Sola Launches Self-Funded Health Plans to Help Employers Save on Benefits

COLLINSVILLE, Conn., June 7, 2023 /PRNewswire/ -- Sola Health has launched a portfolio of self-funded health plans that deliver premium medical and pharmacy coverage at a lower cost. With these innovative plan designs, Sola is helping employers of all sizes break free from the skyrocketing premium and renewal costs commonly experienced with fully insured carriers.

"In the last 15 years, 82 percent of Fortune 500 companies ditched their insurance carriers," says Steve Palma, president of Sola. "Smaller employers are looking to follow suit. Fully insured models—and their relentless cost increases—are forcing employers to offload more financial burden onto their employees or reduce benefit offerings to compensate. Sola is changing that paradigm."

As part of the Goodroot community of companies, Sola is on a mission to address rising healthcare costs for employers and their people. Aside from zero-dollar renewals, Sola plans include proven, targeted solutions for high-cost medical and pharmacy claims—a true differentiator for employers in the self-funded market.

"Upon exploring self-funded plan options for our own company, it became clear that if we were going to provide best-in-class plans—with the desired cost structure, features and benefits—we would need to create them ourselves," says Goodroot CEO Mike Waterbury. "Self-funding isn't an overnight win for most groups. It is a long-term savings strategy, one that needs to be closely monitored. Interpreting data is key in order to adjust policies and strategies as trends are spotted. With Sola, we've built a team that understands these complexities and are making the solutions easy for groups to understand and implement."

From level-funded plans with major national carrier networks to more aggressive value-based pricing plans, Sola caters to varying degrees of self-funding experience. Their team guides groups new to self-funding through the transition, mitigating unseen risks and protecting businesses from potential high-cost claims and employee disruption.

And it's not just the employer who benefits from Sola Health. With the company's user-friendly mobile app—employees can easily manage their prescriptions, access digital ID cards, track deductibles and more. The Sola app also integrates benefit navigation, 24/7 free virtual care and hospital financial assistance applications to ensure employees have dozens of ways to save on healthcare. 

"Member experience is paramount for us," says Palma. "We're not your typical health plan provider and we don't want to be. Yes, the savings are tremendous, but the experience is too. Sola makes switching to self-funding easy—and less scary for employers. In addition, we do not believe in a 'set it and forget it until renewal season' approach to managing our clients' healthcare benefits. We monitor each group's data throughout the year and identify trends and solutions for improving outcomes and reducing costs."

While Sola serves groups of all sizes, their primary focus is on those with 25-200 employees. This segment is frequently underserved and often unaware that self-funding is a viable alternative to traditional healthcare funding methods.

solahealth.com 

About Goodroot 

Goodroot is a community of companies reinventing healthcare one system at a time. With a shared mission of increasing affordability and access in healthcare, Goodroot provides business infrastructure to help visionary healthcare professionals launch their own companies to fix chronic problems in the system. Goodroot's community, which includes AlignRx, Breez, CoeoRx, Emry Health, Nuwae, Penstock, RemedyOne and Sola — offer innovative services and strategic guidance for healthcare stakeholders such as employers, brokers, PBMs, health plans, third-party administrators, pharmaceutical manufacturers and hospitals. Goodroot was named a 2023 Top Impact Company by Real Leaders. goodrootinc.com 

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SOURCE Sola Health