MedBen continues to offer alternative reimbursement strategies that offer the same access to quality care as PPOs, but with even greater savings. And our latest strategy has proven to reduce medical spend in a big way – saving employers, on average, nearly 70% on their claim costs.
Fair Market Pricing uses annualized market data from millions of claims processed across the country to determine the right payment for billed services. Our method incorporates geographic and provider-specific benchmarks to deliver proper provider fees and maximum saving results with minimum noise.
Since 2019, Fair Market Pricing has saved self-funded employers an average of 67% on their claim costs. In 2022 alone, the average per-claim savings was 69%.
Most provider payment questions are resolved with no further action. But should a provider have questions or file an appeal, our payment recommendations can be readily supported, and payment negotiations will be conducted when appropriate. The average appeals rate was only 0.48% in 2022, with a 100% resolution rate.
There’s a lot more we could tell you about the advantages of Fair Marketing Pricing, and we’d welcome the opportunity to do so. Just contact your broker or call MedBen at 888-627-8683.