Maximizing Healthcare Savings: Strategies for Employers

Maximizing Healthcare Savings: Strategies for Employers

As a business owner, you know that the cost of group health benefits is a major concern. With inflation, an aging workforce, and people catching up on delayed care, the cost of benefits is only going to rise in the coming years. But, there are ways to reduce the impact of these costs and ensure that your employees have access to quality care.

Compare Insurance Plans and Providers

I can help you compare insurance providers and plans to see if there are better deals out there. Even if you've been offering the same plans every year, it's always worth checking to see if there are new plans or deals that better fit your organization. Just remember that a lower premium doesn't always mean it's the best deal. Some lower-cost plans may have narrower networks, which could limit your employees' access to their regular doctors.

Other Cost-Saving Measures

Insurance carriers are coming up with new approaches to control costs while improving health outcomes. By spending money up front on quality health services, future costs can be reduced if patients need less treatment. Some insurers and self-insured employers have generated savings of 5-15% by implementing:

  • Tiered networks: These plans sort providers based on their cost and quality, giving more preferred rankings to those with higher quality and lower costs.
  • Centers of Excellence: By contracting with providers that deliver positive patient outcomes, lower costs, high member engagement, and satisfaction, self-insured employers and health plans can save money.
  • Referral management: More health plans are using referral management software to improve efficiency and trust in care coordination. This system synchronizes patient data and improves communication between healthcare providers and patients, increasing trustworthiness and reducing inefficiencies.

The Takeaway

With the cost of health benefits expected to rise faster in the coming years, it's important to talk to me about finding health plans that address costs while improving care for your employees. By comparing plans and providers and implementing cost-saving measures, we can ensure that your employees have access to quality healthcare while reducing the impact on your bottom line.

Thanks for reading! If you have any questions or want to learn more about employee benefits, feel free to reach out to me, Hunter Shepherd, President of Kennion Benefit Advisors. I'd be happy to chat. Give me a call at 205-641-0469 or Get A Quote. Looking forward to connecting with you!