Frequently Asked Questions

What does an organization need to provide CareBOND Advanced Funding to receive a proposal?

  • Authorization and directive to the plan payer for 100% data collection/interface
  • Minimum Data: previous three years of Health Care costs​​​
  • The average number of employees in each year
  • A Mutual Confidentiality Agreement

How is the CareBond Advanced Funding program implemented?

Phase 1: Actuarial Analysis, Assessment and Report (10 – 15 days)

  • Analysis of claims data & vendor mapping
  • Review of current benefit costs
  • Review of previous three years of utilization history
  • Interview designated senior executives to gain perspective of the goals and objectives of projected costs and savings
  • Itemization of projected costs and savings
  • Summary of results and savings presented to executive group
  • Underwriting
Phase 2: Vendor Negotiation, Funding and Implementation (30 – 45 days)
  • Develop and review the implementation plan
  • Assist with internal approvals
  • Establish PayerID with CareBOND DirectCONNECT
  • Establish Employee Discount Accounts with CareBOND PatientPAY
  • Lead negotiations with vendors regarding long-term discounts
  • Secure capital markets term financing for the transaction
  • Preparation of transaction contracts and documentation
  • Establish Trust and appoint a Trustee
  • Implementation and execution of the transaction

What does the CareBond Advanced Funding Program provide an organization?

  • Analyze historic costs and trends
  • Use of actuarial modeling to establish and predict costs over a three to five year period
  • Provides all proprietary documentation for the special purpose trust
  • Identifies a financial institution to provide funding for the Trust, and will receive monthly payments from the Trust
  • Pre-fund the predicted costs in the capital markets for three to five year borrowing
  • Structure a fixed monthly payment, providing long term planning and budget predictably
  • Establish and maximize a significant Reserve Fund within the Trust
  • 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?

  • Quarterly reports are generated and meetings convened monitoring all financial factors that affect both fixed and variable costs.
  • Patient Pay accounts ongoing setup and management
  • Concierge Care Navigation
  • Incentive Management
  • Billing and Member Advocacy (including bill negotiations)
  • Custom Network Building and Provider Contracting
  • Insights ongoing analytics platform for actionable savings opportunities and trend management (coordinated with broker/consultant/plan sponsor’s existing tools)