Since 2021, GBQ and The Siekmann Company have worked together to empower the growth of our region’s business community through further integration of business planning and consulting capabilities. Rooted in a combined mission of empowering the growth of our people, our communities, and our client’s businesses, this partnership allows clients to receive exceptional accounting, tax, and consulting services while also providing them with access to a leading provider of retirement and employee benefit plans. Read more about GBQ’s partnerships.
A Case Study In Healthcare Savings
For more than four years, a beloved regional cafe faced significant challenges in managing health insurance costs for its diverse and widespread workforce. With employees scattered across multiple states and several dealing with chronic conditions requiring high-cost medications, the financial strain was palpable. Each insurance renewal brought new hurdles, from adverse selection to low participation rates, making it increasingly difficult to provide affordable and comprehensive health coverage.
Determined to find a solution, café management partnered with The Siekmann Company in search of a solution that would alleviate the burden of rising health insurance expenses. This case study explores how The Siekmann Company’s tailored approach not only helped the employer realize significant cost savings but also ensured that everyone received the care they needed.
Breaking The Cycle
With more than 50 employees across four states, the cafe had relied on large national carriers for their health insurance needs for years. Before long, the business faced annual renewal increases of more than 20 percent, with limited options to contain costs or improve care quality. Furthermore, as plan designs deteriorated, employees began to drop off the plan, leading to adverse selection. This situation was exacerbated by multiple employees reaching their out-of-pocket maximums due to high prescription costs. The business was in a vicious cycle of declining benefits and escalating costs.
The Proposed Solution
Recognizing the need for a sustainable solution, the business partnered with The Siekmann Company and First Primary Care, a provider of employer-sponsored medical plans that incorporate concierge medicine and innovative claims payment strategies to reduce costs and support employees in making informed healthcare decisions. The program also provides proprietary solutions to source expensive medications, which eliminates deferred care and helps employees manage chronic conditions. Members can continue using their current doctors or access a primary care physician assigned to the plan. Above all, engaged employees can expect low to no out-of-pocket costs for their healthcare expenses.
Incredible Results
Total premium was reduced by $93,000 (-34 percent), and deductibles were eliminated. Employees struggling with high-cost medications received ongoing support to reduce costs and streamline the procurement process. The cafe reinvested the savings into the employee share of the premium, allowing eight additional employees to enroll in coverage — a 44 percent increase in participation. Employees who historically lacked access to a Primary Care doctor now have ongoing engagement with a PCP.
All this to say, if your business is facing similar challenges, consider reaching out to The Siekmann Company to find out if you could yield similar (or greater) savings.
For more information, visit siekmannco.com. Or, reach out to your GBQ advisor.
