Frisch’s Restaurants has held a strong and historical place in the Midwest since its founding in 1905. Over the decades, the company grew steadily — expanding throughout Ohio, Kentucky and Indiana. With almost 500 employees across 87 locations, Frisch’s had a self-insured health plan with a Preferred Provider Organization (PPO) and a High-Deductible Health Plan (HDHP) option.
Then came 2020 and, with it, COVID-19 and its dramatic impact on the restaurant industry. The financial drought of the pandemic was unlike any challenge the company had experienced.
According to Terry McQuery, HR Director of Total Rewards for Frisch’s, “We had investigated reference-based pricing [RBP] a few years earlier, but the financial motivation wasn’t there. Once 2020 and COVID hit, we took another look.” Frisch’s was not alone. The restaurant industry was one of the hardest hit by the pandemic and the National Restaurant Association estimates that roughly 80,000 businesses closed.
“Imagine360 has helped us retain employees. Our employees realize that by going to other organizations, they would be paying a lot more for their care. This type of benefit is definitely kept top of mind for them.”
Terry McQuery, HR Director of Total Rewards, Frisch’s Restaurants Inc.