More than half of Chief Financial Officers rank health benefits cost as one of their top five concerns, according to a Mercer survey as reported by BenefitsPRO. As a Chief Human Resource Officer or Benefits Lead, are you working closely with your finance team to understand and manage your benefits cost?
The article’s author is correct when he says that benefits teams must “play both defense and offense” when it comes to managing health care costs. During the Great Resignation, passing big increases along to employees is not a winning strategy to retain skilled workers in demand.
I recently met with a client who has a monthly meeting with their CFO and staff to review key metrics and drivers of the benefits plan cost. This approach keeps the client on top of critical trends and drivers, which gives the company the opportunity to look for solutions to address issues. Managing the TPA who administers your self-insured plan is an opportunity for savings too often missed! Health benefits cost are a priority for their CEO and CFO. As a result, changes can move quickly through the procurement and data security processes when necessary. CFOs and Benefits Leads understand that savings in healthcare costs fall to the bottom line and increase the EPS of the firm.
4C Digital Health is also finding that this is increasingly becoming a Board of Directors concern. So, if you know a call is going to be made on this topic, are you going to be the one making it or getting it? Leaders are the ones making it. Unfortunately, I think far too few companies run their self-insured plans like a business.
No matter what sector your company is in, you ARE in the business of healthcare. How are you managing that business for your company and employees? Learn how our unprecedented solutions can deliver clarity and control over your self-insured healthcare plan. Let us show you the power of your data.
SVP Strategic Relations
Buckle your seatbelts: CFOs fear impact of inflation on health benefits costs