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August 08 2020

Reducing Employer Healthcare Costs Through Strategic Benefit Management

Author Support Marketome Categories Stress Release Tags , Posted on

Rising healthcare costs continue to be a significant concern for businesses of all sizes. Employers are grappling with how to provide high-quality health benefits for their employees without breaking the bank. The key lies in implementing strategic benefits management. This approach ensures that health plans are both cost-effective and beneficial for employees, resulting in better outcomes for businesses and their workforce.

 

In this blog, we will explore strategies that can help employers reduce healthcare costs while maintaining high-quality employee benefits and support.

 

  1. Conduct a Comprehensive Health Plan Audit
  • The first step in strategic benefit management is to conduct a thorough audit of your current health plan. Many employers continue to renew the same plan year after year without fully understanding its cost drivers or whether it’s meeting the needs of their employees. An audit can help identify areas where your plan may be underperforming, and where you might be overspending.

 

  • Look at claims data, utilization rates, and employee satisfaction surveys to pinpoint specific issues. For instance, are your employees overusing emergency room visits for non-emergency care? Are there gaps in coverage that result in employees paying more out-of-pocket for necessary treatments?

 

  • A full audit helps reveal inefficiencies, allowing you to make data-driven decisions about the next steps for optimizing your health benefits program.

 

  1. Offer High-Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs)
  • One of the most effective ways to lower employer healthcare costs is by offering high-deductible health plans (HDHPs) paired with health savings accounts (HSAs). HDHPs generally have lower premiums, which means reduced costs for employers. These plans incentivize employees to make more cost-conscious healthcare decisions, as they are responsible for covering more of the initial costs of care before their insurance kicks in.

 

  • When combined with an HSA, which allows employees to save pre-tax dollars for medical expenses, this strategy empowers employees to take more control over their healthcare spending. HSAs also have the advantage of rolling over year to year, making them a long-term savings tool for employees. Additionally, employers can contribute to these accounts as a benefit to employees, further enhancing employee satisfaction.

 

  • This dual approach balances cost reduction for employers while still providing meaningful support to employees.

 

  1. Implement Wellness Programs to Promote Preventative Care
  • Prevention is always better than cure, and one of the best ways to reduce healthcare costs is by promoting employee health and wellbeing before issues arise. Implementing a robust wellness program can help employees maintain healthier lifestyles, which in turn can reduce the number of claims made on employer-sponsored health plans.

 

  • Wellness programs can include services such as on-site health screenings, fitness challenges, smoking cessation programs, and mental health support. These programs not only improve employee health but also reduce absenteeism and boost productivity, creating a healthier and more engaged workforce.

 

  • Employers who invest in wellness programs often see a return on investment through decreased healthcare costs, as healthier employees are less likely to require expensive treatments or chronic care management.

 

  1. Utilize Telemedicine for Cost-Efficient Care
  • Telemedicine is rapidly becoming a staple in healthcare management, offering a cost-effective way for employees to receive medical care without the need for in-person visits. Virtual consultations are typically less expensive than traditional doctor appointments, and they provide quicker access to healthcare professionals, which can prevent minor issues from becoming major (and costly) health problems.

 

  • Encouraging your employees to use telemedicine services can significantly cut down on costs for both routine visits and urgent care. By incorporating telemedicine options into your health benefits plan, employees gain convenient access to healthcare, while employers reduce unnecessary spending on in-person care.

 

  1. Focus on Employee Education and Health Plan Literacy
  • One often-overlooked factor in healthcare cost management is employee health plan literacy. Employees who don’t fully understand their health benefits often make poor financial decisions, such as using out-of-network providers or opting for more expensive treatments than necessary.

 

  • To combat this, employers should invest in educating their workforce about how to use their health plans effectively. This can be done through workshops, one-on-one consultations, or even an easy-to-navigate online resource center. Employees should know how to choose the right care settings (e.g., urgent care versus emergency room) and be aware of the preventive care services available to them.

 

  • Better-educated employees are more likely to take advantage of preventive care and make cost-effective healthcare choices, leading to lower overall healthcare expenses for both the company and the employee.

 

  1. Partner with a Benefits Consultant for Strategic Guidance
  • Navigating the complexities of healthcare benefits can be overwhelming, especially for small to mid-sized businesses. Partnering with a benefits consultant can provide valuable expertise to help you design a health benefits strategy tailored to your company’s specific needs.

 

  • A good benefits consultant will help you find the right mix of benefits, negotiate with insurance carriers to get better rates, and implement cost-saving measures without compromising on the quality of care provided to your employees. This expert guidance can lead to long-term savings and ensure that your health plan remains sustainable and competitive.

 

Conclusion

Reducing employer healthcare costs while maintaining high-quality employee benefits is achievable through strategic benefit management. By auditing your health plan, offering HDHPs with HSAs, promoting wellness programs, encouraging telemedicine, educating employees, and partnering with a benefits consultant, you can create a balanced, cost-effective health benefits program that serves both your employees and your bottom line.

 

In today’s competitive business environment, offering valuable healthcare benefits while managing costs is essential to attracting and retaining top talent. With the right strategies in place, you can achieve both.

August 08 2020

Enhancing Employee Wellbeing with Personalized Healthcare Support

Author Support Marketome Categories Health Tags , Posted on

Employee wellbeing has become a cornerstone of organizational success in today’s business world. Companies are increasingly aware that a healthy workforce leads to higher productivity, improved morale, and reduced absenteeism. However, navigating the complex healthcare system and understanding health benefits can be overwhelming for many employees. This is where personalized healthcare support, such as a dedicated nurse navigator program, plays a vital role in improving both employee wellbeing and organizational performance.

In this blog, we’ll explore how personalized healthcare guidance can enhance employee satisfaction, boost productivity, and contribute to overall wellbeing within your organization.

The Challenge: Navigating a Complicated Healthcare System

  • The modern healthcare system is complex, often leaving employees confused about their coverage, costs, and options. From deciphering medical jargon to understanding health plan details, the process can be overwhelming.
  • For employees, this can lead to delayed care, poor health decisions, and increased stress. When employees struggle with navigating healthcare or managing chronic conditions without proper guidance, their productivity can suffer. In turn, employers face higher costs due to absenteeism, presenteeism (working while unwell), and inflated health insurance claims.

The Solution: Personalized Healthcare Support

  • Personalized healthcare support through services like a dedicated nurse navigator helps bridge the gap between employees and the often-confusing healthcare system. This kind of personalized service goes beyond the standard benefits offered by most employers, providing employees with one-on-one guidance for understanding their health benefits, managing medical issues, and making informed healthcare decisions.
  • Nurse navigators are trained healthcare professionals who offer personalized, hands-on assistance to employees. They act as advocates, helping employees manage their health conditions, find the best doctors and specialists, understand treatment plans, and navigate health benefits efficiently. With their support, employees are better equipped to manage their health, leading to improved satisfaction and productivity.

How Personalized Healthcare Support Enhances Wellbeing

1. Reducing Stress and Anxiety

One of the immediate benefits of personalized healthcare support is the reduction of stress and anxiety. Many employees feel overwhelmed by their health plans or medical situations because they don’t fully understand their coverage or treatment options. A nurse navigator steps in to provide clarity, helping employees make confident decisions about their care and reducing the stress associated with complex medical choices.

2. Improving Access to Care

Personalized healthcare support helps employees connect with the right healthcare providers and services more easily. Employees who are unsure where to turn for specialist care or how to book appointments for preventative screenings may delay or avoid seeking care altogether. A dedicated nurse navigator helps employees find and access the care they need quickly, ensuring timely treatment and potentially preventing more serious health issues from developing. This can help reduce absenteeism and keep employees healthier and more productive.

3. Promoting Preventive Healthcare

With personalized support, employees can better understand the importance of preventive care. Nurse navigators can educate employees on the health benefits available to them, such as annual physicals, wellness programs, and screenings, encouraging them to take advantage of these resources. Preventive care not only helps employees stay healthier but also saves employers money by reducing the number of expensive medical claims for preventable conditions.

4. Encouraging Better Health Management

Personalized healthcare guidance helps employees better manage chronic conditions such as diabetes, heart disease, or mental health issues. By offering customized advice, assistance with medication adherence, and lifestyle coaching, nurse navigators can help employees take charge of their health. Employees who feel empowered to manage their conditions are less likely to suffer from complications, leading to fewer sick days and a more engaged workforce.

Boosting Employee Productivity through Health Support

  • When employees have access to personalized healthcare support, they are more likely to remain productive. Healthy employees are naturally more focused, engaged, and motivated at work. In contrast, those dealing with untreated health issues or stress caused by medical confusion are more likely to experience burnout or presenteeism. Personalized support through a nurse navigator reduces this burden, helping employees stay physically and mentally well, which directly contributes to higher productivity levels.
  • By offering this kind of support, employers also send a message that they care about the wellbeing of their workforce. This not only improves employee satisfaction but can also strengthen company loyalty, reducing turnover rates and the costs associated with recruiting and training new employees.

Improving Employee Satisfaction and Morale

  • Employees who feel supported in their healthcare journey are more satisfied with their jobs. Personalized healthcare support shows employees that their employer is invested in their personal wellbeing, beyond just their role at work. This kind of investment can have a profound impact on employee morale, leading to higher engagement and a positive workplace culture.
  • Moreover, when employees know they have someone they can rely on to navigate healthcare challenges, they experience a greater sense of security. This fosters a supportive environment, contributing to overall workplace satisfaction and making employees feel valued and cared for.

The Bottom Line: A Win-Win for Employers and Employees

  • Providing personalized healthcare support, such as through a dedicated nurse navigator, is a powerful way for employers to enhance the wellbeing of their workforce. By reducing healthcare-related stress, improving access to care, promoting preventive health measures, and helping employees manage chronic conditions, this type of service ultimately leads to a healthier, happier, and more productive workforce.
  • For employers, the benefits extend beyond employee wellbeing. By investing in personalized healthcare support, companies can lower healthcare costs, reduce absenteeism, and improve employee retention. In an increasingly competitive job market, offering services that prioritize employee health and satisfaction can set your organization apart.

Conclusion

Incorporating personalized healthcare support into your employee benefits package is a smart, forward-thinking strategy. By prioritizing employee wellbeing through nurse navigators and similar services, you not only boost employee satisfaction and productivity but also create a healthier, more resilient workforce that will drive the long-term success of your organization.