Homestead Smart Health Plans - 3x3x3 Challenge with Chip Harvey
We are a TPA, repricer and Stop Loss insurance company all in one offering the only comprehensive RBP solution on the market.
Transcription:
What is Homestead Smart Health Plans?
We are a third-party administrator, a claim repricer, and a stop-loss insurance company all in one.
How is Homestead Smart Health Plans different?
I think five things make us different, and that's the integration of the three components that I mentioned earlier. When there are fewer cracks for things to fall through, fewer things fall through the cracks. Two, I'd say we're a co-fiduciary. Plan sponsors are now required to be a fiduciary under the Consolidated Appropriations Act, so we willingly accept that fiduciary responsibility. Three, I would say it's our repricing methodology. We're not using simply Medicare to reprice claims. We're also using cost-to-charge ratios as well as historical data. Medicare is not all-knowing for hospitals. A lot of hospitals are not making money on Medicare, so we're trying to make sure that we're paying a fair market value for claims, which reduces the risk for a hospital to want to balance bill a member, as well as sets us in a better position for setting a contract in the future. Four, I'd say the stop-loss protection. Sometimes, occasionally, a balance bill may last for a long time, and it's always going to be covered under our stop-loss whenever it is eventually resolved. I think that creates peace of mind for the member and the plan sponsor. And then five, I'd say we're on our own health plan, so we know how it works, and we put our money where our mouth is.
Who is a good fit for Homestead Smart Health Plans?
So we work with all different kinds of companies, anywhere from 25 to 20,000, but we're really focused on that mid-market. I think our average size is around 300, so we're working with construction companies, manufacturing companies, hospitality, but a lot of skilled nursing facilities. That's really our specialty. But we partner with brokers as well as TPAs, and we're just focused on that mid-market, and we're going to try to help employers that want to save as much money as possible. Our system's not right for everyone, but we also have access to traditional networks, like Cigna and Aetna as well.
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Transcription:
What is Homestead Smart Health Plans?
We are a third-party administrator, a claim repricer, and a stop-loss insurance company all in one.
How is Homestead Smart Health Plans different?
I think five things make us different, and that's the integration of the three components that I mentioned earlier. When there are fewer cracks for things to fall through, fewer things fall through the cracks. Two, I'd say we're a co-fiduciary. Plan sponsors are now required to be a fiduciary under the Consolidated Appropriations Act, so we willingly accept that fiduciary responsibility. Three, I would say it's our repricing methodology. We're not using simply Medicare to reprice claims. We're also using cost-to-charge ratios as well as historical data. Medicare is not all-knowing for hospitals. A lot of hospitals are not making money on Medicare, so we're trying to make sure that we're paying a fair market value for claims, which reduces the risk for a hospital to want to balance bill a member, as well as sets us in a better position for setting a contract in the future. Four, I'd say the stop-loss protection. Sometimes, occasionally, a balance bill may last for a long time, and it's always going to be covered under our stop-loss whenever it is eventually resolved. I think that creates peace of mind for the member and the plan sponsor. And then five, I'd say we're on our own health plan, so we know how it works, and we put our money where our mouth is.
Who is a good fit for Homestead Smart Health Plans?
So we work with all different kinds of companies, anywhere from 25 to 20,000, but we're really focused on that mid-market. I think our average size is around 300, so we're working with construction companies, manufacturing companies, hospitality, but a lot of skilled nursing facilities. That's really our specialty. But we partner with brokers as well as TPAs, and we're just focused on that mid-market, and we're going to try to help employers that want to save as much money as possible. Our system's not right for everyone, but we also have access to traditional networks, like Cigna and Aetna as well.
Click this link to subscribe to the BenefitsAlly Substack for FREE!
https://benefitsally.substack.com/