How is your company’s human resources team doing? There are times when a perfect storm comes along to make for a very challenging environment, such as the triple-whammy of economic uncertainty, a global pandemic, and a tight labor market all at the same time. Each element of this kind of perfect storm has a serious impact on your HR team. When they all happen simultaneously, your HR staff feel like they’re in a constant state of crisis management. This is not something they can sustain for long. The good news is that one of the important services LHD offers is client management, where your company is the client. LHD can significantly lighten the load for your HR team.
The LHD Vendor Management Process
At LHD, we offer a multi-step process for total vendor management. This will take a huge burden off the shoulders of your HR team so they can focus on other priorities. With LHD as your liaison with vendors, you can rely on our proactive team approach throughout the following process:
- Step 1 RFP: This is where we handle the all-important request for proposal piece of the puzzle to negotiate with vendors to obtain the most competitive annual renewal.
- Step 2 Implementation: In this step, we help administer the year’s benefit changes with the carrier and resolve any issues.
- Step 3 Contract Review: Too often, this essential step is overlooked. LHD will carefully review the quality and accuracy of all contracts.
- Step 4 Client Management: Here is where LHD helps with HR training, making any term and contact changes, and assists with managing payroll updates.
- Step 5 Benefit Administration: LHD’s benefit administration system simplifies onboarding, management, and renewal.
- Step 6 Customer Service: We offer ongoing customer services for claims, Rx, eligibility, or billing issues.
This page focuses on the fourth step of the vendor management process, which is Client Management.
The Changing Role of Benefit Advisors
Your company is undoubtedly already aware of how quickly the healthcare landscape changes, especially concerning employer-sponsored health care insurance and other health benefits. It’s simply impossible for your HR team to keep up with the rapid pace of change, and yet being both strategic and effective in keeping your company’s health benefits competitive and efficient is a must. It can feel like an impossibly tall order to manage to craft a health benefit plan that does right by current employees and is attractive to potential hires while at the same time doesn’t wreck the bottom line.
As the above goals have become increasingly difficult for any company to achieve on their own, the role of benefit advisors like LHD has expanded to fill in the expertise gaps and get the needed results. In the current context, a good benefits advisor should be more than the occasional consultant who helps with health plan renewal negotiations. If that’s all a benefits advisor does for a company, they will soon find themselves displaced by someone who can be an integral part of the company’s HR team.
One survey of more than 500 HR leaders noted that more than half (53%) said they were somewhat likely, very likely, or completely likely to switch to a new benefits professional for next year. That’s a significant churn in benefit advisors, consultants, and brokers. What’s driving companies to switch? Significant findings include the following:
● 34% face serious HR staff shortages.
● 38% want more communication, responsiveness, and proactivity from their benefits advisor.
● 32% said their benefits professional hasn’t helped figure out more mental health support.
● 30% said their benefits advisor hasn’t helped identify ways to support those with chronic illnesses.
● 49% noted their benefits advisor isn’t in touch with them frequently enough.
An employer who cares about helping their workforce become healthier, happier, and more productive knows a lot at stake. They need solutions, and the right benefits advisor should have them. LHD has built its reputation doing exactly that for more than two decades. Our client retention rate is 96%, and our net promoter score (NPS) is 92. Given the survey results mentioned above, these are significant achievements and a testament to our client-centered, results-oriented approach.
LHD: Your HR Partner for Better Benefits
Clearly, companies are looking for their health benefits advisor to be far more involved as an integral extension of the HR team. It’s driven by needs and conditions, and benefit advisors must step up and deliver. LHD is ready to help! Whether it’s specialized HR training, making term and contact changes, managing payroll updates, or any other HR pieces of the health benefits puzzle, let LHD shoulder a significant amount of the responsibility so your HR team can put more of their focus elsewhere. Our vendor and client management services are just two pieces of the puzzle. Learn more about how LHD can help your company affordably deliver better health benefits through the following:
If it’s time for your company to work with a health benefits advisor you can trust to get the results you need, then it’s time to contact LHD. We look forward to hearing from you through the Contact page of our website, by telephone at 371.751.7049, or by email at email@example.com.