After talking with The Tyler (Grow Some Balls) Rose, Charlie was convinced he could achieve his goal of creating a better health plan — one his 150 employees deserved……………
ETEX Case Study
SOURCE: Health Rosetta – Dave Chase
ETEX is a one of the largest telecom co-ops located in Gilmer, Texas that provides internet, phone, and TV for more than 13,000 customers and numerous school districts in the northeast Texas region. Charlie Cano, CEO and general manager of ETEX, is an engineer by trade and was used to understanding how things work, but when it came to health insurance, he was baffled by hidden fees, high cost pharmaceuticals, and constant, opaque rate increases.
He found his way to Rachel Means, CEO of Employee Benefits Consulting, LLC (EBC), who took the time to answer all of Charlie’s questions, demonstrating transparency he had yet to experience from any other advisor. Rachel told Charlie about hidden commissions, fees, and other wasteful spending in his company’s plan. After talking with Rachael, Charlie was convinced he could achieve his goal of creating a better health plan — one his 150 employees deserved.
The first step was switching to a transparent pharmacy benefits manager (PBM). She pointed out the pain points in ETEX’s plan, much of which came from several high-cost member medications. She then gave him the tools to negotiate for lower prices for treatments and medication. They switched to a fiduciary PBM and sourced prescriptions from manufacturers and low-cost, local pharmacies. This slashed ETEX’s pharmacy costs by 50%, which had the added benefit of supporting the local community, and reduced per employee per year medical and prescription costs by $5,743 a year, since 2017.
