By Mercer Consulting Firm
Mercer is recognized as the worlds largest human resources, employee rewards and benefits consulting firm. They work with clients in all industries and of all sizes, from the world’s largest global companies to organizations more modest in size. Because Mercer is the largest health and benefit consulting firm in the world, they are able to leverage their carrier relationships to negotiate the best financial arrangement for their clients. Mercers resources and actuarial/underwriting tools enable them to understand the reasons behind the clients pricing and negotiate a better deal.
Mercers benchmarking resources are an important tool that allow their clients to quantifiably measure their plan costs, plan designs and employee contributions against an appropriate group of peer organizations. Based on industry and market experience, Mercer recommends that employers evaluate and benchmark benefit plans as compared to the employer peers to ensure that the employer is offering competitive benefits at competitive costs for employees.
Specifically with regard to NMSU, Mercer recommends that NMSU fully evaluate and underwrite the cost difference of NMSU being part of the State Plan versus being self-funded. There could be additional cost savings for NMSU by being on a self-funded plan which could be passed through to employees in the form of benefits and/or contributions. It is also important to evaluate the different carriers that provide claim administration, network discounts, network access, and medical management programs to ensure that NMSU is receiving the best discounts available (based on where our employees are located), in addition to finding the best medical management/wellness programs (to assist in controlling the claim dollar), and the most competitive administrative costs for providing these services.
Through marketing of NMSUs medical and dental programs on a stand-alone basis, Mercer will be able to assist NMSU in determining the best arrangement for NMSU administration and employees.