Oswald Saves Manufacturer Money, Lowers Premiums: A Case Study
Problem
A large, global manufacturer had been working with a broker who did not monitor the company’s ongoing risk. The client was led to believe the health insurance plan would have a modest cost increase of 5% at renewal, when in fact, it turned out to be 27% when all claims, stop loss, and laser liability were calculated.
The company switched its brokering business to Oswald.
Solution
Oswald conducted a detailed benefit program review and market evaluation to impact costs as soon as possible. Oswald implemented a tailored solution focused on a transparent Pharmacy Benefits Manager model integrated with specialty pharmacy carve-out.
Result
In the first six months after implementation, a change in specialty prescription services resulted in $276,000 in direct savings through alternative funding.
Additional savings were generated through transparent National Average Drug Acquisition Cost (NADAC) pricing. At renewal, the stop loss contract was reworked to eliminate $800,000 of laser liability, and a 6.2% renewal premium decrease was negotiated.
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