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You want to provide your employees with benefits that make a positive impact on their overall health and allow for talent acquisition and retention, but the typical fee-for-service health plan puts that goal under constant pressure as healthcare costs continue to rise.
On average, large organizations can expect to spend 15% more on their benefits plans each year.
These rising costs translate into tough decisions. Employers are often faced with two undesirable options: cutting benefits or maintaining existing benefits by shifting the cost to employees. The cycle of spiraling costs, fewer services, and unhappy employees can dilute your benefit strategy over time until it no longer aligns with your organization’s values.
However, there is a way to overcome rising costs and offer your employees access to high-quality, comprehensive care. To accomplish this, consider these four essential steps:
Claims data and insights allow for a deeper understanding of what your employees
need and what’s working for them. Often the process of investigation reveals that contributing to prevention is the best way to close gaps in your strategy and provide real value.
If you’re seeing high emergency room or urgent care utilization, that often points to a lack of available primary care. High-quality, easy-to-access primary care is a key component of preventive care, keeping minor health concerns from becoming major issues and helping employees achieve better long-term outcomes.
When you shift the objective of your benefit strategy away from treating employees’ health symptoms and, instead, focus on long-term health outcomes, the results are transformational. Employees’ lives improve dramatically and your organization’s culture grows even stronger.
Offering high-value, easy-to-access benefits can help you reduce turnover and attract new talent. America’s Health Insurance Plan (AHIP) found that, in 56% of cases, employer-provided health coverage affected whether or not employees decided to remain at their jobs.
It’s likely that millennials make up a large percentage of your workforce. Attracting and retaining millennials requires personalized care, convenient access, digital tools, and telehealth options. But, you also need to consider a comprehensive approach, bringing all these elements together to have a true impact on employee health.
When clear communication is prioritized and internal initiatives and incentives increase the utilization of health benefits, long-term health outcomes improve and total cost-of-care is reduced.
The advanced primary care (APC) model also makes it simpler for your employees to understand and access their benefits, because, when their care is coordinated through a medical home, they no longer have to navigate a variety of different options.
Many plans were unable to adjust to meet changing employee needs when the COVID-19 pandemic occurred. They did not have the flexibility to offer necessary virtual care and telehealth solutions. And, when these options did become available, many lacked context and were disconnected from employees’ larger care journeys.
A forward-thinking and adaptable benefits solution with meaningful digital options is a necessity for modern employers. Digital care also needs to be offered as a component of primary care, instead of a separate service.
It is possible to save money on total cost of care while offering competitive, impactful benefits that keep your employees healthy and happy. APC accomplishes this with a focus on preventive care and by providing access to a medical home.
It allows your employees to build meaningful connections with their care teams, take ownership of their health journeys, and experience the improved health outcomes that occur when their care is built around their specific needs.
Want to learn more? Download our comprehensive guide: How to Expand Employee Benefits While Keeping Costs Under Control
Stay current on healthcare industry developments, Vera updates, in-depth resources, and interviews with Vera providers