Strategic Sourcing and Spend Management Services for Health Insurance Providers
Whether seeking service optimization, cost reduction or business model improvement, health insurance companies are recognizing substantial value from reducing operating costs and optimizing resources through strategic sourcing.
The health insurance industry is undergoing drastic changes due to the Affordable Care Act. Health insurance providers are required to operate more competitively than ever before–tasked with providing better care policies at affordable prices while maintaining market share. In this environment, health insurance companies once comfortable with their growth model, are now faced with the challenge to do more with far less overhead. To survive in this setting, processes must be optimized, resources should be utilized more efficiently, partner relationships must be enhanced, and supply chain value must be maximized across all levels of the organization.
Source One provides strategic sourcing services on unique spend categories to the health insurance industry. Over the years, we have provided key support to health insurance providers that have helped them address challenges with strategic solution implementation.
- High costs on claims recovery services
- Complex pricing models on wellness and fitness programs with low utilization levels
- Old and unmanaged relationships with professional services and management consulting firms
- Increasing costs in member maintenance
- Increased competition and uprising costs to achieve competitive advantage
- Increased regulatory & compliance requirements with growing costs on legal advice
- Lack of spend control and transparency
- Contract management and contracting process inconsistencies
- Ever-growing demand for IT solutions and systems within a heavily regulated industry
- SOURCE ONE’S SOLUTION
- Addressed through strategic sourcing services, evaluating “shared-recovery” pricing models, and identifying a provider’s position relative to the market
- Reconfigured through simplifying compensation and monthly facility visiting allowance structures
- Revitalized through supplier relationship management
- Amended through conducting a preliminary pricing review and diligent research process
- Considered by discovering a viable path to decrease the cost of member maintenance
- Addressed through a detailed knowledge of the spend category and marketplace
- Assessed through procurement transformation services
- Standardized through establishing agreements that deliver full transparency
- Combated through assessing potential supply bases and implementing best-in-class agreements
Source One’s team of spend management experts can assist health insurance providers with:
- Benchmarking services
- Procurement transformation services
- Contract negotiation and contract management services
- Spend analysis
- Tailored cost reduction and strategic sourcing strategies
- Research on pricing, supplier identification and best practices
- Full RFX management
- Development of best in class contracts and legal-review-ready documentation
- Implementation, auditing and compliance management
- Procurement and Sourcing Process Knowledge Transfer
Source One has successfully supported clients in the health insurance industry with specialty and heavily embedded spend categories that are unique to the health insurance environment. Categories include GRC (governance, risk and compliance), wellness and fitness programs, claims recovery services, internal and financial audits, professional services, management consulting, translation services, staffing, marketing and printing, and banking services.
See a small sampling of other categories that Source One has successfully sourced: >>Savings Categories.
Claims Recovery and Subrogation Management
A competitive and thorough claims recovery program and supplier is essential to the profitability of Health Insurance Carriers.
Many health insurance companies have already outsourced their claims recovery programs to third-party suppliers. However, it is difficult for a health insurance company to validate that they are getting the best price and the best possible recovery rate using only their own in-house market intelligence.
Source One can help. We’ve benchmarked and sourced the claims recovery and subrogation management services for several leading insurance companies. Our experts offer a unique approach to optimizing your claims and implementing best-in-class subrogation management providers and solutions.
Claims Recovery Services