Elton Mwangi • Nov 20, 2023
Earn Your Employees' Trust And Reduce The Cost Of Your Benefits Plan
Your employees think you are out to get them. It doesn't matter how sweet your employee benefits plan deal is; they will always fear that being too liberal and honest with their treatment needs might lead to layoff, reprisal, or judgment.
You want to banish this problem from your work culture because untreated health problems have dire effects on your productivity and bottom line. Think increased sick days, treatment and healthcare costs, and lack of office morale and innovation (all factors you cannot compromise on in this competitive environment).
The kicker here is that as an employer, you can find alternatives to unleash the power of care for your employees and protect your bottom line. But your biggest challenge is ensuring your employees fully utilize their benefits packages. So, what do you do?
You Build Trust with Your Employees.
Employees that trust their employers aren't scared of open communication. They are more likely to be transparent about their health needs, which allows employers to understand the specific treatments they require.
In turn, you can design a more tailored and effective benefits package. And by understanding the health needs of your employees, employers can negotiate better with healthcare providers and insurance companies, potentially leading to cost savings.
Trust can also encourage employees to take advantage of preventive care benefits, leading to early detection and treatment of potential health issues. This not only improves the workforce's overall health but also reduces the costs associated with treating advanced-stage diseases.
Once employees become more likely to seek treatment promptly and manage their health conditions effectively, the time they need to take off work for treatment reduces. That is, absenteeism is reduced.
And if your employees are not taking sick days or time off work to recover from illness often or are not worried about their health or the financial implications of seeking treatment, they can focus better on their work. This leads to increased productivity, which benefits the organization.
Let's not forget that a robust health benefits package, backed by a trusting relationship with the employer, can increase employee satisfaction and loyalty, which reduces turnover and the associated costs of hiring and training new employees.
LOOK AT PREVENTATIVE CARE AS AN EXAMPLE!
reventative services like regular check-ups, screenings, and vaccinations are designed to catch potential health issues early when they are typically easier and less expensive to treat. When employees underutilize these services, they may miss out on early detection of health issues, which can lead to more severe and costly health problems down the line.
Consider an employee who skips regular cholesterol screenings, a preventive service often covered by health insurance. Over time, this employee may develop high cholesterol, which, if left untreated, can lead to severe and costly heart disease.
The cost of treating heart disease, including medications, surgeries, and hospital stays, can be significantly higher than the cost of regular cholesterol screenings and early interventions like lifestyle changes or medication.
Now, let's consider the example of unnecessary surgeries, specifically in the context of musculoskeletal (MSK) conditions. According to a report by Sword Health, 36% of MSK-related surgeries are deemed unnecessary, costing the workforce around $90 billion annually.
These surgeries often incur high costs, including surgery, hospital stays, medication, and physical therapy. Additionally, recovery from surgery usually requires time off work, which can lead to lost wages for the employee and productivity loss for the employer.
A potential solution to this problem is to promote and provide access to alternative treatments like physical therapy. Physical therapy can often effectively treat MSK conditions at a fraction of the surgery cost.
For example, an employee with back pain might opt for physical therapy sessions over a costly and invasive back surgery. Not only can this save the employee and employer money, but it can also lead to a quicker recovery and less time off work.
So conclusively, promoting and utilizing preventive care and alternative treatments can lead to significant cost savings for employees and employers. It's a proactive approach to healthcare that focuses on preventing and managing health issues early on, leading to better health outcomes and lower healthcare costs.
Related Articles
