Why Partner with Novo Connection
Novo Connection is committed to simplifying the complexities of self-funding. Imagine having innovative data-driven solutions at your fingertips, offering unparalleled insight into plan performance and forecasting opportunities to save your plan money. Advisors can now deliver tailored, efficient, and cost-effective solutions while maximizing client satisfaction.
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When following plan recommendations, Novo Connection empowers plan sponsors to make the best financial decisions for their plan and members, ensuring regulatory compliance and limiting the risk of lawsuits against negligent fiduciaries.
Complete Insight with Data & Analytics
Transparency and independence are at the core of everything we do. Clients always have full visibility into revenue streams, contract terms, and plan components. Our proprietary software platform automatically scans your claims data and makes recommendations for cost savings for both medical procedures and expensive prescription drugs. We also do outreach to members to inform them of alternatives and work with doctors and providers to get those changes implemented, ensuring that plan sponsors are good fiduciaries of their plan.
No Hidden Fees
Unlike many competitors, we refuse to accept overrides or hidden revenue streams guaranteeing that we remain completely independent and there’s never misaligned financial incentives. We prioritize our client’s interest above all else. Many CFOs know exactly what it costs to run their business, yet few know exactly why they are paying so much to insure their employees. All our programs include our revolutionary and transparent proprietary reporting tools to show all costs, so decision makers can be completely informed and understand which metrics can be modified to maximize savings.
Breaking the Mold
Unlike typical analytics platforms that merely identify issues and tell you the “what”, our proprietary software examines every aspect through the lens of program management, offering actionable insights to give you the “why” and the ability to implement solutions giving you the “how”.
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We can help manage the program as much or as little as needed so that consultants can focus on expanding their book of business. Our solutions offer clarity and transparency, building a level of trust that our competitors can’t match. In a market often characterized by distrust, our focus on actionable data and comprehensive program management stands out, delivering outcomes that benefit both consultants and their clients.
Analytics, Insights, Recommendations,
& Engagement
Our proprietary platform provides insights and recommendations using groups' actual medical and Rx data to have the plan run more efficiently. Additionally, our in-house Service Team actively engages members through personalized proactive outreach, leveraging our proprietary data when it identifies potential solutions. These efforts result in a remarkable 400-500% increase in engagement with our point solutions.
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Our platform has integrated over two dozen A-rated stop-loss vendors, simplifying the process of comparing and shopping for the best quotes for your groups. You can expect precision underwriting at the best prices with our integrated data connections.
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Custom Program Building & Servicing
Our multi-vendor platform streamlines building self-funded plans, giving consultants more time and the flexibility to select from a pool of highly vetted vendors that seamlessly integrate with each other, to construct their program quickly.
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Lowest Net-Cost Rx
Our lowest Net-Cost formulary looks at overall drug prices and rebates and considers alternative options to drive down costs. The approved drug list on our Lowest Net-Cost formulary has more prescription drug options than a traditional formulary to allow for the greatest savings and the best clinical outcomes for patients.
Novo Connection's Offerings
Implementation
Our full-service Implementation Team takes the stress out of getting self-funded plans up and running. We’re known for ensuring a smooth and successful transition for groups moving from fully insured plans. Our Implementation Team takes care of everything from managing vendors & contracts, integrating program components including TPA, PBMs, and point solutions, as well as member communication and open enrollment meetings.
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Service Team
Paired with our Implementation Team, our Service Team steps in with ongoing support with your program. We can also dial up or dial down our service according to the needs and capabilities of your organization. They can handle everything from risk management, data analytics, quarterly reporting, financial analysis, and regulatory compliance.
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Underwriting
Novo Connection uses groups risk profiles to find a competitive stop-loss carrier to protect the employer group against higher-than-expected claims volume. Our underwriting services include risk assessment and placement, carrier negotiations, renewal modeling and projections, trend analysis, and COBRA and reserve analysis. Our comprehensive system is integrated with dozens of A-rated carriers and makes shopping and placing stop-loss a breeze for our advisor partners.
Get in Touch
For more information about our self-funded modeling and quoting program, fill out the form or call us at 866-750-6629.