We partnered with one of the largest and most prominent private, not-for-profit universities in the United States. This East Coast school has over 25,000 students in undergraduate and graduate programs as well as 5,000 employees. They are a leader in health science education and research and a pioneer in online learning, pursuing their mission of “opening wider avenues of employment to young men and women.”
The Procurement office needed assistance in conducting a Request for Proposal (RFP) for the student health insurance plan. In addition, they requested an independent analysis of the health insurance plan and rates proposed by selected health insurance provider.
As consultants for the University student health insurance team, we were responsible for providing the following services:
- Utilizing industry expertise to develop a comprehensive RFP, including a detailed questionnaire and necessary carrier reports
- Identifying and soliciting student health insurance providers to participate in the RFP process.
- Assisting University Procurement and the student health insurance team in selecting a student health insurance provider.
- Plan Analysis – Providing consultative analysis of the proposed student health insurance plan and rates proposed by selected health insurance provider. Actions included:
- Performing an independent actuarial analysis of the proposed plan.
- Performing an analysis of provider rate actions, plan design values and underwriting methodology.
- Consulting with University team to discuss results, options, and negotiating strategies.
- Conducting a formal presentation to the committee.
We collaborated with the University’s administrative team to understand both their short and long-term business priorities and needs as well as how we could add value to their organization and assist them in responding to changing market dynamics.
We jointly authored a plan to clarify how we would collaborate during the course of the engagement, outlining our commitments, and defining measurements of success.
We sought input on our performance both through informal feedback sessions and annual surveys.
We delivered on the plan, executing as promised and tracking outcomes constantly.
Using our focused industry experience in plan design, underwriting and data warehousing, our consulting team was able to apply best practices to negotiate with the current carrier to reduce their overall rate increase, saving our client over $400K.