Employee Benefit Strategy for Merger
An Employee Benefits client (in the Healthcare industry) of over 12 years was being merged with a much larger organization. As the employee benefits consultant, Exude was asked to present current strategies and proposed a future strategy for the larger organization as a whole. The objective for the newly merged organization was to develop a benefits strategy to provide a highly competitive yet simple benefit package to all employees the would meet the financial objectives.
Exude worked to understand legal and financial implications of creating a holistic benefits package within the complexities of multiple Tax Id numbers, close to 100 locations, and the merger of two different organizations, cultures, benefits plans, funding arrangements and ownership structures.
The Exude Benefits Consultant created a strategy for all aspects of the benefits by digging deep to understand what the new management team was trying to achieve as an end result. Using that knowledge, Exude helped to craft the strategy with our expert knowledge of the benefit provider marketplace and benchmark benefit data to ensure retention and attraction of the workforce.
Using benchmarking data, Exude was able to advise on the prevalent practices for design of all types of benefits plans. Through our extensive relationships with providers, including insurance providers, TPAs, stop-loss carriers, PBMs, Erisa Attorneys, etc., Exude worked through the complexities of setting up multiple plans with multiple Tax Ids, locations, billing requirements, etc.
In the end, under intense time constraints, Exude was able to provide our client:
- A comprehensive yet simple benefits package that is competitive in the marketplace to attract and retain talent and meet the financial objectives of the organization
- Alternative funding solutions to help provide cost savings and enable additional layered on savings in the years ahead
- A technology solution that enables direct feeds of data to all relevant carriers
- Personalized Client Care support for all employee and employer questions
- Financial and service related metrics to help measure success now and over time
- A benefits platform that can now support the future strategies of building out additional Wellness, HR and Benefits initiatives