Benefits Cost-Savings is Easily Achievable for Companies Who Understand These Four Healthcare Supply Chain Verticals
When we ask companies what they’re doing to control the 80% of their health insurance costs that are coming from four key areas in the healthcare supply chain — inpatient, professional services, outpatient and pharmacy — they do not have an answer.
To generate the greatest benefits cost-savings for your, BenefitU advises copmanies to address the four verticals in this order: Pharmacy, Inpatient, Outpatient, and Professional Services.
How Are Companies Reducing Healthcare Costs by Offering a ‘Free’ Option to Employees?
Companies and their employees have almost no access to information on quality and cost when it comes to health care. We wouldn’t even think about walking into a car dealership to pick out a nice car tell them to “Just send me the bill.”
As the plan sponsor, it’s in your best interest to ensure your employees have incentives and information to utilize the least expensive, top-quality providers then waiving deductibles and out-of-pocket maximums for these facilities. By offering free health care, you can ensure your employees are going to the best facilities and saving money. This is a win-win that will help both your employees and your company’s bottom line!
How to Know If Your Company’s Benefit Plan Helps or Hurts You While Competing For Qualified Workers
The average employer/employee cost share for a in our region of the country is roughly 75/25, or $6.08 per hour. The U.S. Bureau of Labor Statistics found that in addition to benefits, the cost of wages per hour worked has grown by an average of $4.51 in the last eight years.
While these numbers provide some perspective, if you’re a company competing for qualified workers you need to take a look at how well you’re managing your health care supply chain. Lowering the overall cost of your benefits means you can become more competitive by paying a higher percentage of employee benefit costs, increasing wages, or both!