According to a post on Healthcare Finance, CFOs cite healthcare benefit expenses as a top concern. It’s not surprising. Compared to other operating expenses, healthcare benefits are one of the largest expenses for a company. As people catch up on their annual medical appointments and follow-up visits, deal with the impact of long-term COVID-19, higher-cost therapies, and other issues, the challenges to keep healthcare costs for employees at the consumer price index level or below are daunting.

Interestingly, the post, which includes data from a survey conducted by asset management firm Mercer, indicated that CFOs do not wish to change plans that shift the cost of care to employees. Why? Because this creates dissatisfied employees during a time of inflation. There are several ways for CFOs to keep healthcare costs in check while maintaining a strong level of satisfaction for employees.

Focus on Clear Communications with Employees

Selecting a healthcare plan can be frustrating, confusing, and even scary for employees. Marketing expert, Stephen W. Blumberg, who has worked with healthcare, financial, and consumer companies, says “We often look at the numbers and data to drive decisions and next steps. It’s also important to focus on communication with employees when it comes to their health insurance. They need to feel that questions can be answered and that their health and the health of their families are in good hands. Providers are offering one of the most important benefits and it’s in their best interest to help employees understand. Coordination of communications between companies and providers can help create greater satisfaction for all parties.”

Work with Healthcare Partners that Have a Strong Technology Focus

Thinking about technology in healthcare, we often think about scanning equipment and surgical instruments. Better equipment results in fewer overnight hospital stays and faster treatment. There are also substantial financial savings to working with healthcare providers that have invested in technology for their administration, frontend, and backend. For example, tech partners that offer quality assurance and registration tools help hospitals identify payment estimates and get patients registered for services and treatments faster.

The Growth of Healthcare System Consolidation

Across the country, there is a trend toward consolidation. Traditional administrative roles have become restructured to economies of scale and to maximize efficiencies. This consolidation is part of what is driving a change toward centralized operations. The result is that service providers that have experienced the greatest consolidation will be able to provide the most competitive pricing. Something that CFOs will be happy to hear.

Back to Basics

For some time now, companies have supported services that lower costs and greatly benefit employees.  Many are low-cost and go back to the basics in terms of embracing a healthy lifestyle. One of the biggest ways to encourage healthy behaviors is to promote regular exercise. This can be done by supplementing gym memberships, supporting healthy eating in cafeterias, and providing wellness classes such as yoga and meditation. All can help to reduce the risk of developing chronic health conditions. Ultimately, lowering healthcare costs.