If you could lower your healthcare costs by 30% or more for your organization, think of what you could do with the savings – capital improvements, reinvesting in your company, higher salaries and wages for employees, and a better bottom line.
By all accounts, almost every industry in the U.S. has been affected by the loss of jobs within their company since the pandemic started. It seems to have started when businesses voluntarily closed, were forced to close, or had to reduce hours and/or require their employees to work at home. Then the stimulus checks started being issued and a lot of employees chose not to work because they felt that while not earning as much as they did previously at least they could stay home, or not work and still collect a check.
There seems to be continued reductions in workforce either voluntarily or involuntarily. In talking to many businesses, the supply chain has had an enormous effect and their ability to conduct business in a timely manner, employees resigning for a variety of reasons including retirement, going back to school to further their education, looking to change careers, or simply not work.
2020, 2021, are the years of the Great Resignation. Companies struggle to find qualified workers and workers who actually want to work. Delivery people, laborers, skilled workers, sales people, clerical staff – you name it – if there was ever a time to change careers – NOW is it!
What are you going to do so that you’re company is not part of the Great Resignation? The bottom line is that workers are looking for higher compensation and better benefits. The cost of COVID in their lives has been significant. The cost of treatment and their out of pocket expense can be overwhelming, especially if your plan is a High Deductible Health Plan. Specialty drugs costs have gotten totally out of hand. It’s not only the cost of care that’s coming out of the employee’s pocket, but also you as an employer.
The answer: have a compensation package including benefits that is highly attractive two employees and that will retain them for the future. This means increasing benefits in the wake of increasing costs. How do you do this? You have to challenge the status quo and get innovative as to how you pay for these benefits.
As far as medical claim costs go, I’ve heard forever that “a claim is a claim as a claim.” I can tell you with my 40+ years of experience, that this is simply not the case unless you continue to do things the way you’ve always done them – the status quo. You can no longer rely on an insurance company or PPO to control health care costs because they make more money has your costs go up as do hospitals, professional providers, big pharma, brokers, etc.
If you want to control your costs you’ve got to think out of the box and do things differently. If you could lower your healthcare costs by 30% or more for your organization, think of what you could do with capital improvements, reinvesting in your company, higher salaries and wages for employees and a better bottom line. We have proven strategies that we’ve successfully deployed for our clients that have done just this – reduce their health care costs dramatically so that they can reinvest in their company and their people. It has allowed them to attract and retain employees.
What would you do with the savings if your company could do the same? If you want to learn more about how to control and reduce your costs so that you’re not part of the Great Resignation, you should give me a call at 970-989-8577 or send me an email to me at [email protected] and I can give you more information.
