July 14, 2015 – Washington – (BUSINESS WIRE)– Hager Strategic, a Washington DC-based Benefits, HR & Payroll administration consulting firm announced today its partnership with the Terry Group, a Chicago-based actuarial firm. With this new partnership, Hager significantly bolsters its services in the private healthcare exchange evaluation market. Employers seeking advice in assessing exchange provider solutions can now expect independent actuarially-based analysis and vetting of competing vendor proposals. “We can now better gauge each vendor’s projected savings by actuarially examining the underlying assumptions used to arrive at each source of such savings,” says Faisal Saleh, Principal, who along with firm founder Michael Hager, leads the firm’s advisory services to major corporations around the country.
Until now, the firms in the best position to perform actuarial analysis of exchange proposals were the same firms that also offered exchange solutions of their own. “Clients were coming to us and saying ‘we like our actuaries and consultants but we need an independent advisor to guide us through the confusing maze of exchange offerings and competing claims’,” explains Hager who, for the past 20 years, has been a trusted advisor to many Fortune 100 clients, and has also served as an expert witness and advisor in several well-known 401(k) legal proceedings. “Teaming up with the Terry Group allows us to provide best of class actuarially-grounded exchange evaluation and advisory services to clients interested in exploring private exchange solutions for their active populations.”
Evaluating private exchange proposals “is nothing like comparing administration vendors,” points out Saleh who spent over 40 years in the Health & Welfare benefits business and is considered an early pioneer in the benefits administration technology field. “While the administrative capabilities of the provider come into play, the key evaluation criteria center around the financial value proposition of each offering – the current and projected future impact on the client’s healthcare spending – as well as the impact on employees and their critical decisions related to their own healthcare options. There’s a lot of money at stake and so clients will want to work from a consistent and relevant basis for comparison and evaluation.”
Hager Strategic and the Terry Group have focused on developing the necessary actuarial tools and models to facilitate relevant exchange proposal evaluations. “Our models enable both relevant cost projections and expected employee impacts,” explains Tom Donlon, Principal with the Terry Group. “Our detailed employee by employee analysis provides insight into how the workforce may be affected by various exchange options.” This, according to Donlon, will help clients develop as complete an understanding as possible of both the implications of moving to an exchange solution as well as the similarities and differences among the solutions proposed by different providers.
“We are very excited about our partnership with Hager Strategic,” says Tom Terry, CEO and founder of the Terry Group. “It will allow us to better leverage our actuarial expertise with employers seeking to better understand and potentially enter this important and rapidly growing private healthcare exchange market. We wanted a strong advisory firm to work with and Hager Strategic was the obvious answer.”
The combined Hager Strategic-Terry Group exchange team has already been engaged by a number of clients. In addition, the Hager-Terry team has been interacting with key healthcare exchange providers so that RFPs can be shaped to accurately reflect the critical elements of each provider’s exchange approach, while also facilitating relevant comparisons from one approach to another. Donlon adds, “This sort of transparency is critical to both the client and the exchange providers. So in this way, we’re facilitating a win-win.”
About Hager Strategic
Since its founding in 1995, Hager Strategic has earned a reputation for independence and excellence. Our advisors have held senior positions in major provider firms and have managed HR, Benefits and Payroll services for large employers, bringing an average of twenty-five years of invaluable real-world experience to every client we serve. Given the depth of expertise and specialized resources Hager Strategic can marshal for its clients, the firm is unmatched in its ability to handle the most challenging and complex issues in HR and Employee Benefits Administration. Its slogan “We make your choices clear” summarizes its mission.
About The Terry Group
The Terry Group provides expert advice and analysis in healthcare, pensions and investments. The firm’s actuaries and PhDs bring extraordinary depth of experience to every client assignment and have an exceptional track record in advising the largest employers in the U.S.
Faisal Saleh, 202-747-7244
The Terry Group:
Tom Donlon, 312-574-1509