Our Process

Gap Analysis

After reviewing the necessary information in the discovery phase, we will conduct an in-depth analysis of your overall benefits and retirement offerings and make recommendations based on our findings.As part of this gap analysis, we produce a report using our Benchmark Reporting tool. Using this tool, which contains data from several leading employee benefits surveys, including those from Kaiser Family Foundation, Hay Group and Towers Watson, we are able to produce comparative reports that include information on industry, employer size, region, plan design specifications and contribution levels. Reports are available for over 30 types of benefit plans, including group medical, retirement, dental, vision, life insurance, disability, long-term care and accident insurance. For more information, please refer to the sample report provided in the appendix section.
We will also conduct a complete review of your 401(k) plan using the proprietary Benefits Partners 401(k) Compass tool. Using this tool, we will:

  • Perform a vendor benchmarking and analysis service to make sure that your current plan provider is the most appropriate one available for your current situation
  • Evaluate the investment options that are currently available to your employees using advanced techniques that were previously available only to institutional clients, recommending changes where appropriate
  • Help you form and manage an investment committee when appropriate
  • Educate you on your compliance and fiduciary responsibilities
  • Help you manage fiduciary liability going forward

Ultimately, we will help you determine what is important to the success of your plan, assist you in setting appropriate goals and help you achieve those goals. For more information, see the sample report in the appendix section.In addition, we can provide detailed analysis in specific areas, including in-depth claims analysis and predictive modeling, and network analysis. More information on these services is provided below, with sample reports included in the appendix.

Claims Analysis and Predictive Modeling

Through Benefits Partners, we have access to some of the leading medical data reporting and analytics solutions. Using these tools, we can rapidly integrate all of a population’s eligibility, medical claims, pharmacy claims, health risk assessment and case management data, and then apply a wide range of medical rules to predict individual and aggregate risk in that population. Through the use of intensive data mining and predictive modeling techniques, Benefits Partners’ claims analysis tool automates the analytical process, enabling its clients to make medical management and financial decisions in a more effective and timely manner.

Network Analysis

Health care quality transparency continues to emerge as an important element in strategically managing health care cost increases. Using tools provided by Benefits Partners, we are able to meet the changing demands of the health care selection and plan design process by providing a comprehensive software solution that allows us to analyze carrier networks using both access and quality information, allowing us to help you:

  • Make  informed decisions about provider cost, quality and access
  • Compare networks on an apples-to-apples basis
  • Request the right information from health plans
  • Identify gaps in your network
  • Negotiate better health care contracts