WellRithms Partners with Blackwell Captive Solutions to Deliver Enhanced Risk Management for Self-Insured Employers
WellRithms and Blackwell Captive Solutions, a leading provider of innovative captive solutions, have announced a strategic partnership designed to address one of the most pressing challenges for self-insured employers: the financial burden of high-cost medical claims.
By combining WellRithms’ cutting-edge medical bill review and repricing services with Blackwell’s advanced stop-loss captive solutions, the collaborative partnership offers a comprehensive approach to managing risk, reducing healthcare costs, and improving the financial sustainability of health plans.
Addressing the Challenges of High-Cost Claims
Self-insured companies are increasingly vulnerable to the growing costs of treating complex medical conditions like cancer, cardiovascular diseases, and neonatal care. These high-risk conditions result in medical claims that can quickly escalate into millions of dollars, threatening the financial viability of health plans. The WellRithms and Blackwell partnership is focused on mitigating this risk by delivering a more effective, financially sustainable solution for employers facing these challenges.
Blackwell Captive Solutions’ three-layered stop-loss model provides an additional $250,000 layer of protection above the employer’s specific deductible, helping shield them from the financial impact of costly claims. When paired with WellRithms’ precise medical bill review and repricing processes, employers gain a robust, multi-faceted risk management system designed to reduce overall healthcare spending.
WellRithms’ Precision in Medical Bill Review
A core value of the partnership value is WellRithms’ advanced medical bill review technology. Using sophisticated repricing algorithms, technology and a team of experienced physicians and surgeons, WellRithms scrutinizes medical bills to identify, and eliminate excessive or illegitimate charges. On average, this process reduces hospital and physician bills by 72%, resulting in significant savings for health plans.
Additionally, WellRithms’ payment integrity services ensure that claims are defensibly repriced. Combined with WellRithms Shield Indemnification, the company’s services protect employers
from balance billing and legal disputes. This means that employers not only save money up front but also enjoy long-term protection against overpayment pressures and collections.
A Comprehensive Solution for Self-Insured Employers
This collaboration represents more than just a cost-savings initiative—it’s a comprehensive solution that empowers employers to take greater control over their healthcare spending. The partnership creates an unprecedented value proposition by potentially returning premium surplus to clients at the end of the plan year, helping them reinvest those savings back into their organizations.
By leveraging both companies’ unique strengths, the partnership provides brokers, TPAs, consultants, and other stakeholders in the self-insured community with a highly competitive solution in the rapidly expanding stop-loss group captive market. This joint effort also sets the stage for future marketing opportunities and positions both companies as leaders in the industry.
Looking Ahead: Industry Impact
As part of their ongoing efforts to engage the marketplace, leaders from WellRithms and Blackwell will be sharing their insights on the future of captive solutions at the upcoming SIIA National Conference, September 24, 2024, from 10:15 AM to 11:30 AM MST. The session, Partnering with Stop-Loss Group Captive Programs – A Business Development Primer, will feature Anna Quarum, president, WellRithms and Kari L. Niblack, Esq., president, Blackwell, along with other industry experts, discussing strategies for partnering with captive solutions to help employers manage high-cost claims.
This partnership exemplifies the WellRithms commitment to forging innovative collaborations that deliver real value to self-insured employers. By working together, WellRithms and Blackwell are helping to level the playing field between healthcare purchasers and providers, ultimately improving outcomes for employers and their employees.
For more information, read the full press release here.
Stay Connected
To join both companies for a complimentary webinar on protecting your health plan from high-cost claims, Register here.
For more information on how WellRithms can help you reduce inflated healthcare costs, contact info@wellrithms.com.
To schedule a meeting during the SIIA National Conference, please contact Bill Mattecheck at bmattecheck@wellrithms.com.
