Healthcare And Your Bottom Line: Reduce Costs

A healthier workforce means a reduction in out-of-control healthcare expenses. Healthier employees, who are empowered and supported by dedicated primary care teams and health coaches, are more productive. Finding ways to improve company-wide health is an ideal way to drive performance while also containing costs.

Healthier employees means lower healthcare expenses

Better employee health throughout the organization means fewer claims, less time spent in emergency rooms or on lengthy hospital stays, along with lower rates of absenteeism. That means, not only do businesses save money on overall healthcare costs, they also enjoy better employee productivity and satisfaction ratings.

The current sick-care system, however, makes it difficult to keep employee populations healthy. Long waits and short appointment times (on average 13-16 minutes a visit) make seeing a provider inconvenient and frustrating. Providers themselves can’t get to know their patients beyond their symptoms nor provide a diagnosis and treatment without unnecessary specialist referrals. Anxiety about high co-pays, coinsurance, and deductibles may keep employees from going to the doctor, even when a brief visit could save them more money from the start.

In a previous blog, “Be A Destination Employer”, we discussed how companies can stand out in a crowded and competitive landscape to draw the best talent. One of those ways was to implement better healthcare options — especially advanced primary care — to appeal to potential candidates, as it provides a high degree of patient-provider engagement, a host of convenient services, and accessibility that leads to better health at individual and population scales.

An effective healthcare model like advanced primary care can provide many health and morale benefits, as well as significantly reduce costs for employers.

The right healthcare model can drive down costs

The right healthcare model can save money on healthcare costs by running more effectively and by actively getting employees more involved in their own health. This helps to build a culture of health in the workplace — one where physical, psychosocial, and emotional well-being are prioritized — that perpetuates savings to the company. It’s an investment that provides returns long into the future.

Organizations that partner with Vera, for example, are able to provide access to advanced primary care and, optionally, an on- or near-site care center for a convenient, centralized location where they can have all their healthcare needs met. The results are impressive:

• 17-21% reduction in total healthcare costs
• 1.44:1 ROI in the first year
• 31% reduction in primary care claims
• 34% reduction in inpatient claims
• 4.7/5 patient satisfaction rating
• 67-82% patient engagement

Reducing costs without cutting into services that benefit the employee population in practical, mental/emotional, or medical ways can be difficult. But by opting for a better healthcare model, employers can save money while simultaneously boosting productivity, health, and satisfaction throughout the workforce.