Years of Experience in Serving the Healthcare Businesses
As seasoned actuarial professionals with years of experience serving health care businesses around the country, Wakely Consulting Group actuaries understand both the “macro” goals of your health care business and the dynamics behind its day-to-day operations.
This expertise enables us to work with virtually any or all areas within your organizational infrastructure:
- As consulting actuaries, we work closely with executive management (CEO, CFO and Department Heads) to ensure that its mission and objectives will be implemented on a sound financial basis and provide a good return on equity.
- Our relationships with key insurance players allow us to smoothly and quickly convert your corporate ideas into realities.
- Because we understand the importance of product differentiation and strategic pricing, our pricing models are customized based on your company’s unique situation. We don’t subscribe to theoretical “black box” pricing models that result in meaningless output.
- Comprehensive competitor analyses and realistic target premium rates are used to identify pricing assumptions regarding benefits, utilization and fees that will support a competitive and profitable product within the health care marketplace.
Our consultants are available to work with you in a manner that’s both cost and time-effective:
- If your company does not have an in-house actuarial department, Wakely Consulting can provide full actuarial services without costly overhead.
- If your company already has an existing actuarial staff, we can provide expert resources to thread you through new terrain and/or give you the competent resources you need to complete that “must have now” project.
- Although some companies take it for granted, we strongly emphasize that proper underwriting, before the business is put on your books, can greatly determine if you experience an underwriting gain or loss. Wakely Consulting can review your current underwriting procedures, quickly determine if your practices are properly protecting your company from adverse selection, and recommend necessary changes.
- Each state has its own “maze” of insurance laws with respect to underwriting health insurance business. Let Wakely Consulting help you plow through those laws and regulations to make sure you are within legal bounds.
Administration and Information Systems
- Today’s environment demands that you capture detailed data on your business. Critical for day-to-day administrative functions such as streamlined premiums collection and claims processing, accurate data also provides the foundation for sound strategic decisions to keep your company on a profitable path. Wakely Consulting actuaries can work closely with your administrative and IS staffs to ensure that the proper data elements are identified, captured and provided in meaningful reports.