“Would we save money by moving to private Health Insurance Exchange (HIX)?”
Setting up a Private Health Insurance Exchange (HIX) is an alluring concept. When setup successfully, these HIX programs can offer significant savings by leveraging:
High performing networks with greater discounts
Multiple carrier optimization
Enhanced employee wellness
Employee buy downs
However, private HIXs also come with risks. Your expected results may be vastly different than an idealized scenario. Before you invest in a private HIX or start evaluating providers, we strongly recommend you have us conduct a HIX Feasibility Analysis to understand the full scope of costs, risks and long-term sustainability of the program.
If your HIX is deemed viable, that’s when it becomes appropriate timing to send out RFPs and conduct a formal provider evaluation process.
In addition to private HIX evaluations, you may also be interested in looking at our Medicare Exchange evaluation methodology.