The following year-in review message was shared with member-owners and business partners at the end of February 2024.
Dear Member-Owners of edHEALTH,
You all know by now that I am a direct person. I am also inspired by clearly stated thoughts and reflections. In the words of author Bryant H. McGill: “The power of numbers is absolutely incredible.”
Thank you for helping to make edHEALTH’s ten years of working for educational institutions absolutely incredible! Our consortium has accomplished a great deal since its inception. In addition to helping schools control healthcare costs and keep the trend down for your institutions, we continue to grow and offer value in new ways for your faculty and staff. In fact, I am happy to share that 2023 was our strongest year to date! Here, I highlight this past year’s accomplishments, and there are many.
The Power of the Captive – Best Numbers Ever
The captive is strong – stronger than ever. Last year was our best financial year to date: the edHEALTH Captive’s net income was $4.3 million for the year and ended with a surplus of over $20 million. The total working costs for member-owners of edHEALTH have now averaged an annual increase of just 3.8% since the program started over ten years ago, compared to an industry average of 8%.
Member-owners will learn all the details at our annual meeting on Tuesday, June 18 at The Connors Center in Dover, Massachusetts. Please mark your calendar now and plan to attend in person. We promise that this year is one not to miss!
Two More Schools Chose edHEALTH in 2023
This year, we continue our 100% school retention rate and welcome two new educational institutions to edHEALTH effective January 1, 2024:
- Husson University in Bangor, Maine
- The Lawrenceville School in Lawrenceville, New Jersey
Husson University is edHEALTH’s second member-owner in Maine, and The Lawrenceville School is our first private secondary school. Our thoughtful growth strategy shows the value edHEALTH can bring to all types of educational institutions. We are excited about the different perspectives our two newest schools will offer. Please welcome them when you get the chance!
Three New Expanded Solutions for Member-Owners
After productive strategic planning with our member-owner schools and their advisors, we spent the latter part of 2023 finalizing and implementing three new programs available to our member-owners. With a focus on service and cost-savings through the purchasing power of edHEALTH, member schools can now choose our vendor partners for:
Administrative Services, including benefit administration platforms for supporting all COBRA/FSA/HSA and other administrative needs
Dental Insurance, which features a national provider network and robust plan designs that include enhanced preventive benefits
Diabetes Management, focusing on wellness, lifestyle, nutrition, preventive health, and medication adherence with a clinical team of pharmacists, nurses, and dieticians with personalized plans for participants
More Employee Power to Support Our Schools
As edHEALTH grows the number of schools and covered lives, nearly 31,000 today, we want to ensure we have the right roles in place. Last year, we recognized the need for a Chief Financial Officer and Operating Officer and hired David White, CPA, ACI, ARM, in December. We’ve worked with David since the early days of edHEALTH, when he was our captive manager, and he is already a powerful addition to the team.
We also created a new position, a Health Benefits Analyst/Membership Support, who will be fully dedicated to supporting and collaborating with edHEALTH schools, their advisors, and our business partners. This new hire will focus on data analysis to identify trends and present program recommendations for greater service and cost control.
The Power of Partnerships
We are fortunate to have strong relationships with so many of our business partners. They assist us in supporting important health issues affecting people in all parts of the country and spreading the word about the value edHEALTH can bring to educational institutions. For example, last year, they:
- Helped us to host a timely and well-received Thought Leadership webinar about Supporting Mental Health in the Workplace
- Invited us to present at the Northern New England Chapter CUPA-HR Event
With enthusiasm from our member-owners and support from one of our third-party administrators, our sixth annual walking challenge was a huge success! We had more than double the number of participants, with more than 236 million steps walked in four weeks. Saint Joseph’s College of Maine took home the win!
Risk & Insurance Magazine, Captive Review, and Captive Intelligence all featured edHEALTH in their publications last year. I was honored to accept Captive Review’s recognition as a Top 20 Captive Owner on behalf of all edHEALTH member-owners.
I happily accepted the nomination for a second term as the Board Chair of the Vermont Captive Insurance Association (VCIA). This is a very impactful organization where like-minded captive industry leaders collaborate, network, and learn from one another to improve the long-term value of the industry.
More Power to Come in 2024
Everything we accomplished last year directly supports edHEALTH’s mission to control healthcare costs and offer greater value in services for your faculty and staff. We continue to look to put our purchasing power to good use, such as reviewing a potential new vendor partner for life insurance and long-term disability.
With the formation of the edRISK-sponsored captive last year, which edHEALTH is a part of, we can do even more for schools looking to control their administrative spending. edRISK will enable us to offer additional lines of insurance, such as property and liability coverage. With the goal of a June 1 launch date, schools are making final preparations in April to join edPROPERTY and/or edLIABILITY. If you are interested, please reach out ASAP to learn more.
Together, we will continue to grow—strategically, operationally, and financially. We are excited for all to come!
Thank you for your vital role as a member-owner.
In good edHEALTH,
Tracy
