In offering a customizable benefit solution that provides health coverage when plan members travel outside of network, Cypress Benefit Administrators helped its clients save $48 million last year. This program resulted in discounted rates of more than 30% per quarter for self-funded plans.
APPLETON, Wis. (PRWEB) December 14, 2017 – A third party administrator (TPA) based in Wisconsin, Cypress Benefit Administrators announced that its self-funded client base saved a total of $48 million in one year with an add-on travel network solution.
The TPA partners with Zelis Healthcare to offer the National Access Program, which provides health care coverage when members are traveling outside of network. It resulted in an average annual discount of nearly 32% off care costs for Cypress clients.
This solution is one of many ways Cypress continues to focus on helping the self-funded health plans it administers achieve cost savings and incorporate flexible programs to customize employee benefits for varying work populations.
“Working with employers to build their health plans for the last 17 years, our TPA firm realizes how important it is to address out-of-network coverage needs,” said Tom Doney, president and CEO of Cypress. “With a benefit option like the travel network available, employees don’t have to worry about a gap in health coverage if they get sick or injured while away from home.”
The travel network solution Cypress has in place through Zelis provides plan members with seamless access to the most experienced local, regional and national networks throughout the United States. It also allows employers to customize coverage on a state-by-state basis and create personalized identification cards for users to present when care is required.
To help Cypress clients save money, there is no fee or prepayment associated with the National Access Program. It follows a pay-as-you-go structure, and charges are only applied if a member utilizes care.
The Cypress-administered self-funded plans that used this program in 2016 saved more than 30% by quarter. On top of a discount off the original price of care, Cypress’s partnership with Zelis ensures that the health claims incurred when using the travel network are thoroughly analyzed to identify any additional savings opportunities.
“One of the main ways we are able to uncover added savings for plans is through comprehensive health claim review,” Doney said. “The claims that come in through the travel network program are scrutinized just as carefully as all others.”
About Cypress Benefit Administrators
A privately held company headquartered in Appleton, Wis., Cypress Benefit Administrators has been pioneering the way toward cost containment in self-funded health benefits since 2000. The third party administrator (TPA) is the country’s first to bring claims administration, consumer driven health plans and proven cost control measures together into one package for companies ranging from 50 employees to thousands of employees. It serves employer-clients across the U.S. with additional locations in Portland, Ore., Omaha, Neb. and Denver, Col. For more information on Cypress and its customized employee benefits visit their website.