Frequently Asked Questions
What does an organization need to provide CareBOND Advanced Funding to receive a proposal?
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Authorization and directive to the plan payer for 100% data collection/interface
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Minimum Data: previous three years of Health Care costs
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The average number of employees in each year
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A Mutual Confidentiality Agreement
How is the CareBond Advanced Funding program implemented?
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Analysis of claims data & vendor mapping
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Review of current benefit costs
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Review of previous three years of utilization history
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Interview designated senior executives to gain perspective of the goals and objectives of projected costs and savings
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Itemization of projected costs and savings
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Summary of results and savings presented to executive group
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Underwriting -
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Develop and review the implementation plan
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Assist with internal approvals
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Establish PayerID with CareBOND DirectCONNECT
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Establish Employee Discount Accounts with CareBOND PatientPAY
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Lead negotiations with vendors regarding long-term discounts
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Secure capital markets term financing for the transaction
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Preparation of transaction contracts and documentation
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Establish Trust and appoint a Trustee
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Implementation and execution of the transaction
What does the CareBond Advanced Funding Program provide an organization?
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Analyze historic costs and trends
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Use of actuarial modeling to establish and predict costs over a three to five year period
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Provides all proprietary documentation for the special purpose trust
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Identifies a financial institution to provide funding for the Trust, and will receive monthly payments from the Trust
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Pre-fund the predicted costs in the capital markets for three to five year borrowing
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Structure a fixed monthly payment, providing long term planning and budget predictably
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Establish and maximize a significant Reserve Fund within the Trust
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Establish a Proprietary Data Interface with the Carrier Claims System & DirectConnect; the bridge and infrastructure for claims and billing coordination/oversight
What other ongoing services are provided for the term of the engagement?
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Quarterly reports are generated and meetings convened monitoring all financial factors that affect both fixed and variable costs.
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Patient Pay accounts ongoing setup and management
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Concierge Care Navigation
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Incentive Management
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Billing and Member Advocacy (including bill negotiations)
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Custom Network Building and Provider Contracting
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Insights ongoing analytics platform for actionable savings opportunities and trend management (coordinated with broker/consultant/plan sponsor’s existing tools)