From the Desk of Mike Schroeder – February 2019

Health Insurance & Employee Engagement: A Cost Saving Opportunity

The health insurance marketplace is doing a pretty good job of introducing new and more effective strategies to reign in the escalating cost of healthcare. A day does not go by where a company is not pitching a solution to control rising healthcare costs. Roundstone’s CSI Team reviews each and every health insurance plan and then makes available solutions meeting our proprietary cost saving metrics. Still, there remains significant headwinds for both employers and their employees to limit the increases to their healthcare funding.

The resistance to employers taking control of their rising healthcare costs presents itself in the form of long held beliefs that healthcare is too complicated to manage, that employees won’t engage with cost saving solutions or in the myriad of barriers imposed by the traditional BUCAA markets. Several years and thousands of employers’ experience now deliver irrefutable proof in debunking two of these three challenges, but I confess that employee engagement presents the greatest opportunity for improvement.

The employee’s customer experience is where the answer can be found to the critical need for employees to actively join with their employers and take control of their healthcare spend. Reengineering the price, choice and quality decision making process for employees presents a clear chance to improve employees’ engagement with the many cost saving healthcare solutions. Whether in the purchase of prescriptions, MRIs, orthopedic procedures, dialysis or oncology, employees are in a unique position to recognize that quality and cost are not inversely related. No doubt, focusing on the employee’s customer experience is the key to encouraging cost saving decisions.

The cost effectiveness of employees’ healthcare buying will, undoubtedly, continue to receive the market’s attention and innovation. Stay tuned as Roundstone remains committed to introducing to you the most effective strategies for delivering savings against rising healthcare costs.

Mike Schroeder