Operations and Strategic Planning. Xxxx Companies will continue attending all required meetings and serve as an industry expert and educator/advisor on all matters relative to operations of the City of Peoria benefit plans. As a professional services firm, Xxxx Companies understands the unique benefit needs of a diverse organization. In our role as consultant, we work with very diverse organizations including public entities and commercial clients. Although industry and employee profile is important, it is important to recognize that plan performance is a direct reflection of the risk pool on the plan and ensuring financial alignment between plans and coverage tiers. The claim and demographic information provided by our analytics tool, Health Plan Intelligence (HPI) coupled with the on- going monitoring of membership and enrollment data allow for the precise actuarial alignment of rate and contribution structures. Taken together, these processes are what we refer to as Risk Pool Management. This was one of the first projects addressed at the City of Peoria when we began consulting in 2010. In the absence of Risk Pool Management techniques, organizations often find themselves in an environment of misalignment where the choices made by employees are to the financial detriment of the plan. Misalignment can lead to any or all the following: • An insufficient budget • A large renewal increase • Miscalculated employee contributions • Incorrect cost-projections of COBRA participation Risk Pool Management is a set of sophisticated projection and modeling techniques which corrects misalignment thereby mitigating the variation of year-over-year costs while maximizing the financial performance of plan offerings. The components of Hays’ exclusive Risk Pool Management approach include: • Cost projections • The determination and alignment of premium equivalency rates • The actuarial development of employee premiums Strategic Planning – create an optimal benefits strategy that is consistent with our business objectives. Our strategic planning process involves an extensive evaluation of our clients’ programs and needs for both the upcoming (short-term) plan year, as well as a multi-year (long-term) approach. We utilize a wide variety of resources to organize our clients’ needs, including strategic planning calendars, strategic planning processes and service checklists, thorough analysis of CPT-4 and ICD data, as well as contribution structure analysis to name a few. In addition to your health and welfare p...
