How can your business save on health insurance expenses? Find out in our Expense to Profit posts below all about Health Insurance expense reduction.
Health is wealth. A statement of fact that never gets old. One of the best gifts you can ever gift yourself is sound health. But this typically comes with a price tag on it—and certain common conditions typically drive up healthcare costs.
In light of the global pandemic, one thing we all can agree on is that health is paramount. We were told to remain indoors, wear face masks, and maintain social distancing to curtail the spread of the virus. As we transition towards a world free from the deadly virus, health comes to the forefront.
The progress of any business is directly tied to the productivity of the workforce. Happy employees give the best results, are more productive, and loyal to the business. With the pandemic came the need for greater financial security. Thus, employees are looking for improved benefits as they return to work.
The COVID-19 pandemic has affected all sectors of the economy, including the pharmaceuticals. The majority of self-insured employers are not planning to make any changes in their pharmacy plans, even with the pandemic. A recent survey has found that 90% of self-insured employers are not considering reviewing their pharmacy plans. This percentage jumps to 100% for companies that have more than 1000 employees. Why is this? This article will look at what self-insured employers and self-insured companies are, how PBMs work, and more.
You know that healthcare cost transparency is very low when patients are not aware of how they receive costs until they get their final bill. This type of situation is very rampant not only in the United States but across the world. This is why the lack of price transparency is one of the biggest causes of many negative patient experiences.
What Should Your Employee Benefit Plan Cost? It can be expensive to ensure that you attract the best employees, but you need talented employees for a successful company. It is estimated that it costs $15,500 for health benefits per employee. This may affect your bottom line. Health benefit costs are rising much faster than wages. How can employers ensure benefits for employees while still keeping costs down? There isn’t a singular answer to this question.
What is a Proactive Health Management Plan (or PHMP for short)? Our health should be our number one priority; this is especially true if we’re working to support ourselves and our families. During our hectic lives, falling ill without a backup plan can devastate our bank accounts with countless medical costs and fees. This is where the design of health insurances and packages come in. There are many health insurance and health packages out there for employers to use. In this article, we will cover the PHMP: What it is all about and what are the benefits that it can offer for both employers and employees.
In business, entrepreneurs must strive to increase revenue. A company does not only prosper when it earns a significant profit. A business grows when it successfully achieves cost reduction plans.
If you find yourself wondering “where does the money go?,” it’s time to invest in a spend analysis. However, you might not know what a spend analysis is. This article is for you. Learn more.
Hiring an expense consultant can help improve your company’s bottom line, but you likely have questions about the process. Learn about hiring one here.