World Health Congress Noting $340 Million Savings as a Result of Self-Funded Program
ORLANDO (April 27, 2018) – What does an Orlando hotelier know about solving the current healthcare crisis? Apparently, quite a bit!
Harris Rosen, Florida’s largest independent hotelier and founder of Rosen Hotels & Resorts, is well known to many as an entrepreneur and an avid philanthropist. A surprising addition to that list is the fact that he has also become a bit of a healthcare expert. Rosen is the founder of RosenCare®, a superior self-insured healthcare model co-created with Rosen associates Ashley Bacot and Kenneth Aldridge which has saved the company $340 million. The program is unparalleled in the Central Florida region and has sparked the interest of members of Congress, an Army Surgeon General and top executives from companies both large and small.
The trio is scheduled to deliver a keynote speech about RosenCare’s success at the World Health Congress, held in Washington, D.C. from April 29-May 2. Rosen hopes the exposure will help educate the healthcare industry on effective alternatives.
“RosenCare began as a way for us to combat rising healthcare costs and to give our associates a better quality of healthcare and improved benefits,” said Rosen. “The simplicity and cost savings for the employer and employee make it a mutually-beneficial option that can be easily replicated across industries.”
Rosen’s Director of Risk Management and President of RosenSure, Inc. – Rosen Hotels & Resorts in-house insurance company, Ashley Bacot, has been instrumental in attracting national attention for the RosenCare model with visits from the Chairman of the Congressional Subcommittee on Health, among others. Bacot will speak on the program’s efficacy, along with Director of Health Services Kenneth A. Aldridge, Jr., RN, BSN, MS-H.S.A. who oversees daily operational aspects of the Rosen Medical Center, A Place for Healing and Wellness. Aldridge oversees the health plan’s Third Party Administrator (TPA), Pharmacy Benefit Manager (PBM) and other healthcare related initiatives along with strategic planning.
Through their collective efforts, RosenCare has reduced the Rosen Hotel & Resorts’ healthcare costs by $340 million since the program’s inception in 1991 and has the potential to reduce the nation’s healthcare costs by an estimated $1 trillion per year.
“The beauty of this program is that, despite the savings, our benefits are not sacrificed at all,” said Rosen.
Out-of-pocket costs for associates on the RosenCare plan are minimal. Most (approximately 90%) of prescription drugs are free, and the most a covered employee would have to pay for a specialty prescription would be $30. Same-day appointments are available and transportation to the Rosen Medical Center is free. Even with excellent coverage, the healthcare costs for RosenCare are about one half of the national average. RosenCare has even been partially credited for the company’s low turnover (possibly the lowest in the hospitality industry). The employee turnover rate is in the low teens, compared to the hospitality industry average of 50-80 percent.
The financial benefits of a healthcare model like RosenCare extend beyond the company’s bottom line and well into the local community. With the multi-million dollars in savings in healthcare, Rosen has been able to create numerous charitable initiatives through The Harris Rosen Foundation. These include providing hundreds of college scholarships to his employees and their dependents, as well as to hundreds of youth in underserved Orlando neighborhoods; in addition, it has enabled Rosen to build the Rosen College of Hospitality Management at the University of Central Florida – now ranked the number two hospitality college in the world – and the Jack and Lee Rosen Jewish Community Center; and recently rebuilding more than 100 hurricane-devastated homes in Chantal, Haiti.
“The RosenCare model is good for employees, good for companies and good for the community,” said Rosen. “We owe it to ourselves to explore its viability on a national level.”
For more information, visit RosenCares.com.