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Employee turnover is a harsh reality for many companies. It can be a significant setback to your bottom line. Whether it stems from a toxic culture, overworked employees, or a lack of growth opportunities, unhappy employees will find new opportunities, at a huge cost to employers.
Payers are uniquely positioned to help improve retention rates for employer groups with a robust, accessible benefits program. Member satisfaction is key: happy, healthy employees are more likely to stay with a company, and employers are more likely to invest in rich benefits that increase productivity and revenue while containing costs.
Some of those costs are not always obvious or immediate at the outset. For example, employee morale suffers over time with frequent turnover, as does productivity and company revenue. Training and recruiting new employees increases costs and requires more staff time. Studies show that replacing a salaried employee costs an average of six to nine months’ salary.
Members who are engaged in their healthcare plans have higher retention rates. But how can you measure a member’s engagement? With attractive benefits like free primary care and health coaching, members are more likely to take ownership of their personal health.
The City of Kirkland, in partnership with Vera, developed an incentive program around an Annual Whole Health Evaluation. This evaluation includes an extended appointment with a primary care provider, a biometric screening, a health assessment, and an introduction to health coaching. For completing an Annual Whole Health Evaluation, employees are given a $600 credit toward their HSA accounts. While the monetary incentive is appealing, the overarching goal is to introduce members to the breadth of whole health services they can expect from this advanced primary care model. Once they are invested and engaged, the rate of retention rises.
Members want what Vera’s advanced primary care model offers: personalized care from providers who dedicate time with them, who listen to their concerns, and who treat them on a truly holistic level. Members are more likely to continue seeking routine care when they are cared for with empathy and understanding.
Payers who are able to deliver this type of member experience have a substantial impact on employee group plan retention, translating into increased revenue, higher productivity, and an overall robust workplace culture.
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