“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, having a private HIX 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.