How Loop Helped Impact Infotech Lower Claims Ratio & Reduce Employee Health Benefits Costs
Learn how the CFO of Impact Infotech, a manufacturing company, could achieve significant cost savings while enhancing the quality of care for employees with Loop’s personalized approach to employee health benefits.
The CFO's primary objective was to ensure employee wellness while looking for options to reduce premium costs.
The aim was to increase benefits annually while keeping the average cost per person steady for the years to come.
Loop's intervention with medical experts has resulted in fewer hospitalizations. Offering online consultations for a wide range of illnesses helped reduce the number of claims. Ultimately, maintaining the average cost per life.
Cutting-edge solutions offer stakeholders immediate access to valuable insights, empowering them to prioritize the health and wellness of their employees while minimizing expenses.
Challenges
As the CFO, taking care of the employees' health and well-being was the topmost priority. To achieve this, the company had to explore multiple options to maintain employee benefits standards while also cutting down on premium expenses.
While reducing costs was important, the CFO was equally invested in increasing benefits annually. However, the challenge was to do so without increasing the average cost per life over the long term. This ensures that the company's budget remains predictable and manageable.
The ultimate aim was to provide top-notch health coverage to employees while also ensuring the organization's sustainability by managing costs effectively. That's when the CFO found Loop - a provider that prioritizes both goals seamlessly.
Solutions
Loop offers health insurance and added benefits like teleconsultations, making this a proactive solution to help reduce healthcare costs for companies.
By providing online consultations for a wide range of illnesses, employees can receive timely medical advice and treatment. This can help reduce the need for costly hospitalizations.
In addition to reducing hospitalizations, Loop's solution also helps lower the number of claims filed by employees, further reducing healthcare costs. It also provides convenience and flexibility for those who don’t have easy access to medical facilities.
This balance between high-quality healthcare services and reducing the cost of claims, ensure the long-term financial sustainability of the company.
Result
After implementing Loop's solutions, Impact Infotech was able to achieve significant improvements in their employee health benefits costs. Let's take a closer look at the results.
The Loop app allows employees to chat with a medical advisor, book lab tests, schedule online doctor consultations, and more.
Over 850+ employees downloaded the Loop app, which was an industry-leading adoption rate of about 90%.
Over 850+ employees downloaded the Loop app, which was an industry-leading adoption rate of about 90%.
There have been 6400+ clinical interactions over 2 years at Impact Infotech. Of this 4272 are medical advisor (MA) chats, 1617 online doctor consultations, and 540 lab test bookings.
Throughout the two years, the overall rating remained constant at a phenomenal 3.9/4.
From 2021-2022 to 2022-2023, Loop's doctors successfully reduced the claims occurrence percentage per life for various ailments. This led to a decrease in serious medical conditions.
- Diseases of the genitourinary system reduced from 0.70% to 0.62%
- Diseases of the respiratory system reduced from 2.99% to 0.28%
- Diseases of the nervous system reduced from 0.35% to 0.12%
The grand total of claims occurrence percentage from 21-22 to 22-23 has reduced from 14.35% to 10.92%.
For the claims services, the employee claims help-desk missed call rate is 0.01% (avg. 25 calls per month).
The Loop app has not only reduced the percentage of claims but has also saved more than the average cost of in-person consultations.
Another factor that enabled the CFO save money is the premium to claims outgo ratio.
Owing to Loop's employee health benefits services and interventions, the claims ratio has now fallen below 100%. This is an indicator of a significant improvement in claims management and cost control.
Despite a high claims ratio of 154% and an increase in lives by 30% in 2021-22, the premium per life increased marginally by 18.42% from 19,235 to 22,779. These figures demonstrate that the Loop team is skilled in negotiating better rates.
Over and above, significant time has also been freed up.
In addition to the cost and time saved, it was crucial to determine how Impact Infotech’s health benefits stacked up against their competitors.
Loop's benchmarking report tailored for CFOs addressed this. The report provided clear recommendations based on industry peers and relevant factors, empowering CFOs to gauge their position relative to competitors. With this insight, companies like Impact Infotech could enhance their health benefit offerings and improve employee retention rates.
Overall, Loop’s unique approach to healthcare offers CFOs valuable insights to effectively prioritize employee health and wellness while minimizing costs. This enables them to make informed decisions and optimize their healthcare spending to achieve the best outcomes for their employees and the business.
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CASE STUDY
How Loop Helped Impact Infotech Lower Claims Ratio & Reduce Employee Health Benefits Costs
Challenges
As the CFO, taking care of the employees' health and well-being was the topmost priority. To achieve this, the company had to explore multiple options to maintain employee benefits standards while also cutting down on premium expenses.
While reducing costs was important, the CFO was equally invested in increasing benefits annually. However, the challenge was to do so without increasing the average cost per life over the long term. This ensures that the company's budget remains predictable and manageable.
The ultimate aim was to provide top-notch health coverage to employees while also ensuring the organization's sustainability by managing costs effectively. That's when the CFO found Loop - a provider that prioritizes both goals seamlessly.
As the CFO, taking care of the employees' health and well-being was the topmost priority. To achieve this, the company had to explore multiple options to maintain employee benefits standards while also cutting down on premium expenses.
While reducing costs was important, the CFO was equally invested in increasing benefits annually. However, the challenge was to do so without increasing the average cost per life over the long term. This ensures that the company's budget remains predictable and manageable.
The ultimate aim was to provide top-notch health coverage to employees while also ensuring the organization's sustainability by managing costs effectively. That's when the CFO found Loop - a provider that prioritizes both goals seamlessly.
Building with Loop
Constant communication
Our customer success managers keep Brevistay’s team looped in constantly. From claims resolutions to new wellness offerings, Brevistay’s team is always in the know.
100% transparency
Whether it’s endorsements or CD balance, all transactions are 100% transparent. We meet regularly with Brevistay’s team to build a more detailed picture of month-on-month execution.
Round-the-clock support
24X7 services include claims support, doctor consultations, and customer support. Even during peak COVID-19 times, support was readily available at all times. No escalations were received.
Health care solutions
With discounts on lab tests, and regular wellness sessions that are tailored for the young workforce at Brevistay, our preventive care approach helps keep employees continually healthy.
Personalized wellness sessions
We allow teams to curate a personalized wellness calendar with top experts. The 30-minute highly interactive Q&A session on nutrition, a topic chosen by the employees, saw a 95% attendance including managers and co-founders.
Modern healthcare
for high power teams
Get an estimateResults With Loop
Here’s what the Brevistay folks have to say:
“If I have to describe our partnership with Loop, it’s very transparent. We know how much we’re paying and all price details are clear when we started as well. The best part - we’re not involved.
We know Loop’s team is there taking ownership of our group health insurance - which is great. It’s like we’re doing everything yet nothing. The entire process is well structured, and we get responses on time so it’s all smooth.”
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HRs and employees love Loop
Loop is very cordial, patiently dealing with every insurance query. They ensure we take appropriate action in time.
Loop’s thoughtful assistance, right from in-person to moral support, shows the depth and quality of the team's commitment to their clients.
It was great to have Loop Health with us for all our medical needs
The valuable insights you provided on healthcare benefits will be incredibly helpful for our employees, enabling them to fully understand and take advantage of the perks of endorsing with Loop.
One of the best features is the in-house team of doctors and specialists. Our employees love Loop’s wellness sessions, and health check-up camps.
Our association with Loop has been an excellent experience. Kudos to the claims team because the claims are settled very well. Our employees are very happy with the health checkup feature too.
The online consultation services provided to employees through the Loop app proved to be a life-changer. We have seen many of our employees have taken benefit of the service and it actually served as a big relief to us.
Please thank Dr. Amruta for making me feel alive, happy & hopeful again. After first day of meds, I experienced 70% of positive change''
The medical advisors and the consultations from the in-house doctors has been very helpful. They are very prompt in their communication and follow up.
Loop is very cordial, patiently dealing with every insurance query. They ensure we take appropriate action in time.
Loop’s thoughtful assistance, right from in-person to moral support, shows the depth and quality of the team's commitment to their clients.
It was great to have Loop Health with us for all our medical needs
The valuable insights you provided on healthcare benefits will be incredibly helpful for our employees, enabling them to fully understand and take advantage of the perks of endorsing with Loop.
One of the best features is the in-house team of doctors and specialists. Our employees love Loop’s wellness sessions, and health check-up camps.
Our association with Loop has been an excellent experience. Kudos to the claims team because the claims are settled very well. Our employees are very happy with the health checkup feature too.
The online consultation services provided to employees through the Loop app proved to be a life-changer. We have seen many of our employees have taken benefit of the service and it actually served as a big relief to us.
Please thank Dr. Amruta for making me feel alive, happy & hopeful again. After first day of meds, I experienced 70% of positive change''
The medical advisors and the consultations from the in-house doctors has been very helpful. They are very prompt in their communication and follow up.
Loop is very cordial, patiently dealing with every insurance query. They ensure we take appropriate action in time.
Loop’s thoughtful assistance, right from in-person to moral support, shows the depth and quality of the team's commitment to their clients.
It was great to have Loop Health with us for all our medical needs
The valuable insights you provided on healthcare benefits will be incredibly helpful for our employees, enabling them to fully understand and take advantage of the perks of endorsing with Loop.
One of the best features is the in-house team of doctors and specialists. Our employees love Loop’s wellness sessions, and health check-up camps.
Our association with Loop has been an excellent experience. Kudos to the claims team because the claims are settled very well. Our employees are very happy with the health checkup feature too.
The online consultation services provided to employees through the Loop app proved to be a life-changer. We have seen many of our employees have taken benefit of the service and it actually served as a big relief to us.
Please thank Dr. Amruta for making me feel alive, happy & hopeful again. After first day of meds, I experienced 70% of positive change''
The medical advisors and the consultations from the in-house doctors has been very helpful. They are very prompt in their communication and follow up.
"For my team, having Loop is like having a doctor in the family."
This year was especially tough, but now we have Loop helping our team.
We have had Loop as our insurance broker for last 2 years, our experience is very positive. From getting the best quotes to providing unique services via their mobile app to going the extra mile to deliver best services, they've helped us make things easy and convenient for our employees.
My employees no longer call me to ask about their policy because Loop takes care of everything.
Really nice doctors. Helpful in every situation. They do a follow up to check on you. Would definitely recommend.
Appreciate Loop’s speedy response and unwavering assistance. Truly setting the bar for healthcare services.
Seamless process with quick approvals - Loop provided fantastic service even in late hours.
"For my team, having Loop is like having a doctor in the family."
This year was especially tough, but now we have Loop helping our team.
We have had Loop as our insurance broker for last 2 years, our experience is very positive. From getting the best quotes to providing unique services via their mobile app to going the extra mile to deliver best services, they've helped us make things easy and convenient for our employees.
My employees no longer call me to ask about their policy because Loop takes care of everything.
Really nice doctors. Helpful in every situation. They do a follow up to check on you. Would definitely recommend.
Appreciate Loop’s speedy response and unwavering assistance. Truly setting the bar for healthcare services.
Seamless process with quick approvals - Loop provided fantastic service even in late hours.
"For my team, having Loop is like having a doctor in the family."
This year was especially tough, but now we have Loop helping our team.
We have had Loop as our insurance broker for last 2 years, our experience is very positive. From getting the best quotes to providing unique services via their mobile app to going the extra mile to deliver best services, they've helped us make things easy and convenient for our employees.
My employees no longer call me to ask about their policy because Loop takes care of everything.
Really nice doctors. Helpful in every situation. They do a follow up to check on you. Would definitely recommend.
Appreciate Loop’s speedy response and unwavering assistance. Truly setting the bar for healthcare services.
Seamless process with quick approvals - Loop provided fantastic service even in late hours.