HCML has launched a sole and a master trust.
The firm said the launch of these two new healthcare trust solutions is designed to help give employers greater control over their healthcare strategy.
With the new proposition, HCML added it is bringing its expertise to the intermediary market, with a differentiated offer built on its biopsychosocial approach to health and wellbeing.
The trusts provide a HMRC approved funding vehicle that enables organisations to manage and administer workforce health and wellbeing solutions. Employers can tailor the benefits and rules to suit the needs of the business and its employees, while any excess funds can be used to reduce future costs of healthcare provision.
The trusts also offer flexible healthcare options, allowing businesses to customise benefits and administration to fit their specific needs.
Sole trust
The HCML sole trust model offers a tailored healthcare trust solution for large employers (1,000+ employees).
Designed specifically to meet the individual needs of their business, it gives organisations control over the design, funding, and administration of their healthcare benefits in a bid to ensure that employees receive the right care at the right time.
Benefits of the sole trust include the option to customise benefits and coverage, tailoring clinical and non-clinical benefits. This includes weight management, mental health and sleep programs to prevent long term health issues. Using HCML’s real-time insights on claims patterns and data to shape employee wellbeing strategies, organisations using a sole trust can benefit from claims administration. This includes a managed care approach aimed at providing better health outcomes and cost control. Access to HCML’s governance team and expert oversight will also be available should they be required.
Master trust
HCML’s master trust offering is aimed specifically at companies with 500+ employees, allowing multiple employers to join a shared healthcare trust scheme and providing access to healthcare benefits without the complexity of setting up an independent trust. This aims to enable smaller clients to benefit from broader coverage than standard private medical insurance while removing the administrative and financial burden of operating their own trust deed and trust board.
The solution also aims to enable businesses to access the flexibility and cost-efficiency of trust schemes. Rather than purchase a traditional private medical insurance product, employers can put money into a healthcare trust which is then used to pay their claims based on a list of healthcare benefits they tailor to the needs of their business. Employers can tailor the benefits employees can claim for to the needs of the business rather than a traditional private medical insurance product where the benefits are set.
Both trusts 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 David House, Dr Markus Laupheimer, Jamie Evans and Pamela Gellatly. The governance team will provide expert oversight, financial stability, and regulatory compliance for the master trust while also offering support to sole trust clients who need specialist guidance.
James Murray, CEO at HCML, (pictured) said: “We’re really excited to be able to launch this proposition to market. 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, trust board chairman: “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.”