Problems & Solutions

Existing Professional Employer Organizations (PEOs) in the market often provide fully insured health benefits to the co-employed companies they serve. However, this approach to health benefits tends to lead to higher costs for small and medium-sized employers.

The current model of fully insured health benefits means that the PEOs obtain health insurance plans from external insurance carriers and offer them to the co- employed companies. While this may provide some level of convenience, it also comes with certain drawbacks, especially when it comes to cost.

For small group employers, fully insured health benefits can present a significant financial burden. These employers may find themselves facing high premiums and limited flexibility in their coverage options. In addition, they often lack the bargaining power to negotiate better rates with insurance carriers.

For employees as patients, 57% of Americans have less than $1,000 in the bank. Patients need cash to either pay their deductibles or realize the tremendous discounts by paying cash at the point of service.

Stop loss and indemnity insurance companies capture a large portion of premium paid.

An effective behavioral health solution has proven elusive for many plans.

At Ocean Wave Health Inc., we recognize the need for a more cost-effective and customizable solution for small businesses seeking health benefits. Our approach involves offering self-insured health benefits, which can help alleviate the financial strain on these employers.

At Ocean Wave Health Inc., our innovative approach involves integrating self funded health plans and a range of valuable ancillary benefits into the existing structures of Professional Employer Organizations (PEOs). This strategic integration offers tremendous advantages to co-employed small and medium-sized businesses, enabling them to achieve significant cost savings while also retaining their valuable employees.

By leveraging our expertise in PEOs and our comprehensive understanding of the healthcare landscape, we are able to create tailored solutions that address the unique needs of each business we serve. Our goal is to provide a seamless and efficient process for businesses to access comprehensive health coverage and other ancillary benefits, without the burden of managing these programs independently. We integrate the services of a Third-Party Administrator (TPA), a patient credit finance company, an insurance company for risk transfer, and a machine learning (AI)-driven model for behavioral health diagnosis and treatment to improve outcomes and reduce costs.

Furthermore, Ocean Wave Health Inc. leverages its expertise in healthcare management and administration to provide comprehensive support to co- employed companies throughout the self-insured health benefits process. Our team ensures smooth implementation, ongoing compliance, and efficient claims management, easing the administrative burden for employers.

In addition to self-funded health plans, we offer an array of ancillary benefits that enhance the overall employee experience and well-being. These benefits may include dental and vision coverage, wellness programs, life insurance, disability insurance, and more. By offering a comprehensive package of benefits, businesses can attract and retain top talent, boost employee morale, and foster a healthier and more productive workforce. MPC Healthcare, a patient finance company, provides loans to patients, so they can better access healthcare.

By transitioning to self-insured health benefits, co-employed companies can have greater control over their healthcare plans. They have the flexibility to design benefit packages that align with the unique needs of their workforce and adjust coverage options as necessary. This empowers employers to make informed decisions that not only meet the healthcare needs of their employees but also fit within their budgetary constraints.

Through our integrated approach, businesses can take advantage of self-funded health plans, which offer greater flexibility and customization compared to traditional health insurance plans. With self-funding, businesses have the ability to design their own plan features, set budget parameters, and manage the financial risks associated with healthcare costs. This level of control empowers businesses to provide their employees with the best possible coverage while staying within their budget.

Our team of industry experts works closely with businesses to understand their specific needs and goals. We conduct thorough assessments to identify the most suitable health plan options and ancillary benefits that align with the business’s budget, industry, and employee demographics. We then guide businesses through the implementation process, ensuring a smooth transition and ongoing support.

By addressing the limitations of fully insured health benefits and offering a more cost-effective alternative, Ocean Wave Health Inc. aims to provide small and medium-sized businesses with a viable solution for managing their healthcare needs.

At Ocean Wave Health Inc., we are committed to helping co-employed small and medium-sized businesses thrive by providing them with cost-effective health plans and a wide range of valuable ancillary benefits. Our integrated approach not only saves businesses money but also strengthens their ability to attract and retain top talent, ultimately leading to long-term success.

We have a captive insurance company to take risk in indemnity and stop loss, which also captures additional profit margin.