Andy Neary explains how rising health insurance costs eat into company profits and employee wages. His core advice: reduce medical and pharmacy claims by focusing on employee health. Lowering claim frequency directly lowers what your company pays for coverage.
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The health of your medical plan equals the wealth of your bottom line. If you're a business who offers a medical plan to your employees, this is true. So how healthy is your medical plan? Are you having to shift cost to your employees through increased deductibles, co pays and out of pocket limits? Are you finding yourself dedicating more time every year to trying to find better deals from different insurance companies? Are you seeing employee pay raises evaporate with rising health insurance costs? If so, your medical plan might not be so healthy and it's impacting the wealth of your bottom line. It's a fact that rising health insurance costs reduce bottom line revenues. So today I want to share with you one tip to help you reduce the time, the money and the frustration that your health plan is placing on your bottom line and your employees wallets. And here's that tip. Focus on the size and frequency of your medical and pharmacy claims. No matter how you fund your health plan, the size and frequency of your medical and pharmacy claims accounts for.
The cost of your health plan. So if you are dedicated to finding a way to reducing your insurance costs, if you're dedicated to take back the time you've been spending on the plan, and if you're dedicated to putting more money back into your employee paychecks, focus on the size and frequency of the medical and pharmacy claims. So shoot me a note. Let me know what the number one strategy is that you're using today to reduce the size and frequency of your medical and pharmacy claims. Because the healthier your medical plan is, the wealthier your bottom line will be. Until next week, bear down, focus on the target and strike out the status quo.
