“How Much Do You Charge?” is a question that invariably enters the conversation when meeting a prospective client for the first time. So in 2014 we published our fee schedule for all to see and marvel.
Below you will find our 2024 Consulting Fee Schedule:
NOTE: Size of group has no effect on fees to be charged. The work is the same regardless of size. Our clients range in size from 100 to 5,000 lives.
☐ Tier 1 Services – $2,500 (Shared in part with Uncle Sam)
Designed for those plan sponsors who want an independent review of contracts to identify potential liabilities with remedies. This is an important first step in proper risk management evaluation.
“We review tens of thousands of plan documents per year; the bottom line is that roughly a third of these plan documents aren’t in legal compliance and over 80% need some serious cost containment language in order to keep the self-funded plan one claim away from blowing up. Why is that? Is it laziness, ignorance, or are all these rules just complicated when it comes to health benefits? “
– Adam Russo, Attorney
☐ Tier 2 Services – $12,500 (Shared in part with Uncle Sam)
Financial review with forecasting including actuary analysis. This critical element forms the foundation upon which comprehensive risk management services are based within the industry. Without an actuarial analysis a plan sponsor cannot be certain recommended risk management strategies will produce anticipated results.
“Acturial attention is directed to the following areas: (1) The benefit structure should be sound, (2) The contributions levels should be reasonable and adequate, (3) Adequate reserves should be calculated and maintained, (4) The level of self-funding should be reasonable when tested against risk theory.”
The role of the actuary is not promotional nor adversarial. Rather, the actuary is a presenter of facts. The facts are that self-funding financial outcomes will vary from year to year due to (1) Judgement errors, (2) secular trends, and (3) Random statistical fluctuations.”
– Carlton Harker, Society of Actuaries
☐ Tier 3 Services – $35,000 (Shared in part with Uncle Sam)
On-going risk management support intended to assist the plan sponsor towards full compliance of mutually shared fiduciary duties.
“All benefits leaders and their consultants should be overhauling how they manage care and cost, or risk the consequences. It’s particularly notable that the Department of Labor is now arguing that fiduciary dereliction in health benefits is rampant “
– Brian Klepper
ADDITIONAL SERVICE OPTIONS
☐ Focus Group Study – $10,000 (Shared in part with Uncle Sam)
Designed for a benefit decision process reliant upon input from plan members. This is typically a method employed by school districts whose decision making process includes plan member input.
“A focus group is a research method that brings together a small group of people to answer questions in a moderated setting. The group is chosen due to predefined demographic traits, and the questions are designed to shed light on a topic of interest. – Tegan George
☐ Performance Based At-Risk-Fee Structure (Profits shared in part with Uncle Sam, Loses shared with no one)
Fees are contingent upon achieving pre-defined goals and can be a tiered flat fee schedule per goal attained or a percentage of plan savings.
“Performance-based payment structures reward consultants for their results, rather than their input or time spent working on a project. Consultants who use this type of payment structure are incentivized to achieve measurable results that benefit the client” – Consulting Mavericks
RISKMANAGERS BUSINESS STATEMENT
The shared vision of RiskManagers.us and clients who retain our services is to establish and maintain a comprehensive employee health and welfare plan, identify cost areas that may be improved without cost shifting to any significant degree, and ensure a superior and sustained partnership with a claim administrator responsive to members needs on a level consistent with prudent business practices.
Plan costs, in all areas including fixed expenses and claims are open for review on a continuing basis. Cost effective plan administration and equitable benefit payment to providers are paramount to fulfilling our mutual fiduciary duties. As we proactively monitor and manage an entire benefit program we are open to any suggestions members may make or the dynamic health benefit market may warrant in order to accomplish these goals.
Duty of loyalty to our clients, transparency and accountability are essential to the foundation of our services. To that end, we expect our clients to realize a substantial savings based upon the services that we will deliver.
RiskManagers.us – Strafford, Texas – RiskManager@RiskManagers.us
