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May 27, 2020

What’s the New Normal?

Blog photo – May

For the past several weeks, we’ve all been collectively holding our breath as we followed state and federal guidelines on how to help flatten the curve of COVID-19. Businesses and individuals banded together, weathering temporary shut-downs, helping their communities, and changing the way day-to-day life operates for the greater good.

That internal, ambiguous countdown was always ticking down in the back of our minds, though. How long until we can get back to normal? The uncertainty made it difficult to be patient.

As many businesses and workers return in the coming weeks and months, that question of normalcy is a big one. How do we work together to make sure that all are safe, working conditions with mitigated exposure, and business picks back up? How do we make all of those things happen, and still feel like we’re returning to normal?

It may be that “normal” is still some time away. But that doesn’t mean that we can’t find ways to normalize “different.” Because things will look a little different for awhile.

Businesses now are determining their future mindset under pressure. Some businesses hope only to survive. Others are finding ways to thrive. When you and your team adjust to “different,” normalizing new safety procedures and social distancing recommendations, you’re in a growth mindset. You’re beginning to thrive.

You’re not alone. Overwhelmingly, businesses like yours are looking for answers to the same questions. What in-person opportunities can you bring to virtual spaces? How do you make customer interaction feel more personable?

Whether it’s through videoconferencing or curbside pickup, social distancing measures or extra check-ins with your team, the level of care and attention you use now will transform your company’s culture. You may find yourself pivoting how you do business, but not why. Taking care of your family, friends and colleagues along the way.

That care doesn’t need to cost more, either.

What would it take for you to feel more agile, so that your business can achieve that growth during this difficult adjustment period?

When it comes to your business’s spend on employee benefits, we can help shed some light. We’ve had some time to review claims costs over the past 9 weeks, and folks who are self-funded are in good shape. A recent study by John Hopkins hospital reports that emergency and outpatient surgery costs have dropped 40% and 71%, respectively.

If you have a self-funded benefits plan, that drop in claims amounts to savings in your pocket. A fully insured plan means you pay the same premium no matter the claims costs. We’re doing more with less these days, but truthfully, a self-funded plan can help ensure you have some savings to fall back on and do more for your employees and their families. Things look different now, why should your approach to healthcare be the same?

Another study by Milliman used extensive modeling to look into this further. Care avoidance and elimination are running 30-60%, which translates to a reduction in cost to insurance carriers of $75-$325 billion if things remain this way through the end of 2020. The amount of services being deferred exceeds the cost of treatment and testing for COVID-19 almost everywhere in the US.

Isn’t it time your healthcare benefits took your actual claims costs into account? Contact us to learn more about how a self-funded plan can make the difference in your business’s growth as we navigate a new normal together.

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