Page 31 - Bird RFP Response_Burnham Benefits

Burnham Benefits Response to Bird
Request for Proposal for Benefits Broker

Services
4. How will you save our company money?

First and foremast we review all your benefit offerings and have a detailed discussion around
the overall program and yours short and long term goals. We then:
Identify viable solutions that reduce cost and enhance the benefits program
Provide the client with estimated savings for each proposed solution, as well as
recommendations
Savings opportunities and applicable solutions vary greatly amongst our clients, and we
strive to develop benefits programs tailored for each client

In addition, Burnham takes the following approach to enhance our clients’ benefits programs
and save them money from a plan performance and cost efficiency perspective. The core (or
essential) foundation of plan performance, utilization, and cost drivers is Burnham Analytics. We
call it the “Macro” view – this is key to ensure we have a clear understanding of the risk profile.
We can then drill down to a more “Micro” view to identify risk factors and develop action plans
to improve future results.

Burnham Analytics
Align the population into risk categories (risk stratification) to see how chronic

health conditions are driving cost
Forecast risk such as the probability of an emergency room and/or hospital
inpatient visit

Estimate future large claims and their impact on overall plan results–large claims
are the main driver of plan performance, so having this capability is considerable
in developing proactive strategies (cost avoidance)

Actuarial Models
Our team of seasoned underwriters and actuaries leverage tools and technology to
manage healthcare claim costs and risk proactively. Burnham continues to push the
boundaries to bring leading-edge applications to our clients who are looking to
effectively price and manage risk inside their health and welfare programs.

In addition to Burnham Analytics, Burnham partners with an actuarial firm that
specializes in building rating models called Claros Analytics, an innovative firm that
focuses on developing innovative actuarial applications for modeling and pricing risk for
healthcare services.

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