With healthcare costs expected to increase by 6.5% in 2023 and talent retention still a top priority, employers are seeking solutions to balance cost-containment and their workforce's demand for enhanced benefits.
Though this might seem out of your control, benefits account for 30% of employer spending — and employers have options.
In this post, we'll review four methods you can leverage to contain health plan costs while simultaneously providing a better benefits experience for your employees. We'll also explore how HealthJoy's connected healthcare navigation platform can accelerate your cost-containment strategies.
Benefits packages are growing every year, but new solutions to reduce the cost of care are only useful if you achieve employee buy-in. When you integrate your benefits into a single, connected ecosystem, you effortlessly ensure your employees understand, value, and get the most out of the benefits you offer.
A healthcare and benefits navigation platform connects every benefit in your package into a single, centralized location. For members, this creates a one-stop shop for all things benefits including: information on virtual care offerings, point solutions, in-network providers, and mental health resources.
These are all accessible through a convenient benefits wallet, with artificial intelligence (AI) and human healthcare concierge guidance along their care journey. This results in increased utilization, benefits satisfaction, and cost savings.
For employers, connecting your benefits ecosystem through a self-service platform will reduce HR administration time and improve utilization of your existing cost-containment solutions.
Employers who leverage HealthJoy's healthcare navigation platform to provide a connected benefits ecosystem for their members can expect an annual savings of $7,192 per 100 employees.
Virtual care allows employees to visit a medical provider for immediate care using a smartphone or tablet, usually within 15 minutes. Employees receive care without an appointment, travel, or time spent in a waiting room.
Virtual care providers are board-certified and can diagnose, treat, and even write prescriptions for about 70% of typical medical visits that happen within the US.
Most vendors provide service 24 hours a day, seven days a week — perfect for those middle-of-the-night visits.
Virtual care has been around since the early 2000s, but the biggest issue with virtual care until 1–2 years ago was low employee utilization. After increased awareness and utilization during the pandemic, employees are not only continuing to use virtual care options, but expect them to be a part of their healthcare experience.
Our clients who implement HealthJoy's Virtual MSK Therapy program see an average savings of $2,572 per participant.
Build a Culture of Healthcare Consumerism
HealthJoy’s 2022 Employee Benefits Insights Report surveyed over 1,000 employees and found that almost half of employees rarely or never consider how the cost of their healthcare choices impacts their employer. Educating employees on the role they play in the healthcare ecosystem can help build a sense of accountability.
Employers should also be promoting transparency tools and bill review services. Healthcare prices for the same service can vary by up to 500% or more. Encouraging employees to use a price transparency tool can lead to significant cost savings. Gen Z and Millennials tend to have higher activation, activity, and savings within the HealthJoy app — a natural parallel for how younger generations research options before making any purchase. In fact, our cost savings data shows that average savings per person was 34% higher for Gen Z / Millennials compared to Boomer age groups.
Additionally, providing a service where employees can submit their medical bills for review can lead to savings for you and your members. Many bill review services can also help negotiate on an employee’s behalf and correct billing errors.
Our clients experience an average savings of $689 per bill submitted to HealthJoy's Bill Review team.
Building a personalized experience can maximize benefits engagement and provide members with proactive navigation and support. But to do this for all members, HR teams need to leverage innovative digital resources.
Healthcare navigation platforms use your specific health plan data and individual elections to create a more personalized benefits experience for your employees.
Members can quickly find information about their benefits and best options for care. And when employees can make smart healthcare decisions with ease, healthcare costs go down — for them, and for your company.
Automated steerage allows HealthJoy to provide an instantaneous experience to our members, guiding them to higher quality, cost-effective care. The result is an expected annual savings of $5,709 per 100 employees.
You may think you have to choose between cost-containment or a benefits package your employees truly value.
But luckily, with a healthcare navigation platform like HealthJoy on your side, you can have it all.
HealthJoy's mobile application creates a connected benefits experience that takes the confusion and complexity out of healthcare by connecting employees to the right benefits at the right time.
Our mobile platform and healthcare concierge team bring benefits together to surface the best providers, virtual care, and cost savings. Ultimately, HealthJoy helps employees lead healthier, happier lives.