Business Info:
Coda Corp USA is a privately owned small to midsized consulting company. Coda provides Quality Systems Consulting Services to the pharmaceutical, biotech, and medical device industries, as regulated under CFR Title 21. Coda’s primary product is the knowledge base and experience of their consulting staff. Given the nature of the product, employee retention is a critical corporate objective.
Website:
Industry:
Pharmaceutical, Biotech, Medical Device Consulting
Contact Name:
Corrine Knight, Director of Business Initiatives
The Challenge:
One of Coda Corp USA’s most significant challenges is retaining their highly sought after employee base. As a consulting company, Coda employees are constantly demonstrating their expertise to much larger corporations; corporations who have an obvious need for those particular resources. This reality makes it imperative that Coda offer benefits that can compete with large corporations while on a small to midsized corporate budget.
As such, the Coda leadership team pursued a workable, long-term solution to the rising costs of healthcare. Coda sought to adopt a "pure" defined contribution health plan model, which would allow Coda to:
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better anticipate yearly medical costs
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minimize the demands on the time of Coda’s lean management model
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stay within operating costs commensurate with small to midsized firms and
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offer their employees competitive coverage
The Solution:
In tandem with adopting a "pure" defined contribution health plan in June 2011, Coda Corp USA found a partner in Zane Benefits. Adopting the defined contribution health plan model allowed Coda to:
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significantly reduce the bottom line cost of coverage, and
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leverage the expertise of a 3rd party to optimize the time Coda’s resources had to spend to devote to their own business.
The transition went smoothly, and once implemented:
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Coda employees access Zane’s web portal to quickly and easily submit reimbursable claims and associated documentation
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Zane’s resources review and disposition claims submitted
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Approved claims trigger the automation to notify Coda’s administration that actions/reimbursements are pending
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Rejected claims trigger the automation to notify the employee that additional action is required prior to approval
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Coda administration processes approved reimbursements
All stages of the process are visible in real time to Coda’s administration and employees via secure online accounts.
Benefits of Implementation:
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Approximately 50% reduction in plan and administrative
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Approximately 70% reduction in the number of hours spent by Coda resources managing health care related process
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Reliable and easy to use software
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Advanced on-line tracking and retrieving tools
Annette Dunn, CEO of Coda Corp USA, states, “Using Zane offered a simple transition for our employees from the traditional benefit plan to the defined contribution benefit plan. Zane is an easy, cost effective solution that allows Coda to realize the benefits of a defined contribution program without stressing our lean administrative model. The Zane process is well-engineered to the extent that our hands-on time is practically zero. Zane’s staff is always available for questions and always provides a quick resolution.”
Measurable Results:
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Coda Corp USA now offers their valuable employees affordable health benefits
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Zane provides a low maintenance, worry-free reimbursement processes
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Coda’s employees and administrators experience excellent customer service from Zane
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Coda’s employees and administrators have constant access to centrally and categorically stored and accessible claim histories
