Caravus Case Study #1: “Growing pains.”
At Caravus, keeping our clients healthy and secure is in our DNA. We want to share a few of our success stories with you through the case studies highlighted in our news feed.
An industrial products company serving the Midwest for over 35 years.
This Caravus client started out as a small company, and has now grown to be one of their market’s largest representatives in North America. With 75 employees in multiple locations, open enrollment paperwork and communicating to employees about benefits was starting to become a challenge. As with any business, continued concerns about ever-increasing health care costs, and varying ways to combat this issue, began to surface.
As the company grew, employee benefit needs grew with them. The client required a more flexible benefit strategy, and Caravus was there to help.
Caravus provided a competitive self-funded health insurance option as an alternative strategy. To the company's credit, they had forward-thinking leadership. While cautious, they were eager to try a different model that would provide claims transparency and the opportunity to save additional money. This would be essential in years when health plan utilization was lower.
We Made The Complex Simple
The Caravus team spent time educating management on an innovative self-funded model. They had further discussions on how wellness initiatives could provide long-term cost savings for the company, explaining how lower and better utilization of health plans could translate to increased savings.
Installing Caravus Connect streamlined benefits administration. Because the client has multiple locations, previous open enrollment periods involved time-consuming follow-up with employees to make benefit election changes. With this new program in place, communicating benefit plan designs and employee / employer contributions has never been easier. Connect is an easy-to-use platform that clearly communicates plan options and provides information to employees on what their costs are and what their employer is paying on their behalf. This has served to enhance the caring culture of the company.
How It's Going
Caravus Connect is not only helping our client better communicate with employees about their benefits, it will be used to complete the Affordable Care Act reporting in the coming year. This will be a major timesaver for management, as they did all the reporting themselves in the previous year. In the future, if the client uses Caravus Connect’s online enrollment tool to offer even more plan options to employees, it will be a breeze.
For more proof of the company’s commitment to wellness, you need to look no further than their CEO. He is leading by example, having just lost 30 pounds by participating in various health and wellness initiatives! (Although, as they say, “individual results may vary.”)
The CEO’s success story provided a great springboard to implement wellness initiatives, and we ran a biometric screening event this past year. We’ll soon be setting up a wellness fund to get even more wellness activities in place.