Negotiating and Managing Contracts
When negotiating medical contracts, we take a strategic, data-driven approach that leverages both our financial modeling capabilities and underwriting experience. Our goal is to secure the best possible outcomes for our clients, balancing cost and plan integrity.
Yates will begin the renewal process with a financial analysis that will help us develop a financial projection and determine our targets. This is based on cost drivers and utilization.
Financial Analysis
Leverage Underwriting Experience
The Yates team’s carrier and underwriting experience plays a critical role in negotiating contracts that are financially sound and tailored to your unique needs. We draw on our experience working with insurance carriers to evaluate risk.
Using the insights gained from our financial models and underwriting expertise, we work with the with insurance carriers to negotiate your contracts based on our analysis helping us secure favorable renewals and the best possible deal for you. Our ability to understand the carrier’s underwriting practices allows us to negotiate in a way that gets us the best possible contract terms. As part of the negotiation process, we also focus on the overall plan design and how it impacts the cost. We will have up front discussions to determine whether plan design adjustments need to be made as a strategy to manage plan utilization or to reduce premiums. Additionally, we explore cost-containment strategies like wellness initiatives, care management programs, and disease management services. Rate caps or guarantees for Medical can be valuable in budgeting in planning for future years and create stability for employees. However, for pharmacy contracts we recommend a one-year contract. Pharmacy and drug trends are changing rapidly and a multi-year agreement may lock you into pricing or terms that no longer align with the current industry changes.
Negotiate
Evaluate Plan Design & Cost Containment Strategies
Durational Approach
5
42
Made with FlippingBook - professional solution for displaying marketing and sales documents online