Novo Connection Fiduciary Responsibility
Keep Your Team and Health Plan Safe
Recent lawsuits have affirmed that employers are the sole fiduciary of their health plan. They can no longer rely on brokers or vendors to shield them from liability and ERISA compliance.
That means employers must demand transparency, keep costs in check, and make choices with employees’ best interest in mind.
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ERISA enforcement is increasing yet many HR and finance teams are struggling to hold their vendors—like pharmacy benefit managers (PBMs), third-party administrators (TPAs), and insurance networks, accountable for high drug and medical costs.
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Novo Connection is the Solution.
Lack of Transparency Is Risky:
Ignorance of “hidden fees” is no longer a defense.
Employers are being sued for not understanding and not questioning opaque pricing, rebates, or compensation structures tied to PBMs, hospitals, and service providers.
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With Novo Connection you have complete transparency into all plan costs complete with insights and recommendations to get the best benefits at the best price.
Accountability Matters: Plan Sponsors Must Monitor Service Providers
There is a growing legal expectation that employers actively monitor performance, fees, and practices of vendors such as TPAs and PBMs. Failure to do so can be seen as a breach of fiduciary duty.
Novo Connection Holds Prescription Benefit Managers and Networks to Standards with Advanced Market Checks 
Our approach focuses on making sure Prescription Benefit Managers and Network Carriers follow their contracts and charge fair prices. Novo Connection's platform helps you track and analyze your Rx and Medical plans in real time, so you can spot any issues or wasted costs.
Our Rx Market Checks can:
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Identify expensive prescriptions and provide solutions to lower the cost
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Find safe, low-cost alternatives to high-cost medicines​
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Spotting big price differences and implement solutions that affect plan spend the most ​
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Monitor plan performance and make sure vendor contract promises are being met
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Finding ways to improve your contracts to save money ​
Our Medical Market Checks can:
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Show where your money is going. Down to each doctor, patient, and medical bill
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Help make quick changes to keep spending under control
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Explain how members are using the plan and share ways to save money
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Forecast solutions to help your plan work better
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Give clear advice about special drug codes, correct payments, and Medicare prices​
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Finding ways to improve your contracts to save money
Documentation Is Key
Employers must document how decisions are made, show that they benchmark fees, and prove that vendors are selected with prudence and held accountable to pricing guidelines.
Find Alternatives
Avoid Legal Trouble Before it Happens
Novo Connection has always offered compliant and transparent program options – from off the shelf programs, to fully customizable self-funded solutions.​
Paired with the capabilities of the Novo Connection platform, our sister company Apta Health offers turnkey, self-funded solutions that have proven to have an increase in member engagement and drive down both medical and Rx costs. Apta Health offers a Cash-Centric program that pre-negotiates procedure prices before they happen - eliminating balanced billing and unethical pricing before the member walks through the door for their appointment. Ensuring plan sponsors comply with fiduciary responsibilities.​
Our team personally reaches out to members who would benefit the most from each of our programs. This leads to a 400-500% increase in engagement with our solutions.
Switching to Novo Connection
Navigating Fiduciary Compliance with Confidence
The days of using the same old benefit plans are gone. With our smart technology, plan sponsors can choose the right benefits confidently, making sure they stay compliant and put their members’ health first.​ By using our Medical and Rx Market Checks, you can be sure your plan offers the best benefits at fair prices. Novo Connection helps reduce risk and makes choosing benefits easier.
