Upon achieving validation from VI, companies will also have the option to apply for a CAA Compliance Certification, which will state the following:
We [The Recipient] warrant that, above and beyond those clearly required by the Consolidated Appropriations Act, all disclosures are being/will be made that could, or could be perceived to, create a conflict of interest that would put the employer group in a position of violating its fiduciary provisions. This includes payments made to the employer group’s consulting or brokerage firm, or carrier, or principals of either, over the last three years for any reason, or any service provided to us by them, such as actuarial consults related or not related to the particular offering or customer in question.
We warrant this subject to a self-assessed penalty of the greater of $1,000,000 or five times the annual revenues for the customer in question.
Prior to 2023, vendor misstatements of outcomes were only of academic interest to folks like the Validation Institute, and to purchasers who prioritized management of their healthcare spending in practice, rather than just as a talking point. However, the Consolidated Appropriations Act changes everything. Today, significant penalties await those who pay vendors who claim illegitimate outcomes.
The Consolidated Appropriations Act, 2021 (CAA) is designed to increase transparency in employee health benefit plans. As fiduciaries of the benefit plan, Government agencies like the Department of Labor, the Department of Health and Human Services, and the Treasury will hold employers responsible and accountable for the CAA. What does this mean for employers and how should CEOs meet their fiduciary obligation to their employees/plan members?
The health and wellness industry offers myriad solutions. In particular, MSK (Musculoskeletal) solution providers vendors are on the rise – which is no surprise given MSK conditions are a major cost driver for employers. It is critical for employers to choose a vendor partner that aligns with the needs of their organization and most importantly their population.
Ever noticed how all your vendors claim your employees love them? Ever wished for an objective way of validating that claim? Welcome to BEST. BEST measures three things vendors don’t measure (or in some cases, don’t want you to measure). Specifically, BEST allows you to:
BEST does exactly that, via a simple yet powerful survey tool that can replace all the vendor employee-satisfaction surveys you are using today.