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Background
NBP was hired by two merging Fortune 500 companies. The combined
company currently has 32,000 active employees and over 20,000
retirees.
Challenges
The major challenge was the integration of two diverse management
approaches and styles. One company was very experienced in an
outsourced environment with the other company being totally
insourced and compartmentalized within its benefit department.
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Services
Provided
NBP was hired to provide consulting review of Health &
Welfare Outsourcing Services, Administration, Terms and Cost
of Services.
NBP was
also hired to obtain ancillary cost savings from current benefit
plan integration to provide bottom line ROI savings to cover
the cost of outsourcing Health & Welfare Administration.
In addition, NBP was hired to review their prescription drug
PBM program, and as a result renegotiated a reduction of over
$2M from fees and added additional services.
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Success
Story
NBP provided Health & Welfare Outsourcing consulting advisory
and negotiation services for the client and successfully reduced
vendor costs.
NBP also successfully negotiated ancillary services savings
of over $22M. This savings, while maintaining the same or higher
level of benefits, was utilized to offset the future Health
& Welfare Benefits Outsourcing Administration Cost. |
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