Plan premiums are rising year over year, with a 5% increase since last year for employer-sponsored family healthcare coverage. For single coverage, there was a 3% increase. The cost of medical care and pharmacy benefits are projected to continue this course into next year and beyond. It may seem impossible to save money and provide great healthcare for your company, but it’s not!
There are ways that employers can reduce their health care costs. And it doesn’t have to be through passing those costs on to your employees. It is important to find methods to develop health care benefit strategies to improve employee health and their access to health care while still reducing costs.
Here we share effective ways to save money on health care costs without sacrificing a quality level of care.
How to Save Money and Provide Great Healthcare for Your Company
Lowering Pharmaceutical Drug Costs
Employers are searching for ways to lower the cost of drugs. One way is to find alternatives to the more expensive options by selecting less expensive, yet effective alternatives. Another way to lower the cost of specialty drugs is to encourage care in a doctor’s office instead of hospitals.
Using Value-Based Care
Using a model that aligns both patient and provider incentives to achieve efficient and efficacious care, preventing repeated incidences of illnesses and reducing complications. Also, a focus is being placed on providing the appropriate care to patients, in the appropriate setting, and immediately. The use of bundled payments also lowers costs. By merging pre- and post-procedural care into one contracted price offers savings and simplifies billing for both organizations and employees alike.
Prepare Employees to Make Informed Benefit Choices
Offering a variety of benefit options allowing employees to customize their benefits helps to lower costs and provide employees the care that they need.
Implement Well Being Programs
Generation Z and Millennials are both searching for employment with organizations that encourage and contribute to the physical and emotional health, social well-being, and financial well-being of their team. Programs should be implemented that support their financial goals, health, and lifestyle. They all contribute to being more productive in their positions.
Evaluate Programs Using Data to Ensure Strategies are Working
Compile and analyze data to determine benefit results. Comparing claims and employee feedback to determine if programs have helped employee health and well-being from the prior year.
Offer Alternative Methods for Health Care Needs
Providing health concierge services and connecting employees with healthcare professionals that can answer questions by phone as well as helping connecting employees with other resources is an amazing way to provide incredible care to your team.
Provide your HR teams with an experienced employee healthcare concierge to offer clinical guidance to help guide and inform your employees. With Bedsiide, you can save money and provide exceptional care. In fact, we’ve been able to help save over a million dollars annually for our clients. Contact us now to save by eliminating unnecessary costs and improve patient outcomes.
