeons dentists
  • Property
  • Enhanced loss prevention services
  • Appraisal subsidy
  • Benchmarking
  • Excess Workers Compensation
  • profit sharing up to 30 of premium
  • Multi year rates
  • Cash flow endorsement
  • Directors and Officers Liability (DO)
  • 3 guaranteed savings
  • 10 savings on EPLI premium with use of loss
    prevention consulting services

7
Insurance Offerings Employee Benefit Products
  • Group
  • Life Accidental Death and Dismemberment
  • Long term disability
  • Short term disability
  • Executive/Physician Plans
  • Administrative
  • Online enrollment
  • Benefit statements
  • Core benefit enrollment
  • Voluntary products
  • Permanent Life
  • Short Term Disability
  • Dental
  • Vision
  • Cancer
  • Critical illness
  • Long term care

8
Insurance Distribution Model - Benefits
Insurer
Client
Insurance programs offered by Premier Insurance
Management Services, Inc., a wholly owned
subsidiary of Premier, Inc.
9
Premier Insurance Management Services
WorkPlace Solutions
  • WorkPlace Solutions is a national benefit
    design company specializing in enrollment
    technology. WorkPlace Solutions is the sole
    marketing partner of Premier Insurance Management
    Services employee benefit programs.

10
EB Group Life Long Term Disability
  • NEW Group Life and LTD discounts
  • Rate guarantees
  • FML Administration discounts
  • Return to Work Program discounts
  • Knowledge Building Plan
  • Dedicated Account Management Team
  • Performance Guarantees (Service)
  • Customized Account Management Plans

11
Program Highlights Exclusives
  • Program Discounts
  • Up to15 off current group life rate
  • if adding UL or Whole Life products
  • 10 without UL or Whole Life
  • Up to 7 off best u/w LTD rate
  • If adding Return to Work program
  • 2 without Return to Work
  • Exclusive Features
  • Flexibility of different contract effective dates
  • Portability of supplemental products (ING)
  • Preferred pricing offered by ING and The
    Hartford for new clients through Premier
    Insurance Management Services, Inc.. Groups
    over 3,000 lives will be experience rated by ING.

12
Program Highlights Exclusives
  • Rate guarantees (ING Hartford)
  • at least 3 years with life insurance
  • at least 3 years with long term disability
  • at least 2 years with short term disability
  • Compliance Administration Discounts
  • Family Medical Leave (Hartford)
  • 10 discount
  • Return to Work (Hartford)
  • Additional 5 discount off long term disability
    rate
  • Benchmarking to build protocols around best
    practices
  • Consultation

13
Validated Savings
Validated savings examples on life and disability
products
Hospital Product 3 year cost
savings Margaret R. Pardee Memorial Life
210,000 Peninsula Regional Life/LTD/STD
310,000 Washington County Health System
Life/LTD 555,000 MetroHealth
Life/LTD 900,000 Excela Health
Life/LTD 328,000 Cape Fear Valley Health
System Life/LTD/STD 4,700,000 Premier,
Inc. Life/LTD 357,000 New Hospital in South
Dakota Life/LTD 700,000
14
Family Medical Leave Administration
  • Streamlined implementation. Responsive service.
    Simplicity is stressed so you wont be.
  • Supportive. Informative. Making the process
    easier for employees
  • Reliable expertise and technology to help you
    with compliance
  • Comprehensive reporting to help you understand
    and manage your FML program.
  • Less stress on you. More support for your people

15
Return to Work Program
  • Reduce absences and disability-related costs
  • Improve productivity
  • Improve disability claims experience
  • Improve morale and satisfaction among employees
  • Demonstrate to employees how much they are valued
    by the organization

16
HR Challenge Benefit Communication

of employees responding favorably concerning
their benefits
Recruit Retain Effective benefits
communication can tie it all together
Above average healthcare benefits
Below average healthcare benefits
You can use supplemental insurance products to
help fund your enrollment and communicate the
value of your total benefits program!
With effective benefit communication

Without effective benefit communication
Below average healthcare benefits
An employees perceived value of a benefits plan,
can either be enhanced or diminished by the
communication strategy
Source Effective Employees Drive Financial
Results, WorkUSA 2004/2005, Watson Wyatt
Worldwide.
17
Enrollment Solutions
  • WorkPlace Solutions and Premier Insurance
    Management Services offer multiple enrollment
    solutions to meet the demands of todays health
    care industry, including
  • Web Based Enrollment Technology
  • Laptop enrollment (one on one meetings)
  • Call Center
  • Sometimes, the right enrollment solution can be
    a single enrollment process, or a combination of
    processes

18
Web Based Enrollment Technology
  • In todays self-serve environment, web based
    enrollment provides
  • Paperless enrollment
  • Security
  • Real-time enrollment data
  • Reporting options
  • Reduced administrative burden to HR staff

19
Web Enrollment - sample
20
Web enrollment - sample
21
Benefit Statements
  • Educate employees on the true cost of benefits
    through Benefit Statements.
  • Personalized for each employee
  • Illustrates actual cost of benefits
  • Emphasizes total compensation by
    communicating hidden benefits

22
Administrative Support
With a variety of communication and
administration products and services, we do all
the work but your organization gets the credit.
  • Comprehensive benefits administration that
    includes
  • online enrollment reporting
  • bill reconciliation
  • claims filing assistance
  • Customized benefit program design

23
Dedicated Service Support
  • Our team is dedicated to continually enhance
    and expand our enrollment capabilities to provide
    the most up-to-date technological support
  • Define benefit needs, plan designs and enrollment
    solutions
  • Implement a suitable enrollment process and
    establish any links with existing enrollment
    systems
  • Coordinate the appropriate processes

24
Ongoing Service Support
  • Toll-free service line - 800-227-9985
  • Enrollment
  • Product questions
  • Application questions
  • Where do I?, etc.
  • Claims questions

25
Contacts
  • Thomas Green, Premier Insurance Management
    Services, Inc.
  • Insurance related questions
  • Thomas_Green_at_premierinc.com or 704-733-5364
  • Beau Boudreaux, WorkPlace Solutions
  • Insurance related questions
  • Beau_at_wpsbenefits.com or 803-251-3100 x111
  • Allison Golding, HR Committee Director
  • HR Committee/HR Networking related questions
  • Allison_Golding_at_premierinc.com or
    858-509-6583
  • Beth Randolph, Contract Management
  • Active HR contract related questions
  • Beth_Randolph_at_premierinc.com or 704-733-5791
  • Karen Smith, Contract Negotiations
  • Upcoming HR contract related questions
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