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Mr./Ms. Benefits Broker, Don’t forget how important You are. (Let me remind you)

Hey Mr./Ms. Benefits Broker,

I know you don’t have much time, given it is the big, bad Q4, after all. I’ve heard the many variations of “Sorry, I am crushed in the 4th quarter” and the “I’m in the thick of renewal meetings, please be patient.” As this isn’t my first Q4 working in the benefits space, I have come to expect these excuses, rolling in like foliage, right around the middle to end of September. But I wanted to write this article because as a broker, your role has become incredibly important. Like so vastly, monumentally, leviathanically important that I don’t think even you realize the potential halos or horns that could adorn your crowns if you don’t do your job well.

I say this because last month, the DOL’s Bureau of Labor Statistics published the Employer Costs for Employee Compensation, a product of the National Compensation Survey. You can find a link at the bottom for your own review. And within it, the survey found that X% of total compensation for employees is linked to benefits. Notice how I say “X”? That’s because I want you to guess before the big reveal. Go ahead, pick a number between 1 and 99. Do you have it?

Within their findings, the Bureau of Labor Statistics found that, on average, (and please, if you believe that by using the term “average,” I’ve grossly misrepresented the cost, and in doing so, your importance, and you believe that you, Mr./Ms. Benefits Broker are, in fact, less important, announce it in the comments below. I’ve been wanting to tell you that for a while now-) benefit costs are 11.8% of total compensation. Almost 1/8th of the cost pie. A pizza pie, if you will, because it’s near lunch. So with that remaining slice of pizza left on the table, therein lies your responsibility, and thus, your performance as an adviser, inextricably linked.

Two things. First, employers are the largest payers in healthcare. Second, employers have an incentive to understand where their money is going. As Ali Diab, CEO of Collective Health stated in a recent podcast “No self-respecting CFO is okay with ‘oh hey man this budget is going up 20%, I can’t tell you why, our broker said it is what it is and you have to pay the piper, you cool with that?’ but that’s what CFOs have been conditioned to accept..”

This doesn’t even address the issue of your fiduciary responsibilities under ERISA (surely a topic worth discussing in detail another time). Have you bothered to brush up on those duties lately? No? This link from the International Foundation of Employee Benefit Plans (IFEBP) – lays them out for you like little garlic knots so you can digest them in six easy bites. [Hot tip: divulge yourself on bullet #3.]

You, Mr./Ms. Benefits Broker, have to be able to tell a CFO every minute detail about the last piece of pizza on the table. They know that wages and salaries are responsible for 6 of the pieces and the government takes the 7th. But you Mr./Ms. Benefits Broker, you have a direct influence on that 8th slice. You can make that serving delicious, delivering more value and, ultimately, savings for CFOs and their employees.

So think about that as you’re trudging through Q4. Let that guide your work ethic. You’re at the table of every CFO’s pizza party. No doubt, insurance carriers and providers can be blamed for that 8th slice, and rightly so. But the solutions are out there, and the perfect sauce of solutions does exist. Ultimately, only you know how well you’ve handled that slice of ‘za. I can only hope CFOs adjust and start to hold their advisors more accountable. For the complacent advisors, I bet you just felt a tinge of apprehension. For the progressive advisors, your time is here.

Good luck with your Q4s. May your clients stay happy.

How a price transparency tool can help maximize the value of an HSA!

Health savings accounts (HSAs) provide employees enrolled in high-deductible health plans (HDHPs), a tax-advantaged way to save and pay for out-of-pocket medical expenses. Combining a price transparency solution with an HSA account allows employees to decrease their healthcare costs by 30 to 40 percent today and maximize the value of an HSA for future medical expenses. Financial experts estimate that the average couple retiring today will need $285,000 to cover healthcare costs during retirement. An HSA combined with a price transparency solution is a powerful employee benefit that improves their lives both today and tomorrow.

The Employee Benefit Research Institute (EBRI) reported that for 2017, the average individual HSA contribution was $2,843, and distribution was $1,725, leaving a year-end balance of $1,118 for future medical expenses.

Our analysts estimate that 30 to 40 percent of healthcare costs are shoppable. Giving employees a tool to compare price and quality before going to the doctor empowers them to make more informed care decisions, reduces healthcare costs, and allows HSA contributions to go even further.

For example, if the “average” HSA individual contributor above shopped and saved 30 percent on healthcare costs, they’d have an extra $518 in their account over someone who didn’t shop in one year alone. With tax-free growth on the HSA investment, those savings could be worth an extra $8,247 in ten years — not a bad ROI for a few minutes of comparison shopping before making an appointment.

Using a price transparency tool to shop for healthcare can reduce yearly HSA distributions and let the savings add up!

HSA Overview

Employees enrolled in a high deductible health plan (HDHP), also called an HSA Eligible Plan, are eligible* to open an HSA account. If the name “high deductible” scares you or your employees, it shouldn’t, as these accounts are a great way to lower healthcare costs.

HSAs offer a tax-advantaged way to pay for qualified medical expenses (e.g., deductibles, copayments, coinsurance, and some other costs, but not premiums). With an HDHP and HSA, employees may be able to lower their overall healthcare costs in the form of premium and out-of-pocket expense savings.

Both employers and employees can fund an HSA using pre-tax dollars. For 2019, the minimum plan deductible needed for an HDHP/HSA Eligible Plan is $1,350 for individuals and $2,700 for a family. For 2020, the minimum deductible increases to $1,400 for individuals and $2,800 for a family.

For 2019, employees/employers can contribute up to $3,500 for individual coverage and $7,000 for family coverage into their HSA. In 2020, the IRS limit increases to $3,550 for individual coverage and $7,100 for family coverage. People 55 or older are eligible to make an additional $1,000 catch-up contribution per year into their HSAs.  

HSAs roll over unspent funds to the following year and are “portable” if/when an employee changes employers. HSA contributions may earn interest or be invested (in mutual funds, etc.) where earnings and withdrawals are non-taxable when used for “qualified” expenses. There’s no tax on contributions, no tax on earnings, and no tax on qualified withdrawals…that’s a triple tax advantage!!!

Why price transparency is needed

Seeking out high-quality, lower-cost providers when non-emergent care is needed lowers overall healthcare costs and allows HSA dollars to go further. But unfortunately, healthcare prices are almost never posted anywhere, making it nearly impossible for consumers to compare provider prices and quality before making an appointment.

Massive pricing variations in healthcare are common. Secret deals between providers and insurance carriers have created a healthcare marketplace where the cost of even a routine medical procedure can vary 1,000% across providers in the same market. 

Need a lipid panel (cholesterol test)? That might cost $15 at one provider and $240 at another just a half-mile away.  Total knee arthroplasty? Would you rather pay $2,268, or $18,477? Heading to the hospital for a few stitches after accidentally testing that fillet knife on a finger? Turn left at the light, and urgent care will charge you $132 to stitch you up, or turn right and pay $1,850 at the hospital. Ouch! Without prior knowledge or price transparency, consumers remain unaware of the cost of care and can waste thousands of HSA dollars a year by overpaying for care.

With a price transparency solution like MyMedicalShopper, comparing and selecting a high-quality provider for over 10,000 unique tests and procedures is as convenient and easy as a Google search. Consumers are accustomed to shopping for everything on their phone, so why should healthcare be any different? Having real-time price and quality information helps consumers make more informed care decisions, reduce their out-of-pocket expenses, and budget for future medical expenses.  

How price transparency tools work

  • Your physician wants you to get an MRI as a result of nagging pain in your arm from playing too much dodgeball.
  • While still in the examining room, you pull up your price transparency tool on your smartphone and search for local providers.
  • In under a minute, you find multiple imaging centers in a 10-mile radius, including one that’s $1,457 less expensive than the one in the hospital your doctor recommended. 
  • You share this information with your doctor and decide that the one a mile away is just as good as the hospital, so your doctor sends you to the imaging center.
  • Congratulations, you just saved $1,457 in your HSA for a future expense and still received excellent care.

By making more informed decisions and not overpaying for healthcare, HSA users have significantly more tax-free savings for future medical expenses, including retirement.

Without price transparency, a single decision on where to go for care could waste thousands of dollars and erase a significant amount of an HSA’s balance. Give your employees a benefit that they’ll appreciate today and thank you for tomorrow.  

*Check IRS eligibility guidelines

Benefits that Benefit All

As a relatively new entrant into the workforce, I feel confident expressing that there are opportunities for improvement when it comes to benefit plans and the consideration and impact on current and future generations – specifically, health plans. (And of course, I feel confident expressing myself. As a millennial, I’ve been told that I’m allowed to express myself anytime, anywhere.)

Everyone is bound to require medical care and services. And yet, the majority of health plans offered to me don’t actually provide benefit to me. They punish me. It doesn’t add up – the extra premium I pay doesn’t benefit me, but rather benefits those individuals in the plan who are ill and need to get healthy. I don’t resent those individuals. I just want it to be fair. I just want everyone to be a winner ;).

I’ve been working in the healthcare industry for a short period of time, but it’s clear that the impending doom of year over year price increases ad infinitum has us on the path to a breaking point. I know, with a pretty high degree of confidence, that unless a radical change occurs within employer-sponsored health insurance, millennials and Gen Z are going to be drowning in future healthcare costs without a financial life preserver. Rising healthcare costs and price increases continue to outpace wage and GDP growth, leaving us with less money to spend today and invest for tomorrow. We can’t let the healthcare costs rob of us our future.

82% of employees perceive medical costs as their biggest challenge today and in retirement. And I can guarantee that this number will not decrease. But it doesn’t have to be this way, and we can change it. We must take full advantage of the tools and mechanisms available to adequately prepare millennials and empower boomer employees for this future cost burden. It’s time that employers take us into account when deciding health plan designs.

Which brings me to my next point. And I hope HR leaders are still reading. Financial wellness is universally essential. It is a critical consideration for boomers as they march towards retirement. It is and will continue to be a crucial consideration for millennials as we grow in our careers. It’ll not only impact the companies we decide to join (or leave), but also our ability to be productive, to save for the future, and to live happy, healthy lives.

Besides compensation and 401k, healthcare costs, and how those are handled, is a huge consideration for employees and their financial wellness. And, to put it simply, we need HSAs. HSAs are the perfect weapon to manage medical costs today, save for future expenses and promote financial wellness. And they’re portable and triple-tax advantaged! Tell that to an uninformed employee and they’ll just agree that it sounds great. Now that’s a great employee benefit!

We all at least need the option to choose an HSA.  And we need to shout this until we’re heard. During enrollment feedback. During employee benefits surveys. Because we want convenience. Because we want control. Because we want simplicity.

The traditional healthcare behemoth that sucks massive premiums from our paychecks for the care we never use needs to be upended.  We can’t hesitate to shop around for medical care to maximize value. Or, question authority regarding physicians and cost. We can’t be beholden to PCPs or specialists we’ve been referred to just because they’re in the same “network.” Do we need to go to the hospital when a MinuteClinic will do?

Together, boomers and millennials have an opportunity to take control of the healthcare market. To no longer be victimized by carriers or providers. But we can’t wait. HR leaders now have to equip employees with the tools and education to confidently go forth into the healthcare market and make the best decision possible. That starts with an HSA and outlining the real power of that account.

So, let’s improve health plans for everyone. Let’s provide everyone who wants an HSA, with an HSA. Let’s educate everyone on the power of an HSA. We can no longer cower in fear when we hear the term High-Deductible Health Plan. That’s not a bad thing when you have an HSA and a healthcare system navigation platform! Boomer and millennial employees can collaborate to turn the tide of the rising healthcare costs wave.

By Matthew McCormick

NueSynergy Partners with MyMedicalShopper to Bring Innovative Cost-Saving Tools to its Clients

MyMedicalShopper’s healthcare price transparency and cost savings tools will integrate with NueSynergy’s platform to help employers reduce healthcare costs

Portsmouth, NH and Leawood, KS – July 9, 2019 – MMS Analytics, Inc. dba MyMedicalShopper, a leading provider of healthcare price transparency solutions, and NueSynergy, an industry leader in consumer-directed healthcare solutions and employee benefits administration based in Kansas, are partnering to give consumers more choice and control with respect to their healthcare spending. Today the companies announced the partnership, making MyMedicalShopper’s advanced healthcare price transparency software and cost-saving employer tools available to NueSynergy’s clients.

NueSynergy can now offer MyMedicalShopper’s suite of products, which bring cutting-edge price transparency technology, robust claims analytics, and streamlined administration to employers and their employees. MyMedicalShopperTM, MyMedicalRewardsTM, and their powerful MyMedicalMetricsTM employer analytics package are now available to NueSynergy’s entire client base and can be integrated with their administrative platform and member portals for consumer-directed health accounts.

“We are excited to be partnering with NueSynergy to bring integrated solutions to their clients to help them take control their healthcare costs,” says MyMedicalShopper co-founder and CEO, Mark Galvin. “We look for partners who work hard to find innovative solutions for their customers’ biggest issues. By collaborating with creative third-party administrators (TPAs) like NueSynergy, we can empower consumers to reverse the trend of rising healthcare costs for businesses and their employees alike.”

For NueSynergy, this new offering is a significant step towards an improved health benefits environment for their pre-tax flexible benefit clients and a complete service offering for those clients with consumer-driven health plans (CDHP).

“We pride ourselves on taking a customer-focused, technology-driven approach for each client’s needs and bringing them customized solutions to help them control costs and reach their goals,” says Josh Collins, President of NueSynergy. “As a full-service TPA, we’re constantly looking for consumer-friendly tools to help clients make more value-driven healthcare decisions. We’re excited to combine our top-notch consumer-directed health accounts with the MyMedicalShopper solution for our benefit consulting partners and our clients.”

About MyMedicalShopper

MyMedicalShopper is a comprehensive platform for employers designed to drive down the cost of healthcare while improving employee benefits. The platform includes the nation’s leading medical price transparency tools for employees, dynamic rewards programs, and robust analytics packages for employers. With MyMedicalShopper employers can take control of their

healthcare costs and empower their employees with a tool that makes shopping for high- quality medical care as easy as a Google search. MyMedicalShopper is available through benefit brokers, consultants, and third-party administrators (TPA’s) serving both the fully insured and self-funded employer markets.

About MMS Analytics, Inc. (www.MyMedicalShopper.com)
MMS Analytics, Inc. dba MyMedicalShopperTM is a big data company on a mission to revolutionize healthcare. The company was started out of the need to bring transparency to consumers and the companies who provide healthcare benefits to their employees—providing the leverage needed to make solid decisions on their healthcare and improve their quality of life. Consumers previously unaware of price variations in procedures and testing can utilize real-time health insurance plan pricing information that makes it possible to choose care based on price, quality, and convenience. Experts document that as much as $1 trillion could be slashed annually from the cost of healthcare in the U.S. MyMedicalShopper aims to transform the healthcare industry into a fair market for consumers.

About NueSynergy (www.NueSynergy.com)
Since 1996, NueSynergy has been an innovative leader in providing full-service administration of consumer-driven and traditional account-based plans. NueSynergy has grown into one of the largest benefit account administrators providing Health Savings Accounts (HSA), Flexible Spending Accounts (FSA) and Health Reimbursement Arrangements (HRA); in addition
to COBRA, Direct Premiums Billing and Combined Billing services to employers of all sizes
and sectors, including state and local governments, as well as privately and publicly traded companies.

Contacts:
MyMedicalShopper

Mark Galvin

603-610-8100

mark@mymedicalshopper.com

NueSynergy

Josh Collins

913-653-8381

jcollins@nuesynergy.com

Five Steps to Higher Employee Engagement with Healthcare Price Transparency Tools

Combining a price transparency solution with a high-deductible health plan (HDHP) or a consumer-driven health plan (CDHP), can drive lower employee out-of-pocket (OOP) expenses, reduce overall medical costs, and lower claims costs. To capture these benefits, we recommend that companies implement programs to promote employee engagement to enable maximum savings. While it’s not complicated, shopping for healthcare is likely a new behavior for many employees that can limit savings until they’re comfortable with the process. We find that companies who implement an employee engagement plan typically experience program engagement rates at least 20% higher than those who don’t. The higher the employee engagement, the higher the savings the company can actually realize.

  1. Health Plan Design Matters – Nearly 6 in 10 people are concerned about rising healthcare costs, but if your company offers a low-deductible/PPO health plan, employees have little incentive to compare prices (or when they have $20 copays insulating them from the true cost of care). However, companies offering HDHPs or CDHP designs typically find employees have more “consumer interest” in shopping for care. Employees in these plans have a financial incentive to compare provider costs and quality to make more informed care decisions. Giving employees a price transparency solution allows them to reduce their out-of-pocket (OOP) expenses, maximize cost savings, and potentially keep some of their HSA savings for the future.
  2. Educate Employees and Assign a Program Champion – Healthcare pricing is complex, and many employees aren’t aware of the price variations in the healthcare marketplace or how to compare providers. Educating employees about how to search for and select high-quality, affordable care is an excellent step towards higher employee engagement. Following up with reminders on how to use cost comparison tools at regular intervals (at minimum every few months) will educate new employees and remind existing ones—who may not be frequent users of healthcare—of this important benefit. Designating a program champion (typically a senior HR role) to oversee the enrollment process and encourage employee participation will improve overall engagement rates and savings.
  3. Pick the Right Price Transparency Tool – Price transparency tool selection matters. Imagine you’re at your doctor’s office and are told to have a test or procedure done—how much effort would you go through to save money? Or, maybe you’re trying to financially plan for a future medical procedure for your child? Transparency tools offering 24/7 mobile access to local provider prices and quality generally have much higher employee engagement rates compared to those that require contacting a concierge service or those that only provide a rough “range” of prices. Consumers are used to comparing costs for most goods and services on their smartphones, so why should healthcare be any different? We encourage employees to install the transparency tool on their smartphone and “practice-shop” before going to the doctor. This exercise highlights market pricing variations and familiarizes them with the process before they need to shop. And don’t be surprised to find employees talking about procedure pricing variances of 1,000% or more around the office. These conversations can drive a culture of engagement and might help an employee who’s not using the tools to choose a different provider for a future procedure.
  4. Reward Use the Right Way – For companies with high-deductible health plans, rewarding shopping and savings behavior with HRA contributions reduces future employee out-of-pocket expenses, promotes medical consumer behavior, and reduces overall medical claims. This is a smarter approach over cash “spiffs” that tend to reward the wrong employee behavior by creating an incentive to go out and incur higher medical expenses, potentially driving up total claims cost in the process. Speak with your broker about plan designs that offer HSA and HRA options to offset higher deductibles. Both are powerful tools that can yield significant benefits today and act as a savings vehicle for the future with any unused funds (HSA).
  5. Use Reporting Tools to Unlock Additional Potential Savings – You’ll want to know how much your company is spending and saving on healthcare, how many employees are shopping, and also identify areas where you’re overspending. Comprehensive solutions that make it easy for you to analyze anonymized claims information can help your team discover procedures where additional savings opportunities exist.

Like any new benefit, price transparency tools will take training and time for your employees to adapt. However, it can help your employees get the most from a price transparency solution and help both them and the company to reduce healthcare costs. Price transparency empowers consumers to make more informed healthcare decisions by making it easier to compare procedure cost and quality on thousands of non-emergent medical procedures (e.g., lab tests, MRIs, x-rays, etc.) and capture significant savings in the process.

David K. Young Consulting, LLC Partners with MyMedicalShopper to Empower its Clients to Reduce their Healthcare Spending

Trusted Benefit Consultant and Administrator Now Offers MyMedicalShopper’s Suite of Healthcare Cost-Saving Tools

Portsmouth, NH and San Antonio, TX – June 18, 2019 – MMS Analytics, Inc. dba MyMedicalShopper, a leading provider of healthcare price transparency solutions, and David K. Young Consulting, LLC. (DKYC), an industry leader in consumer-directed healthcare solutions and employee benefits administration based in Texas, are partnering to give consumers more choice and control with respect to their healthcare spending. Today the companies announced the partnership, making MyMedicalShopper’s advanced healthcare price transparency software and cost-saving employer tools available to DKYC’s clients.

David K. Young can now deliver MyMedicalShopper’s suite of products, which bring cutting-edge price transparency technology, robust claims analytics, and streamlined administration to employers and their employees. MyMedicalShopper™, MyMedicalRewards™, and their powerful MyMedicalMetrics™ employer analytics package are now available to DKYC’s entire client base nationwide. In addition, the MyMedicalShopper suite will be tightly integrated with DKYC’s administrative platform and member portals for consumer-directed health accounts.

“We are excited to be partnering with David K. Young to bring integrated solutions to their clients to help them control their healthcare costs,” says MyMedicalShopper co-founder and CEO, Mark Galvin. “By partnering with creative third-party administrators (TPAs) like David K. Young, we can empower consumers to collectively reverse the trend of rising healthcare costs for businesses and their employees alike.”

For DKYC, this integrated new offering is a significant step towards an improved health benefits environment for their pre-tax flexible benefit clients and a complete service offering for those clients with consumer-driven health plans (CDHP).

“We pride ourselves on offering the very best healthcare solutions for our clients to help them control costs and reach their goals,” says David K. Young, Principal & Founder of David K. Young Consulting. “As a full-service TPA we’re constantly looking for new tools and solutions to help clients make more informed, affordable healthcare decisions. We’re excited to be able to combine our top-notch consumer-directed health accounts with the MyMedicalShopper solution for our benefit consulting partners and our clients.”

MyMedicalShopper is a comprehensive platform for employers designed to drive down the cost of healthcare while improving employee benefits. The platform includes the nation’s leading medical price transparency tools for employees, dynamic rewards programs, and robust analytics packages for employer.

About MyMedicalShopper

MyMedicalShopper is available through benefit brokers and consultants serving both the fully insured and self-funded employer markets. MyMedicalShopper provides a comprehensive platform for employers who want to take control of their healthcare costs and empower their employees with a tool that makes shopping for medical care as easy as a Google search.

MyMedicalRewards™ provides a dynamic HRA or HSA funding mechanism that drives good consumer behavior even when employees are spending employer dollars. It combines reference-pricing models with the MyMedicalShopper shopping experience to reward employees for choosing low-cost, high-quality medical care, thus reducing medical claims.

MyMedicalShopper’s Employer Dashboard provides CEOs, CFOs, and HR leadership with direct visibility into their group’s claims experience, engagement with MMS programs, and realization of savings. MyMedicalMetrics™ is an enhanced feature of this dashboard—a robust claims analytics package that shows employers exactly how their employees are victimized by hidden pricing, inadvertently driving up their own costs and overall claims experience for the group. Employers can use this new information to team up with their employees, identify specific savings opportunities, and build targeted campaigns that drive meaningful behavior change and claims reduction for their groups.

About MMS Analytics, Inc. (www.MyMedicalShopper.com) 

MMS Analytics, Inc. dba MyMedicalShopper™ is a big data company on a mission to revolutionize healthcare. The company was started out of the need to bring transparency to consumers and the companies who provide healthcare benefits to their employees—providing the leverage needed to make solid decisions on their healthcare and improve their quality of life. Consumers previously unaware of price variations in procedures and testing can utilize real-time health insurance plan pricing information that makes it possible to choose care based on price, quality, and convenience. Experts document that as much as $1 trillion could be slashed annually from the cost of healthcare in the U.S. MyMedicalShopper aims to transform the healthcare industry into a fair market for consumers.

About David K. Young Consulting, LLC. (www.dkyoung.com)

Since 1992, David K. Young Consulting, LLC (DKYC) has been providing outsourced benefit consulting and administration to its clients. DKYC is a Texas based, nationally recognized retirement and benefits consulting firm providing third-party administration and consulting services for Defined Contribution and Defined Benefit Plans, Section 125/Cafeteria Plan, COBRA/HIPAA, Common Remittance and Consumer Directed Reimbursement Accounts. 

DKY provides the very best employee benefit program design, application and compliance services for the unique needs of their clients. We consistently set the standard for cutting edge, effective employee benefit program design, application and compliance services throughout the nation. 

Contacts:

MyMedicalShopper

Mark Galvin

603-610-8100

mark@mymedicalshopper.com

David K. Young Consulting, LLC

David K. Young

210-558-0999

david@dkyoung.com

NFP’s Utah Office Partners with MyMedicalShopper to Empower Its Clients to Reduce Healthcare Costs

Employee Benefits Consultant Now Offers MyMedicalShopper’s Suite of Healthcare Cost-Saving Tools to Control Healthcare Spending for Their Clients

Portsmouth, NH and Lehi, UT – June 11, 2019 – MMS Analytics, doing business as MyMedicalShopper, will partner with NFP, a leading insurance broker and consultant, through NFP’s Utah office. The partnership between NFP and this leading provider of health care transparency solutions will give consumers more choice and control with respect to their health care spending. Today the companies announced the partnership, making MyMedicalShopper’s advanced health care price transparency software and cost-saving employer tools available to NFP clients in Utah.

NFP’s Utah office can now deliver MyMedicalShopper’s entire suite of products, bringing cutting-edge price transparency technology, patent-pending rewards programs, and robust claims analytics to employers and their employees. MyMedicalShopper, MyMedicalRewards, and their powerful MyMedicalMetrics employer analytics package are now available to NFP’s Utah client base.

“NFP demonstrates all of the most important qualities that we look for in a partner,” says MyMedicalShopper co-founder and CEO, Mark Galvin. “We are particularly impressed with NFP’s commitment to thinking outside the box to find creative and cost-effective benefits solutions to problems employers are facing. We’re excited to be teaming up with the NFP team in Utah in pursuit of our shared goal to reverse the trend of rising health care costs for individuals and businesses alike.”

As one of the largest benefits broker in Utah, and with offices across the United States, NFP expects this new offering to significantly improve their clients’ ability to offer improved health benefits to their employees.

“Our team has consistently sought out, vetted and invested in technology to increase the value of our employee benefit offerings,” said David Jackson, managing director, Corporate Services in NFP’s West region. “We take a strategic approach to help each client proactively align their benefits program with their long-term business mission, always aiming to contain costs without sacrificing the value of benefits to employees. We’re very excited to be able to incorporate MyMedicalShopper into our expert solutions for employee benefits and health plan design.”

MyMedicalShopper is a comprehensive platform for employers designed to drive down the cost of health care while improving employee benefits. The platform includes the nation’s leading medical price transparency tools for employees, dynamic, patent-pending rewards programs and robust analytics packages for employers.

About MyMedicalShopper

MyMedicalShopper is available through benefit brokers and consultants serving both the fully insured and self-funded employer markets. MyMedicalShopper provides a comprehensive platform for employers who want to take control of their healthcare costs and empower their employees with a tool that makes shopping for medical care as easy as a Google search.

MyMedicalRewards™ provides a dynamic HRA or HSA funding mechanism that drives good consumer behavior even when employees are spending employer dollars. It combines reference-pricing models with the MyMedicalShopper shopping experience to reward employees for choosing low-cost, high-quality medical care, thus reducing medical claims.

MyMedicalShopper’s Employer Dashboard provides CEOs, CFOs and HR leadership with direct visibility into their group’s claims experience, engagement with MMS programs and realization of savings. MyMedicalMetrics™ is an enhanced feature of this dashboard—a robust claims analytics package that shows employers exactly how their employees are victimized by hidden pricing, inadvertently driving up their own costs and overall claims experience for the group. Employers can use this new information to team up with their employees, identify specific savings opportunities and build targeted campaigns that drive meaningful behavior change and claims reduction for their groups.

About MMS Analytics, Inc. (www.MyMedicalShopper.com) 

MMS Analytics, Inc. dba MyMedicalShopper™ is a big data company on a mission to revolutionize healthcare. The company was started out of the need to bring transparency to consumers and the companies who provide healthcare benefits to their employees—providing the leverage needed to make solid decisions on their healthcare and improve their quality of life. Consumers previously unaware of price variations in procedures and testing can utilize real-time health insurance plan pricing information that makes it possible to choose care based on price, quality, and convenience. Experts document that as much as $1 trillion could be slashed annually from the cost of healthcare in the U.S. MyMedicalShopper aims to transform the healthcare industry into a fair market for consumers.

About NFP (https://www.nfp.com)

NFP is a leading insurance broker and consultant providing customized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,100 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest US-based privately owned broker, 6th largest benefits broker by global revenue and 7th best place to work in insurance (Business Insurance); 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best’s Review).

Visit NFP.com to discover how NFP empowers clients to meet their goals.

Contacts:

MyMedicalShopper

Mark Galvin

603-610-8100

mark@mymedicalshopper.com

NFP – Utah Office

Kirk Benson

385-352-9401

kirk.benson@nfp.com