Why health care costs are rising and what you can do about it
As a business owner or insurance broker, you’re likely aware that health care costs in the U.S. have been steadily increasing over the last several years.?
Today, I want to briefly explain some of the most significant factors leading to higher healthcare prices, as well as how you can work with your team to lower these costs for your organization and employees.?
Several factors that contribute to the rising cost of healthcare:
To lower healthcare costs for organizations and employees, consider the following strategies:
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It is important to work closely with insurance agents that know how to find the best solution for reducing healthcare costs while maintaining access to quality care.
Start looking for creative solutions today! If you need to find an innovative plan solution for your health benefits, reach out to us and we will help.
Michael Patton
President of Excel Health Plans
Speaker, Author, Founder Green Imaging-Cost transparency assures you tremendous savings on outpatient medical testing nationally
1 年In my field, private equity and greed.
Improving the innovation, productivity, equality, & social well-being of employers and employees while mitigating healthcare risk with advanced primary care. UofM & MSU mom—house divided!
1 年Build direct primary care (DPC) as the foundation of the healthcare package and build all other services around it. DPC lowers the unit consumption of healthcare reducing costs by 20% (or more) while giving 24/7 access to a primary care provider whether the office is open, closed, weekends, or holidays. In addition, we promote price tranparency helping patients navigate the healthcare system to the highest value at the lowest cost. The healthcare system is an antiquated model that does not work to save money for the people. It is a system that uses traditional primary care and urgent care as the feeders into the higher cost parts of the system. We can do better then that. DPC is the real solution to lower spend while getting great care and open access. Putting free markets forces into the system is where everyone will win—cities, municipalities, unions, employers, and the people.
Intentional about healthcare benefits <> Hebrews 12:1-2 <> Ironman
1 年2) Choose a plan that fits the needs of your company and that of your employees. Depending on your size, you may want to consider a self-funded arrangement where you own your data, have greater control of your plan design and gain the flexibility to do creative things with direct provider contracts or prescription carve outs. This is a high-performance vehicle that must be managed differently than a fully-insured model with a big carrier but can be a great way to better utilize health plan dollars while giving employees better benefits with much lower out-of-pocket expenses.
Intentional about healthcare benefits <> Hebrews 12:1-2 <> Ironman
1 年1) Choose an innovative & knowledgeable benefits advisor/consultant who works for you (the business), not a "broker". Most brokers are compensated by large insurance carriers and can be swayed to keep/move a plan based on the hefty commission being thrown at them. This is often times a conflict of interest and may not be what's best for the employer's, or their employees. When companies receive a healthy insurance renewal increase, guess who also receives a nice bonus by that same %? The broker! An independent consultant who works directly for you (the business) is carrier agnostic and is paid accordingly by you so there's full transparency. No commissions, bonuses, extra perks, etc. based on the carrier you use.
Intentional about healthcare benefits <> Hebrews 12:1-2 <> Ironman
1 年Michael, I like the four bullet point strategies you offer. Here are a few additional thoughts worth mentioning. Businesses have myriad of solutions at their fingertips but if their current broker isn't aware of them or adept at implementing these strategies, the unit cost of care will still be high. There are two very important decisions each employer who sponsors a health plan for their team needs to make: