Client Retention Strategy
Meeker Sharkey & Hurley understands the management of a benefits program is a continuous process. We look at your needs and provide a strategy specific to you. Meeker Sharkey & Hurley will work as an extension of your HR department by taking the following 6 pronged approach:
Objective Meeting: Purpose is to identify and outline the business plan for the upcoming 12 months. This would be scheduled within 30 days after the finalized renewal. This is an opportunity to discuss overall benefits strategy, which aspects have been successful and which ones need to be changed.
Pre-Renewal: A pre-renewal/mid-year review should be scheduled 180 days prior to the renewal date. This includes a recap of the client’s objectives for the coming year, an estimate and projection of the upcoming renewal action, and a report that provides monthly claims and plan to budget. The client’s budget for renewal increases should be identified as well, with a strategy designed in the event the renewal rate action exceeds client tolerance.
Utilization Review: This can include the review of top diagnostic drivers by category, the evaluation of cost per service, review of preventive screening participation, evaluation of the carrier’s Disease Management engagement/outcomes and the evaluation of how these factors impact health care costs.
Renewal: This includes the review of the pre-renewal strategy and any necessary adjustments. We will evaluate the carrier’s renewal calculation and challenge results where required. If necessary, the plan will be marketed to obtain competitive pricing, which will be used as leverage to mitigate the renewal increase. Evaluation of the carrier’s service will be conducted and performance guarantees implemented, or adjusted. This is the time to take advantage of concessions, or deliverables our account team can leverage from the carrier such as reporting, timing of the renewal, enrollment support, wellness funding, etc.
Year-End Stewardship Report: This is scheduled after the renewal and prior to the objective setting meeting (1-3 months after renewal). This is a discussion of our service which includes the financial performance of the benefit program and what we have done to mitigate costs and promote savings. The two main drivers of this report are –
- How satisfied is the client with our service?
- What areas can we improve?
Client Education: Our goal is to ensure our clients are positioned to take advantage of the trends and latest information within the industry. We continually monitor legislature and provide updates as soon as new information is released with an action plan if necessary.
While the renewal and open enrollment come around every year, Meeker Sharkey & Hurley will be with you every step of the way by:
- Providing Financial Modeling 120 days before the renewal
- Preparing bid/proposal specifications and selection of markets and funding strategies
- Presenting a complete market analysis with formulated recommendations
- Coordinating a hands on approach with carriers to ensure all timelines are met
- Providing continued maintenance and long term strategic planning