Like it or not, if you provide benefits to your employees you are in the healthcare business considering that after payroll, health care is usually the second largest expense. Do you apply the same level of care to your health-care spending as you do to other expenditures? If you are like most companies, the answer is NO.
It is time you became a good steward of your healthcare business for the success of your business as well as the well being of your employees. But how? Now more than ever it’s time to take an active role in your healthcare decisions and even more so if you are an employer. Most people, business owners as well as individuals, don’t apply the same level of care to their health-care spending that they do to other major expenditures which results in waste, fraud and abuse.
There are a number of things you can do to run the healthcare business within your company. First make sure you have someone handling benefits who is number savvy and good with people. Regardless of the size of your company, this responsibility is a big one to be taken seriously by whomever you put in that position.
Second, choosing your care providers and programs is an important factor in today’s healthcare arena. Here are some things you should consider:
2. Pricing and bundling
Individuals and employers tend to pick the least expense option available without really understanding the scope of the program. There is little effort given to help people understand how to use the services which results in dissatisfaction, increased cost and potentially the termination of the benefits when renewal is available.
While it is widely agreed that the healthcare system needs to be overhauled, there are programs and services that can be implemented which not only add value, also increases employee satisfaction, improves overall health and heightens the employee experience which ultimately makes it a more productive work environment.
Virtual Healthcare Solutions’ BenefitsPal is one such program that when implemented correctly can significantly save members money. In one case study, the resulting savings was over $140,000 on prescriptions during the first year alone. Another individual was able to have an Emergency Department visited negotiated down from a billed invoice of over $5,000 to less than $1,000 by a skilled negotiator. Countless members avoid costly time away from work, excess spending for urgent care and emergency room visits by using Telemedicine. The success of these programs is due, in part, to the dedication of VHS and BenefitsPal to provide education for the implementation of programs. To have the programs without using them is a misappropriation of not only finances, customer service and fiduciary responsibility as well.
Schedule your FREE No Obligation Consultation to learn how BenefitsPal through VHS can save you time, money while increasing the employee experience!