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Melissa Fletcher, Assistant Vice President for Finance and Administrative Services and Controller at Wellesley College (a founding edHEALTH member-owner) and edHEALTH Board Treasurer, along with edHEALTH's Chief Financial and Operating Officer, David White, presented the value of a captive at NACUBO's Annual Meeting in July. Since not all our readers attended, we share Melissa's direct edHEALTH experience and insights with all of you.
Recognizing the complexity of finance, will you describe your role at Wellesley at its simplest? I'm responsible for the team that handles all the movement and reporting of financial transactions at the college.
How does edHEALTH fit into your work responsibilities? As we are self-insured, like all member schools, it is essential for us to stay connected with what is happening on the claims front. We regularly monitor Wellesley's bank account (the child account of edHEALTH) and review claims in conjunction with the Human Resources team. This way, we can identify trends and consider new opportunities to serve our faculty and staff better. I really value the collaboration with our Human Resources team. It is helpful to understand the priorities and concerns of other areas of the college.
Why do you think edHEALTH works for Wellesley College? The obvious reason is that being part of edHEALTH enables us to reduce costs dramatically while still providing incredible benefits. Beyond the savings, I value the additional programs included, such as the walking challenge and additional programs and services that we are only able to participate in because of our combined employee population.
You've been a big proponent of the added value the captive can offer, which has helped to launch edLIABILITY and edPROPERTY. What impresses you? The long-term savings we have seen with edHEALTH are very real. The model is solid. That's why we believe in applying the same type of model to other lines of business, like liability and property insurance, with the new edLIABILITY and edPROPERTY, respectively.
We trust the actuaries' analysis of the data. They analyzed 10 years’ worth of claims history, and their results put the risk profile of the schools in the new cell captives in a very favorable position. We recognize, too, that we need to be patient to see the savings. In the long run, the bigger picture of this should allow us to customize coverage, lower premiums, increase transparency, and manage claims.
After being on the edHEALTH board for a couple of years, do you see things differently in terms of a member school being part of edHEALTH? Without a doubt, I have gained a broader understanding of edHEALTH's impact and how the collaboration among all schools benefits both the captive and each school individually.
Do you have a favorite quote or words you try to live by? Yes, I even have one posted by my desk at work. It's the words of one of our most generous alumna, Kathryn Wasserman Davis, Class of 1928, who lived until she was 106 years old. She used to say often, and now I do, "My favorite day is… tomorrow." What a positive way to live life: always ready for the unknown blessings coming your way!
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