HCML has launched two new healthcare tests solutions: a sole trust for larger employers and a multi-employer master trust option.
Both offer an HMRC-approved funding vehicle that enables organisations to manage and administer workforce health and wellbeing solutions.
These trust solutions allow employers to tailor the benefits and rules to suit the needs of the business and its employees, with any excess funds used to reduce future costs of healthcare provision.
Both solutions will be offered through the intermediary market, and offer what HCML claim is a differentiated approach, based on its ‘biopsychosocial approach’ to health and wellbeing.
The sole trust model offers a fully tailored healthcare trust solution for larger employers with a workforce of over 1,000 employees. It gives organisations full control over the design, funding, and administration of their healthcare benefits.
HCML says benefits of this approach include the option to customise benefits and coverage, tailoring clinical and non-clinical benefits. This can include weight management, mental health and sleep programs to prevent longer term health issues.
Business setting up a sole trust can access HCML’s real-time data and insights on claims patterns to shape employee wellbeing strategies. This includes a fully managed care approach for better health outcomes and cost control. Access to HCML’s Governance team and expert oversight will also be available if required.
HCML’s master trust offering provides a solution for companies with 500+ employees, and allows multiple employers to join a shared healthcare trust scheme. It says this offers the benefits of a healthcare trust without the complexity and cost of setting up an independent trust. This can give smaller clients broader coverage than standard private medical insurance, while removing the administrative and financial burden of operating their own trust deed and trust board.
This master trust still allows employers to offer a more bespoke service, when compared to PMI. Employers pay money into the healthcare master trust which is then used to pay their claims based on a list of healthcare benefits they tailor to the needs of their business.
HCML’s healthcare trust solutions will offer a range of healthcare services and support, such as GP consultations, specialist referrals, diagnostic tests, treatments, physiotherapy, mental health support, and wellness programmes. Businesses also get access to HCML’s data insights which can be used to inform future health and wellbeing strategies to reduce the risk of ill health and improve overall workforce wellbeing.
The trust board will be chaired by an experienced governance team to provide oversight, financial stability, and regulatory compliance for the master trust, while also offering support to sole trust clients who need specialist guidance.
HCML CEO James Murray says: “With customisable benefits and real-time management insights, the healthcare trusts are designed to deliver unparalleled support for employee health and wellbeing.
“Harnessing the power of our biopsychosocial approach, through the trusts we can address underlying workforce issues, reduce illness and absenteeism while cultivating a healthier workplace. This approach leads to far more effective outcomes for the organisations we work alongside; reducing the need for unnecessary clinical interventions, preventing reoccurrences, improving productivity and in many cases see significant improvements in overall health and wellbeing within the workforce.”
David House, chair of the trust board adds: “HCML puts business in control with smarter, data-driven healthcare solutions and our proactive approach improves employee wellbeing, reduces costs and ensures healthcare trusts deliver real value.
“The HCML master trust propositions will give organisations access to a new level of healthcare, enabling them to provide valued employees with the level of healthcare provision they deserve to prioritise their health and wellbeing.”