How to Reduce Your Healthcare Spending

In a world of sky-high healthcare prices and competitive markets, trying to minimize your healthcare spending while still providing valuable employee benefits seems impossible.

The high cost of employer-sponsored healthcare can cripple small businesses almost immediately. Employees want the best benefits and employers want the lowest costs, creating an endless tug-of-war where nobody wins.

This battle continues throughout the country despite efforts at healthcare reform and insurance requirements. Part of what makes healthcare so expensive is everything that goes into our healthcare system. While some may try to point the finger at one particular area, the truth is that there are many players in the healthcare game. Medical services themselves have skyrocketing prices. The cost for new prescription drugs, innovative medical technologies, and paying for volume over value also contribute to high costs. Consumers don’t help the situation with an overwhelming number of unhealthy lifestyles and a rise in preventable disease that is expensive to treat.

The good news is there is a way to keep your healthcare costs from suffocating your bottom line while providing appealing benefits to your employees. With the right knowledge and a little planning, you can support your employees without derailing your profits.

  1. Utilize Telemedicine

Telemedicine is a relatively cheap way for patients to receive medical advice without the high cost of a doctor’s visit. A recent survey found that 96 percent of employer’s plan to use telemedicine services if it’s available in their state. Providing this opportunity to employees reduces absenteeism for doctor appointments. It also allows employees to care for themselves and their family quickly and easily. Telemedicine reduces costs for both the patient and the provider Using Telemedicine for non-emergency medical care saves money while still providing adequate medical care when families need it most.

  1. Create Wellness Programs

A wellness program is a great way to incentivize employees to live a healthier lifestyle. You can host weight-loss contests or track steps within a department. Host healthy lunch classes or a yoga hour in the middle of the day. Different types of wellness programs can be customized depending on the culture of your office. Regardless of the specific program you choose, promoting wellness in the workplace can significantly decrease healthcare spending for your company overall.

  1. Incentivize Preventative Care

Providing preventative care is a huge benefit to employees, but many don’t take advantage of the benefits they are given. Encouraging employees to have their annual check-ups and pediatric visits for their children can help prevent bigger problems later on. Hosting a health fair and providing blood tests, flu shots, and basic preventative care can make a huge difference. Many adults are too busy or preoccupied with other tasks to care for their own health until something major happens. Incentivize preventative care by providing rewards, motivation, or incentives to those employees who take advantage of the preventative care options available through your company health plan.

These are just three of the ideas you can do to save money while providing competitive benefits to your employees. Sometimes the best ideas don’t have to cost extra. More often than not, it’s about magnifying the benefits you already provide to encourage your employees to take control of their own health.  

In a world of sky-high healthcare prices and competitive markets, trying to minimize your healthcare spending while still providing valuable employee benefits seems impossible. The high cost of employer-sponsored healthcare can cripple small businesses almost immediately. Employees want the best benefits and employers want the lowest costs, creating an endless tug-of-war where nobody wins.

By | 2018-08-23T16:22:15+00:00 September 19th, 2018|Health Insurance, HR Tips, Insurance|0 Comments

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