The effectiveness of various RBP vendors was contingent upon the bank’s partnership with their TPA. As they sought to change TPAs, the bank aimed to explore new, more transparent RBP partners.
Our RBP model enables transparent management of healthcare costs, error rectification, and fair repricing of medical bills based on Medicare rates, providing the bank with increased flexibility in balance management and plan adjustments.
Sunwest Bank faces the challenge of aligning its innovative and entrepreneurial approach with an efficient healthcare plan. Previous experiences with reference-based pricing (RBP) vendors were heavily influenced by the relationship with their third-party administrator (TPA). Looking to change their TPA and the need for a cohesive and streamlined strategy, Sunwest Bank began exploring alternative RBP partners.
AMPS became an ideal partner for Sunwest Bank because of our transparency, user-friendly reporting, and strong collaborative relationship with the bank’s TPA. Through our RBP model, common errors in medical bills were rectified. Claims were repriced fairly at a percentage of Medicare rates, resulting in low balance bills.
Since partnering with AMPS in 2021, Sunwest Bank has seen significant changes in their healthcare expenses. The initial billed charges in 2022 amounted to $1,557,564. AMPS reduced these charges through strategic negotiations, resulting in an adjusted amount of $350,337—an impressive 77.5% discount through RBP. This reduction equates to substantial savings totaling $1,207,227. By implementing AMPS’ RBP model, Sunwest Bank has streamlined its processes. The bank now benefits from improved reporting for accruals and financial planning, enabling them to qualify for GAAP compliance. This qualification allows the bank to maintain a higher-than-normal balance and make more frequent adjustments based on plan performance and balance bills. Partnering with AMPS has simplified the intricate nature of RBP models for the bank, resulting in increased employee satisfaction with their benefits.
"AMPS has made RBP simple. When things are simple, my staff is happier, and my employees feel better using their benefits."
