The majority of large scale Indian corporate organizations offer healthcare benefits to their employees. But sometimes the same employee healthcare costs can be an expensive matter for the company. Especially now, since chronic diseases affect more than half the average workforce, resulting in hampered productivity and increased corporate healthcare costs. Companies who sponsor the health care needs of their workers are desperately looking for ways to reduce employee benefit costs. We have rounded up the following important tips that are quite promising as regards to how corporates can reduce health care costs.
Corporate wellness programs are a surefire way to save on healthcare costs. The way these wellness programs work is by getting your employees motivated to constantly look after themselves and improve their health. An increasing number of the workforce is suffering from chronic diseases and other lifestyle diseases and are grappling with the consequences. The benefits of corporate wellness programs can be reaped by the companies as well as their employees. Employers need to work towards designing special wellness programs that suit the needs of their employees and also fit in with their company policies. Fitness camps, in-office gyms, personalized diet and lifestyle modifications are some great options to include in an effective wellness program. Another great addition to a good corporate wellness program is offering occasional health education sessions where employees would be explained the importance of incorporating behavioural changes in order to avoid risk factors that affect their health and wellness.
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The latest cost effective solution to reducing corporate healthcare costs is digital therapeutics. Digital therapeutica is one of the more newer, effective and low cost alternative to traditional strategies to reduce healthcare costs. In simple terms, it is a technology based solution that deals with various diseases and has a strong impact on them which is very similar in nature to that of clinical medications. It makes use of consumer-level technology devices such as smartphones, smart watches, wearables etc and relies on behavioural science, as well as data analytics to deliver effective solutions for illnesses via the internet of things, web browsers etc.
The way digital therapeutics work is by using artificial intelligence powered devices to monitor patient activity and health parameters, and detect the problem or disease, while offering timely intervention. Some incredible examples of digital therapeutic solutions include; ingestible sensor embedded pills that inform health care providers if medication is being taken responsibly or not, and even specialised advanced technology inhalers for asthma patients that connect to the wifi and provide feedback on patient’s condition, the number of times device was used and other vital information and even smartphone apps that monitor and intervene at crucial stages.
That said, digital therapeutics are not a one-size-fits-all solutions and employers need to figure out the best strategies to reduce healthcare costs in their company. Hence, the first step should always be analysing the health needs of your workforce to figure out your best suited strategy. Once you have a good idea of your employees general health care needs, you can choose the appropriate health care provider who offers integrated digital therapeutic solutions as per your company’s specific needs.
Probably the best solution to reduce corporate healthcare costs is preventive care. No corporate healthcare or wellness program is complete without a preventive care aspect attached to it. Check with your insurance company for preventive care programs that you can offer to your employees, most times the cost of these preventive care programs is borne by the insurance company so it is free of cost for the company and its employees. Be sure to check the preventive care guidelines and educate your employees about the same. Immunizations, lab tests, blood work, free health checkups, physical examinations and prescription medications are some of the most common preventive care offered by various providers. Not only is it necessary and cost-effective, but practising preventive care is an integral part of staying healthy and fit while avoiding long-term illnesses.
These days there are many different tools that employers can use to reduce costs related to employee benefits and healthcare programs. These tools are available in the form of online or web applications that employees can use to detect the best option pertaining to their health care requirements. Certain tools can provide accurate estimates about costs related to lab tests, routine check ups, and other primary health care services. This helps employers and their workers to gauge which scheme would beat fit their requirements and thus prove to be cost efficient.
Certain health insurance providers also offer reward schemes to companies who work alongside them. Organizations looking to reduce employee healthcare costs can make the most of such schemes. Check with your healthcare insurance provider for any such offers. An example of a reward scheme is when employees choose a reasonably priced facility to receive their treatment, (perhaps using special tools mentioned above) they will be rewarded for the same. This may sound counter-productive, but the costs of the same treatment offered at different healthcare facilities can vary to a great extent. Such reward programs will encourage employees to receive care at fair priced facilities thus saving the company thousands of rupees.
With the wide-spread epidemic of social media induced lifestyle diseases, companies can make the most of the above mentioned suggestions to reduce corporate healthcare costs and increase the return on investments through them.
Reference:
“Simple Digital Technologies Can Reduce Health Care Costs,” Alexander L. Fogel, Joseph C. Kvedar, 14th Nov 2016
