J.W. Terrill's staff of analytical consultants work in conjunction with vendors to obtain plan data in order to provide quarterly reporting. This service is dependent on the size of the group and the availability of data from the vendor, but can be very helpful to solidify the relationship between your group and JW Terrill as your exclusive benefits broker. Some of the information these reports help to illustrate are:
1-Educates Employer and establishes realistic expectations
2-Identifies opportunities to reduce plan liabilities by addressing a clients unique utilization patterns
3-Provides for best possible renewal results (i.e. allows for projections, underwriting reviews, vendors who receive a wealth of data rate more accurately, etc.)
4-Customized to meet specific clients needs
Also provided on an annual basis is a review of your group plan against other groups of your size, industry, and location to let you know how well your plan specifics stack up against the competition.
Other: can be used in conjunction with wellness campaigns to monitor specified program impacts, used in the development of budgeting, used to determine funding adequacy and viability of alternate funding options (i.e. self-funding, HRA's, HSA's, etc).
• Monthly Claims & Loss Ratios
• Service Utilization Patterns
• Large Claims & Rx Analysis