Employers and their employees deserve the best health outcomes and support, and brokers and Third-Party Administrators (TPAs) are integral to making this happen. Ensuring quality, efficient, and cost-effective health plan options for our shared clients begins with a strong working relationship between brokers and TPAs. Below are three important components of a successful partnership:
1. Meet each other where they are
At HealthComp, we largely work with brokers who know the self-insurance space. However, we love working with those who are just getting started with TPAs. For this to happen seamlessly, it’s important for brokers to be transparent about their backgrounds and for TPAs to have the ability to help bridge any gaps. The right TPA partner will help provide high-quality, flexible, and tailored options informed by the broker’s knowledge of the client’s needs.
2. Reporting capabilities are key
When brokers require information for clients, the reporting needed is often very specific and has a quick turnaround. It’s important for TPAs to be agile and accurate with their reporting to keep this relationship beneficial. TPAs will also want to make sure brokers know who their point person is and for both parties to nurture that relationship year-round. This cuts back on any unnecessary roadblocks and gets brokers to the source of information in a timely manner.
3. Work together to educate employers
TPAs and brokers should both work together to help employers understand their health plan options. An example of this is unbundling, which is a priority for many brokers working with self-insured clients. Being able to unbundle specific services helps ensure clients are getting the best options at the best price, along with the flexibility to pay for only the products they need to best support their employees.
Being able to take advantage of unbundling is just one of the many benefits of partnering with HealthComp. We value our ability to offer services that help clients to reduce costs, improve care, and simplify the member experience.
The ongoing complexity of health care combined with the continued rise of health care costs means that now, more than ever, employers are looking to their brokers and TPAs to help them find solutions. At HealthComp, we prioritize the continued investment in our services and offerings to ensure we are a strong and flexible partner to all.
-This information was derived from the 2022 SIIA conference, where Tom Martel (Chief Growth Officer) participated on the panel: TPAs & Brokers – It’s Complicated.