PITTSBURGH, Jan. 25, 2013 /PRNewswire/ -- HealthCare Benefits, Inc., a nationally recognized leader in Disability & Life and Workplace Absence Management solutions, is now Sagewell Partners. The new name reflects the deep expertise and focus the company provides in this fast-growing segment of the Health & Welfare Benefits Consulting market, which is under intense scrutiny by many large companies as the overall financial impact of health care reform, changing workplace demographics, employee absence and disability continues to increase.
A company that has grown largely through client referrals, Sagewell is now reaching out to educate top executives on the impacts of escalating benefit costs, and deliver solutions for dramatically reducing such spending for the long-term.
"We have created a unique approach to design, implement and manage disability, life and workplace absence programs in a manner that immediately lowers overall benefit costs while improving productivity and employee satisfaction," said David Osterhaus, Sagewell's Chief Executive Officer. "Our technical expertise focuses on addressing the underlying problems related to design, funding, and pricing structure, as we aim to align benefit plans and pricing while optimizing spending for employers through alternative strategies beyond cost-shifting," added Osterhaus.
ADDRESSING THE RISING COST OF DISABILITY IN THE AGING AMERICAN WORKPLACE
Last year, the U.S. government reported that it paid more than $128 billion in insurance payments to more than 10 million disabled workers and their dependents. The disability benefits component of Social Security, at current funding levels, has a projected insolvency date considerably earlier than either Social Security Retirement or Medicare. The realities of disability incidence and duration, and the aging American labor market have given rise to a fast-growing, specialized consulting industry devoted to addressing this problem for employers.
Founded by a group of industry experts in 2006 as HealthCare Benefits, Inc., today Sagewell Partners has offices in Pittsburgh, Philadelphia, Harrisburg and Cleveland, and consults with nearly 200 clients in healthcare, education, financial services, technology, energy, retail and other market sectors. Sagewell is one of the fastest growing companies in the benefits consulting industries, with double-digit annual growth rates in excess of 24 percent.
THE TRUE COST OF WORKPLACE ABSENCE
The full cost of employee absence, including incidental unplanned and extended absence, is substantial, representing an equivalent of 35% of an employer's payroll costs. The cost associated with employee absence falls within three primary areas; direct costs; indirect costs; and administrative expenses. Yet too often, organizations do not measure the impact of absence, unscheduled and otherwise, fail to examine cost mitigation strategies, and risk non-compliance with various State and Federal regulations.
Sagewell Partners examines the reasons for underlying reasons for workplace absence and helps employers develop programs and incentives to promote optimal return to work, compliance, and productivity improvements. Often, a focus on a small segment of the workforce can yield significant savings for a company. For example, 10% of the workforce filing disability claims can drive up to 55% of an organization's total medical costs.
Nationally, Sagewell Partners focuses on disability, life and absence management, providing strategic insights and proven methodologies that produce immediate impact on cost savings, long-term cost reduction and enhanced employee satisfaction. In an era of large-scale benefits consulting and fees, Sagewell maintains a cost-neutral approach. Client engagements are structured with no upfront fees and payment is rendered only after delivering the agreed-upon results following a 60-day initial review or opportunity assessment of a client's direct spend on benefit costs with no disruption to the client's HR operations. Recently, Sagewell was acknowledged by industry analysts for its 95% retention rate of client engagements.
For more information on Sagewell Partners and the growing demand for disability, life and absence management solutions, visit sagewellpartners.com.
SOURCE Sagewell Partners