Healthcare costs could double over the next five to seven years

How can I minimize the strain healthcare benefits put on the bottom line?

Identify your cost drivers

As healthcare inflation continues to outpace general inflation, you may feel like you’ve lost control over your organization’s healthcare spending. But you’re not powerless. You just don’t have the right level of visibility into what’s driving your costs. In order to get an accurate picture of where your healthcare dollars are going, you need more than just a quarterly report; you need real-time, on-demand access to your organization’s health data. With that insight readily available, you can draw meaningful conclusions and take informed action to lower costs.

 

Guide employee decisions

With costs rising and the ACA’s Cadillac Tax looming, it’s imperative you reduce spending now. Lower-premium, consumer-driven health plans can certainly help you do that, but you have to get employees to buy in. That means helping them understand their healthcare options on a more personal level than ever before. With better visibility into the financial impact of plan selection, employees are much more likely to make cost-effective decisions.

 

Streamline administration

There’s a lot to keep track of in benefits administration—especially with the regulatory demands of the ACA—and that means a lot of potential for costly errors. You need a way to make sure nothing slips through the cracks. By automating the exchange of benefits data from disparate sources and integrating it into a single system, you enable your HR team to more efficiently and accurately complete tasks. With everything in one place, you can gain a firmer grasp on your benefits program to save time and money.

 
 

 

Do you know what's missing from your benefits management system? Our 2016 Buyer’s Guide discusses the factors to consider when evaluating a benefits technology platform.