4 Tips for Reducing Healthcare Costs for Your Business

4 Tips for Reducing Healthcare Costs for Your Business

Does it feel as though your business leadership and employees are at cross-purposes when it comes to healthcare? Staff members are always on the lookout for better benefits during open enrollment, while the goal of the business is to provide great benefits at a reasonable cost. Fortunately, these don’t have to be competing priorities when you approach reducing healthcare costs as a shared responsibility. While there are some activities that are best suited to your human resources department and leadership, getting everyone on board with the value of reduced healthcare costs is a great step in the right direction.

Educate Staff Members on the Benefits of Active Health Management

The growing use of electronic health records (EHR) makes it more convenient than ever for patients to actively participate in managing their care. Portability of records and the ability of healthcare providers to easily route requests for prescriptions, refills and other orders allows providers to spend more time focused on patient care than on the administrative overhead that comes with the job. In turn, patients have quicker and more convenient access to the critical details of their care, with the ability to follow a care plan that’s provided more accurately.

Negotiate with Providers Every Year

Healthcare insurance is an ever-changing landscape, making it vitally important to re-negotiate contracts with your insurance providers on an annual basis. Shifts in the makeup and demographics of your workforce can significantly change your rates. Having this needs-based conversation allows you to ensure that you’re taking full advantage of any discounts or new opportunities for saving.

Explore Value-Based Designs for Healthcare

When patients and providers are fully aligned in striving for the highest quality care, patient outcomes rise dramatically. Efficient and effective patient care is not only beneficial for the patient but should also be rewarding for the provider. Value-based healthcare puts an emphasis on patient outcomes and the holistic approach to the unique medical needs of the individuals.

Require Prior Authorizations for Large Healthcare Expenditures

It’s not difficult for patients to be surprised by a request for a major procedure or test, and quickly approve the treatment due to their concerns for their own health. When you require prior authorization for major medical procedures and tests, you’re not only giving the patient time to breathe but may be able to determine when a procedure is not medically necessary. This can help reduce the costs of unnecessary procedures and help keep healthcare costs at a minimum for all involved.

Encouraging staff members to take a more active role in their health management doesn’t just benefit the organization. Studies show that proactive management of high-risk and ongoing health concerns results in an improved quality of life for the patient and lowered expenses for the employers. Want to learn more about how your benefits provider can help improve metrics for your healthcare program throughout the year — not just at open enrollment? Contact the professionals at Innovative Broker Services today at 916-932-2864 or download our free checklist: 8 Easy Steps to Your Best Open Enrollment Ever. You’ll appreciate the attention to detail and thorough understanding of the healthcare continuum that our team brings to each engagement.

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