IMA Financial Group is a preferred partner of the Michigan State Medical Society (MSMS). The company is working with MSMS Physicians Insurance Agency to assist medical groups with 30 or more enrolled employees with group health funding solutions which may improve coverage and reduce costs for practices.
Traditional fully insured health plans remain appropriate for many organizations. However, alternative funding and healthcare purchasing strategies may offer advantages depending on employee demographics, claims experience, practice size, and organizational goals.
Level-funding
- For medical groups with approximately 30 or more enrolled employees, level-funded health plans have become an increasingly popular alternative. These arrangements offer predictable monthly costs while allowing employers to benefit from favorable claims experience, with reinsurance protection designed to cap financial risk. Some organizations are also exploring pharmacy carve-outs, independent TPAs, rented provider networks, and other cost-containment approaches designed to improve transparency and savings.
ICHRAs
- Individual Coverage Health Reimbursement Arrangements (ICHRA) have also gained attention in Michigan. Under an ICHRA, the employer establishes a defined contribution, and employees purchase individual health insurance coverage through a specialty administrator. In the right circumstances, ICHRAs can provide budget predictability, greater employee choice, and administrative simplicity. Suitability depends on workforce demographics, provider networks, employee preferences, and the local individual insurance market.
Direct Primary Care
- Beyond traditional insurance models, employers are evaluating innovative delivery and financing strategies. These may include Direct Primary Care, direct contracts with Accountable Care Organizations, centers of excellence, specialty programs, high-performance provider networks, and other nontraditional healthcare purchasing models. Many can be paired with stop-loss or reinsurance protection to help manage catastrophic claim risk while improving access, quality, and cost efficiency.
There is no single solution that is right for every medical practice. Recognizing the growing complexity of healthcare financing, MSMS PIA has established a preferred vendor partnership with IMA Financial Group. Through this relationship, MSMS members can access independent expertise to evaluate current benefits strategy, benchmark plan performance, compare alternatives, and identify opportunities to enhance value for employers and employees.
Before accepting another double-digit medical plan renewal increase, physician practices should consider a comprehensive market review. Informed shopping and strategic analysis can help preserve resources that support physician recruitment, staff retention, patient care, and practice growth.
If you would like to receive additional information on these options, contact Angela Criswell, Director of Operations and Sales at MSMS Physicians Insurance Agency at (517) 336-5734 or acriswell@msms.org.