DCW Reduces Rhiel’s Premiums 14.8%
Since 1951, Rhiel Supply Co. understands that attracting and retaining a talented workforce is a vital part of running a successful business. To do that, a competitive wage and comprehensive benefit plan is necessary to attract top talent and ensure employee satisfaction and retention.
So when Rhiel’s health insurance premiums went up 19% in 2016, they contacted DCW Group. DCW spent the first year educating Rhiel management on what truly drives the rising cost of health insurance and how to tilt the scales in their favor.
In Year 2, after completing the third renewal cycle, DCW reduced Rhiel’s premiums by 14.8%, or by $16,000, on its 13-person medical plan. In addition, Rhiel was able to eliminate employee contributions and add several enhancements to the benefits plan.
In this edition of The New Benefits Blueprint, Bob Gearhart Jr. explains how DCW Group made that happen. Watch the video for more information and to download DCW’s e-book “Attract Top Talent & Retain Existing Staff: 10 Effective Methods Premier Manufacturers are Adopting.”
Bob Gearhart Jr. was named Rising Star in Advising by Employee Benefit Advisers magazine, a finalist for Broker of the Year by BenefitsPRO magazine, and has been awarded multiple awards by the Association for Insurance Leadership. He is a nationally recognized speaker on health care and employee benefits frequently appearing on radio, television, and in print to provide expert knowledge concerning the ever-changing landscape surrounding health care in America.
Gearhart also co-authored the Amazon best selling book “Breaking Through the Status Quo: How Companies Are Changing the Benefits Game to Help Their Employees and Boost Their Bottom Line.” In the book, Gearhart explains the power of data analytics to inform and guide decisions that can lower health-care costs in group health plans.
In his current role at DCW Group, he and his team relentlessly focus on delivering measurable, repeatable, and predictable reductions in health-care costs for their employer clients while simultaneously improving the benefits for their employees.
DCW Group is an employee benefits and business consulting firm with a goal of making its clients more profitable and productive at their core business, by improving the way they procure health care.
DCW accomplishes this by implementing strategies that create measurable, repeatable and predictable reductions in health-care costs for their employer clients while simultaneously improving the benefits for their employees. Understanding the business models of stakeholders within the health-care supply chain and employee benefits allows DCW Group to eliminate waste, provide transparency and return stakeholder profits to their clients.
Have employee benefits questions? Email Bob Gearhart Jr. at BobJr@dcwgrp.com.
Copyright 2020 The Business Journal, Youngstown, Ohio.