Sola Empowers Smaller Employers to Self-Insure Health Benefits

Sola Empowers Smaller Employers to Self-Insure Health Benefits

It was announced today that Goodroot has launched Sola, a comprehensive healthcare strategy partner that works with employers to design custom health benefits in order to lower costs and improve outcomes for employees. With Sola, fully insured organizations, which pay premiums to insurance carriers, can switch to a self-funded model without incurring additional risk while saving upwards of 50 percent.

“Employers with between 2 and 500 employees are typically fully insured and as a result are seeing rising health benefit costs every year,” says Sola president Erik Wallace. Erik leads the Goodroot commercial sales team focused on bringing cost containment solutions to employers, brokers and third-party administrators, and also leads our market-facing companies, Sola and CoeoRx. His role gives him firsthand knowledge of what customers want and need. “There’s a myth that going self-insured involves a great deal of risk. But it doesn’t have to. You just have to have the right pieces in place. Sola orchestrates the entire picture for employers.”

Leveraging economies of scale, risk management, cost control, specialty pharmacy management, whole health solutions such as telehealth and mental health, and many other strategies, Sola collaborates with the employer and their benefit partners to tailor solutions to the organization’s unique needs.

Sola neutralizes the effect of potential large claims through a combination of medical and prescription drug cost containment strategies. Combining these solutions creates additional discounts on stop-loss insurance — illustrating the importance of an integrated approach to creating a long-term benefit strategy and controlling costs.

“Health benefits are like engines. They have a lot of moving parts,” says Wallace. “The team at Sola helps employers and plan sponsors ensure that each component is the best fit for their organization. The result is an entirely custom benefit that dramatically lowers costs and allows employees greater flexibility.”

Sola doesn’t rely solely on provider networks, so employees can continue to see any provider they like. For non-emergency elective care, Sola leverages data analytics to guide employees to providers and facilities with both the best quality and cost ratings in their area.

As part of Goodroot, a community of companies reinventing healthcare one system at a time, Sola integrates offerings from other Goodroot affiliates into the benefit, such as best-in-class PBM contracts from CoeoRx and medical bill auditing through Penstock.

According to Goodroot CEO Michael Waterbury, “Sola is giving companies of all sizes transparency into and control over every aspect of their healthcare benefits. It’s an entirely new model for these businesses and one that is well overdue. Small businesses are the backbone of the American economy, and it’s time that small business owners have access to benefits and solutions that prioritize the health of both their employees and their bottom line.”

Featured Company
Focus Areas
  • Reducing Pharmacy Costs
  • Reengineering Health Benefits
  • Realigning Healthcare Incentives
  • Removing Cost Barriers
Experts In This Article
Michael Waterbury
Michael Waterbury
Chief Executive Officer, Goodroot

Nick McLaughlin
CEO, Breeze

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