The biggest mistake you can make as a business is assuming there is nothing you can do about your health insurance costs. While it's true that most of the external issues leading to higher healthcare costs are out of your hands, there are a number of ways that you can reduce your spending internally. Going into this process with the right attitude will help find the solutions — they really are out there — you need to reduce your spending.
Sticking To What You Know
As healthcare costs continue to rise, businesses who want to reign in their spending will need to start thinking outside of the box. Health savings accounts. Self-funded health plans. Captive insurance groups. Coalitions. These are just a few examples of innovative, forward-thinking approaches to driving down your healthcare costs. Smart business owners, of even smaller companies, are leveraging some of it not all of these options — along with others — and you should be too if you're serious about cutting costs.
Not Watching Out For Fraud
The potential for health insurance fraud is an unfortunate reality that all businesses have to deal with. Failing to account for to this sort of behavior can lead to significantly inflated healthcare costs. Fraud can also lead to serious compliance issues and these can come with some pretty heavy fines. There are a number of signs that your business may be on the receiving end of health insurance fraud that you should be watching out for.
And, be warned. Insurance companies that reinforce the value of their auto-adjudicated claims process are actually contributing to the problem. The only real way to prevent your health plan from being victimized by fraudulent charges, markups on cost of service, and erroneous billing is to eliminate auto-adjudication and utilize a professional service partner who will monitor and audit activity, manage and negotiate claims payments (directly with the providers), and ensure both you and your employees are receiving reasonable and fair pricing on services rendered.
So, what's the takeaway here? First, you should start with a fresh outlook. Utilize a strong support system for managing your healthcare supply chain. Recognize that your healthcare costs are not outside of your control and take action! Next, you need to keep in mind that cost containment is as much of an art as it is a science, so be open minded. Don't be afraid to experiment with new and innovative methods of cutting your healthcare costs. Finally, you should be prepared to fight the real problems that are profiteering and health insurance fraud. Failing to do so will lead to higher health care costs and compliance issues that are bad news for your business.
Need Help? Don't Be Afraid To Look Outside Of Your Business
Managing your healthcare spending can be difficult. There are so many things to consider that it can be overwhelming to do on your own. If you're finding it difficult to keep your costs under control, it might be worthwhile to look into using a healthcare strategies specialist as your consultant— especially one with experience in cost containment.
Many business owners worry that going to an outside consultant for their health insurance means giving up control, but that couldn't be further from the truth. Any consultant worth their salt will work for you and with you to find the best way to reduce your health care spending. They’ll offer you sustainable solutions with a definable ROI. With the right advisor and support services, you can dramatically lower what both you and your employees are having to spend on health insurance premiums, out of pocket healthcare costs, and more. You just have to be willing to take a new approach. And let’s face it, what you’re doing now just isn’t working anyway.
At Summerlin-Roberts we leverage our expertise in cost containment to provide the best possible health insurance strategies at the lowest possible price, resulting in happier employees and leaner budgets. For more information about providing affordable health insurance that will satisfy your employees, please contact us today.