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Consulting Services

As employee benefit products, solutions, and legislation continue to grow both in number and complexity, we believe that an experienced benefit consultant is critical.  Our consultants not only understand products, but also understand how local, state and federal legislation impact benefit plans and the administration of them.  More importantly, we make ourselves available to address the many questions that surface during the course of the day.  And for those issues that are beyond the scope of BMS, we have built strong partnerships with appropriate professionals who are standing by ready to assist, whether it is an ERISA attorney, accountant, or employment law specialist.  We also take great pride in the working relationships we have built with legal and regulatory entities such as the Department of Labor and Internal Revenue Service.

BMS consultants have over 20 years experience in designing and supporting employee benefit plans and follow a specific process when developing and implementing an effective benefit strategy.  This process can be summarized in the following phases:

Phase 1: Discovery

A BMS consultant meets with benefit staff/management to conduct a preliminary assessment of the Company’s needs and in what capacity BMS might be utilized to support the employee benefit process.  It is the time during which the dynamics of the working relationship are developed, and expectations are formed.  A general review of the current situation and discussion of strategic initiatives may be addressed during this period.

Phase 2: Data Gathering and Analysis

This process starts with an in-depth look at your Company’s current situation including a review of your current benefit plans, their provisions, plan administration, employee demographics, claims data (if available), billing, enrollment materials and document distribution, cobra, and more.  While we assemble this data we will be asking about your corporate goals, expectations and budget requirements.  We may conduct employee surveys and analyze your demographics.  Before making any suggestions or recommendations, we will clearly understand your Company’s current situation and every area surrounding your employee benefit plan.

Phase 3: Strategic Planning

After analyzing all pertinent data, we will develop future objectives, and create a forward-looking strategic benefit plan. This will include the types of benefits to be offered, contribution structures, eligibility provisions, administrative processes and employee communications.  We will share our industry trend projections with you and discuss how to best prepare today for changes that will affect your plans in the future.   

Phase 4: Benefit Plan Development and Review

Using the Company objectives that were developed in Phase 3, we then obtain the best possible solutions at the best price.  Pulling from our national network of carriers and service providers, we will solicit the most appropriate plans that meet your employee needs and operational budget. During this phase, our consultants use a distinctive approach to benefit development that includes:

We will then present the solutions to your Company in a format that is easy to understand and evaluate.  The report will also include a timeline for implementation, and requirements that will need to be met, to assure a smooth and timely rollout.

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Phase 5: Implementation

Once your HR and benefits team has finalized the benefit offerings, we will develop and obtain any needed enrollment materials for implementation, prepare presentations, and assist with the communication to employees of any benefit plan changes and choices that will be available.  Our consultants and staff will be right there with you to answer any questions that come up during the transition and throughout the year.  And our support services will be available to assure benefit questions are answered, enrollments are completed, claims are processed, billing issues are resolved, and access to information is at your finger tips.

Phase 6: Renewal Planning

Well before the year runs out and it is time to renew or modify your benefit plan, your benefits team will begin the planning process again.  A strategic meeting will be conducted during which company objectives will again be assessed, benefit plan offerings will be discussed, and a new timeline will be created.   As needed we will begin a re-evaluation in Phase 2 or Phase 3 to assure you always have the best benefits package available.

We view ourselves as your strategic partner and believe we can play an important role in your overall business strategy.