The Medicines Company saves almost $900,000 on benefits while nearly tripling in size
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“We are projected to save close to $500,000 this year on our medical, prescription and dental benefits, as it relates to our maximum exposure… For the past three years, our total savings added up to $900,000 compared to what the company would have spent under a traditional benefits plan.” –Michelle Priestman, Manager of Human Resources Administration, The Medicines Company
The Medicines Company, based in Parsippany, N.J., meets the demands of the world's most advanced medical practitioners by developing products that improve acute hospital care. Leveraging its range of clinical and commercial skills, the company develops products acquired from leading life science innovators. It markets Angiomax® (bivalirudin), an anticoagulant approved in the United States and other countries for use in patients undergoing coronary angioplasty procedures. Founded in 1996, the company is publicly traded on the Nasdaq exchange under the ticker symbol MDCO.
Benefits needs:
- A cost-containment strategy to support the company as it grows
- Responsive, attentive service
- Quality benefits that cover employees in every state
Solution from Great-West Healthcare, now part of CIGNA:
- With self-funding, The Medicines Company covers actual claims incurred by employees rather than set premiums, minimizing costs as the company grows
- Though it has tripled in size, The Medicines Company has kept benefits cost increases well under industry averages each year, adding up to nearly $900,000 in savings to date
- Employees are covered nationwide through the Great-West Healthcare provider network
- Almost 90% of employees are enrolled in benefits through The Medicines Company, indicating employees have truly embraced the Great-West Healthcare plan