BlogsCase Study: Wellness Pays Off
November 8, 2016, by Ryan Miller
At Centennial, we service our clients year-round by working with them to systematically plan for the future.
We work with a wide variety of businesses ranging from venture-backed startups to established multi-generation family businesses. No matter what stage a company is at, we help them design plans that attract and retain employees, reduce administrative costs and foster employee loyalty.
So, who is Centennial for?
Centennial is for employers who desire strategy and innovation to control costs. Centennial is for the employees who are waiting to further understand and see value in their benefits. Centennial is for HR Directors who need competent, reliable help and resources to solve problems quickly. Centennial is for CFOs who want creative financial choices, and the ability to measure their results.
We believe in providing the best possible outcomes for our clients. However, don’t take our word for it; take a look at several real world results that we achieved for our customers.
After a large renewal increase in 2012, Company 1 faced a 35% increase in their medical plan rates with Anthem. The overall population of Company 1’s workforce was older and considered “unhealthy,” meaning they went to the doctors often. There was no wellness plan set in place at the time and the high cost individual claimants were only get higher.
There was little to no outward facing materials from the group promoting company interest in employee well-being. Low levels of communication eventually led to a low value perception of the benefits by employees.
Centennial implemented a strategic Wellness Program aimed at lowering healthcare costs and improving the productivity of Company 1’s employees. Employee materials were created by Centennial in order to educate and further inform the employee population on their employee benefits as well as the incentives which would now follow with the wellness plan rolling out.
Through the use of biometric testing, individualized health coaching, and a personal wellness profile with a financial incentive, there has been year over year success. This information has been valuable in conversations with the carriers each year when negotiating renewal increases.
Since 2012 Centennial continues to negotiate with Company 1’s medical carriers which has ultimately led to a 47.43% savings in medical expenses in the last four years.
As a result of employee engagement in the company’s wellness plan 27% of participants lost 5% or more of their weight, 15.9% of participants moved from coached to met, 40.9% of participants reduced their bio- metric risk count, and 55% of smoking participants quit smoking.