The Company That Solved Health Care: How Serigraph Dramatically Reduced Skyrocketing Costs While Providing Better Care, and How Every Company Can Do the Same PDF

Rating: (19 reviews) Author: Jr. John Torinus ISBN : 9781935618195 New from $19.72 Format: PDF

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Although the Obama health-care-reform bill did much to address the plight of some 46 million uninsured Americans, it did very little to address the skyrocketing cost increases that are crippling businesses large and small. Many companies are opting to drop health coverage altogether, choosing to pay any fines for doing so rather than face the hyperinflation related to this major expense. With its health-care costs threatening to take down the company in 2003, Serigraph, Inc., a Wisconsin manufacturer, took innovative steps to curtail the costs. By giving their employees a stake in the financial outcome of health care, they cut their costs drastically. Torinus, president of the company, outlines steps that any business can take to achieve similar results, which involve a major shift in behavior on the part of the insured employees. Unfortunately, this requires a plan with a very high deductible and co-pay, giving the insured motivation for staying healthy and not abusing the system. Although this is not a the single idea that will fix the health-care crisis, this approach has great potential for medium-size to small businesses grappling with this problem. --David Siegfried

About the Author

Chairman and general manager of Serigraph Inc., John Torinus Jr. has studied and practiced management for more than 50 years. His company had $40 million in sales annually when he bought it in 1987; it now generates $120 million and has more than 1,000 employees in plants in the United States, Mexico, China and India. Torinus graduated magna cum laude from Yale and was a company commander in the U.S. Marine Corps.

Torinus has served as business editor and columnist at the Milwaukee Journal Sentinel.

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• Product Details
• Table of Contents
• Reviews

• Hardcover: 210 pages
• Publisher: BenBella Books; 1st edition edition (October 5, 2010)
• Language: English
• ISBN-10: 1935618199
• ISBN-13: 978-1935618195
• Product Dimensions: 8.5 x 0.8 x 6 inches
• Shipping Weight: 1 pounds (View shipping rates and policies)

The Company That Solved Health Care: How Serigraph Dramatically Reduced Skyrocketing Costs While Providing Better Care, and How Every Company Can Do the Same PDF

Recent Washington health care reforms have done little to reduce costs - our #1 problem in health care. Instead, the focus was on improving access. John Torinus, chairman of Wisconsin-based Serigraph, took the problem of employee health-insurance cost doubling every eight years into his own hands. (Serigraph is a 61-year-old firm with 450 U.S. employees, 1,700 world-wide, focusing on plastics printing via pressure-sensitive decals, in-mold decorations, and silk-screening.) At the time ('03), health costs were the firm's third-largest expense and headed towards second-largest. Over the last seven years their increases (employer and employee) ave averaged 2.8%/year, vs. a national average of 7% - without cutting benefits. Changes emphasized consumer responsibility, centers of excellence, and a prime role for primary care. Previous efforts (wellness programs, some rationing, participating in a buying group, and cost-shifting to employees) had accomplished little. The firm is now self-insured, saving over $1.5 million/year (about one-third of average expenditures), with costs now split 80/20 with its employees.

In the new plan, employee premiums dropped by about $1,500 to almost nothing, in return for $780/employee in a form similar to Health Savings Accounts, higher deductibles of $750, $1,000, or $1,500 (employee's choice; formerly $300), and 30% in network co-insurance (same as before). Maximum employee out-of-pocket expenditure/year is $3,250 to $6,000.