Under Virtue Health, the city of Corbin, Kentucky, was not only able to reduce their municipality’s yearly health plan spend, they also received a surplus check at year’s end. The total savings over the first two years totaled more than $400,000.
Challenge
A small city paid nearly $600,000 on health care benefits for its 100 employees through its fully-insured health care plan each year. Although we frequently discussed switching plans, leadership hesitated at the idea.
Solution
After the initial cost modeling revealed their fully-insured plan locked them into expensive price increases every year, they agreed to transition into a partially self-funded plan with the flexibility of a value-based insurance design.
Outcome
The city has saved more than $400,000 over the last two years while eliminating co-pays for prescription maintenance medications and slashing max out-of-pocket expenses for the employees by 45%.
Virtue Health Can Empower You
Experience For Yourself
Our group purchasing consortium enables companies, whether they have 50 or 500+ employees, to provide an exceptional experience for their staff, while also delivering significant financial benefits to their business.