Chris Crawford’s Post

Are employers being overcharged for healthcare? This article in Employee Benefit News reveals how common this issue is and the expensive impact it has on businesses. At Health Advocate, we help organizations manage healthcare expenses effectively. Our comprehensive solutions provide expert guidance on benefits utilization, cost-effective care options, and proactive health management. By identifying and addressing inefficiencies, we help businesses save money while ensuring employees receive the care they need. #HealthcareCosts #EmployeeBenefits #HealthAdvocate #CostManagement #WorkplaceWellbeing

Are your clients being overcharged for employees' healthcare? Maybe so. For employers providing self-funded employee benefits, it can be a lot easier to find out. TPAs like Luminare Health believe that transparency is key to the value we deliver for clients. It's crucial to helping make sure employers and members are charged what they should be, and it helps employers take more control over their benefits spending. Self-funding allows employers to pay for actual claims incurred rather than fixed premiums, providing a clear view of healthcare expenditures. An experienced TPA like Luminare Health can offer detailed claims data and analytics, enabling employers to identify cost drivers and opportunities for savings, in addition to overcharges. This transparency is pivotal in negotiating better rates with providers and ensuring that funds are allocated effectively. Want to find out more? Let's talk today. #EmployeeBenefits #Transparency #SelfFundedBenefits #TPA

Are your clients being overcharged for employees' healthcare? Maybe so. For employers providing self-funded employee benefits, it can be a lot easier to find out. TPAs like Luminare Health believe that transparency is key to the value we deliver for clients. It's crucial to helping make sure employers and members are charged what they should be, and it helps employers take more control over their benefits spending. Self-funding allows employers to pay for actual claims incurred rather than fixed premiums, providing a clear view of healthcare expenditures. An experienced TPA like Luminare Health can offer detailed claims data and analytics, enabling employers to identify cost drivers and opportunities for savings, in addition to overcharges. This transparency is pivotal in negotiating better rates with providers and ensuring that funds are allocated effectively. Want to find out more? Let's talk today. #EmployeeBenefits #Transparency #SelfFundedBenefits #TPA

Choosing between getting the care you need or financial worry? Not on our watch. Employee Benefit News shares how we’re helping employers make healthcare affordable and accessible for their employees. https://lnkd.in/gmsT_D29 #Healthcare #EmployeeBenefits #AffordableHealthcare

❗Don't let this be you... As healthcare costs continue to skyrocket, new guidance shows that employers may be overspending on their employees' medical plans. But there are ways to curb your overspending—like asking for more support from your broker, and using a benefits decision support tool to help employees make smarter decisions. Send me a DM if you're interested in talking more about how your organization can save on healthcare this year! 📩 #employeebenefits #hr #openenrollment

💡 Innovative Payment Strategies: A Win for Employers & Healthcare Savings 💡 A new survey from the National Alliance of Healthcare Purchaser Coalitions reveals that employers using innovative payment approaches—like value-based care and direct contracting—are seeing significant reductions in healthcare costs. These forward-thinking strategies allow employers to improve care quality while managing expenses more effectively. Here’s what’s working: 🏥 Value-Based Care: Paying for outcomes, not just services, drives higher-quality, more cost-effective care. 🤝 Direct Contracting: Partnering directly with healthcare providers streamlines costs and boosts transparency. ⚙️ Alternative Payment Models: Custom payment structures tailored to healthcare needs maximize impact and control costs. These approaches show that proactive payment strategies can make healthcare more sustainable, benefiting both employers and employees. Let’s discuss how adopting these innovations could help your organization achieve better outcomes! #HealthcareCosts #ValueBasedCare #EmployerBenefits #HR #FringeBenefitPlans https://lnkd.in/g8KizvPX 📧 terry.singleton@theenterpriseteam.com 📞 Direct: 321 926 4403 📍 1110 Douglas Ave, Ste. 2000 Altamonte Springs, FL 32714

After payroll, health insurance is one of the most expensive budget items when running a business. A recent Mercer survey found that employers plan to maintain their current health benefits in 2025, despite per-employee benefit costs rising about 5.2% in 2023 and 2024, after nearly a decade of 3% annual growth. Employers are split on how to cover the rising costs: * 45% said it's likely they will shift costs onto workers * 47% said it was unlikely * Many are considering changing provider networks The rising costs are attributed to medical inflation, rising prescription drug costs (up 8.6% in 2023), and costly new therapies. Despite this, about two-thirds of large employers are prioritizing improving healthcare affordability over the next few years to avoid further financial strain on workers. Large businesses can adjust their drug coverage and provider networks to decrease their costs. Small businesses have less flexibility since their policies have fixed prices based on age and location. Drug coverage is usually bundled and set by the insurance carrier, so the employer has fewer customization options.

💡 Innovative Payment Strategies: A Win for Employers & Healthcare Savings 💡 A new survey from the National Alliance of Healthcare Purchaser Coalitions reveals that employers using innovative payment approaches—like value-based care and direct contracting—are seeing significant reductions in healthcare costs. These forward-thinking strategies allow employers to improve care quality while managing expenses more effectively. Here’s what’s working: 🏥 Value-Based Care: Paying for outcomes, not just services, drives higher-quality, more cost-effective care. 🤝 Direct Contracting: Partnering directly with healthcare providers streamlines costs and boosts transparency. ⚙️ Alternative Payment Models: Custom payment structures tailored to healthcare needs maximize impact and control costs. These approaches show that proactive payment strategies can make healthcare more sustainable, benefiting both employers and employees. Let’s discuss how adopting these innovations could help your organization achieve better outcomes! #HealthcareCosts #ValueBasedCare #EmployerBenefits #HR learn more: https://lnkd.in/ePHZXUdU 📧 terry.singleton@theenterpriseteam.com 📞 Direct: 321 926 4403 📍 1110 Douglas Ave, Ste. 2000 Altamonte Springs, FL 32714

Did you know that employees earning less than $40k annually have only a 44% healthcare benefits enrollment rate? For those earning less than $60k, healthcare benefit enrollment has declined significantly with the rising cost. The plans they can afford often have such high deductibles that they can only realistically be used when a catastrophic event occurs. This glaringly painful reality has led the industry to offer some very beneficial alternatives. There are reference-based pricing plans, with specific limitations, that have no deductibles. In many cases they can reduce premiums, and claims, by 20-35% relative to network plans while giving employees greater access to the healthcare system. These types of offering help reduce costs while increasing employee recruitment, retention and engagement. 45% of employees find health care benefits unaffordable, according to Alight’s 2023 Benefits and Enrollment Trends report. The average employer-sponsored health insurance premium for families reached nearly $24,000 in October, with employees paying an average of $6,575, as per KFF’s annual Employer Health Benefits Survey. Employers are prioritizing enhancing health care affordability, with over 50% focusing on controlling medical costs this year, which is expected to positively impact employees’ benefits expenses. #EmployeeBenefits #HealthcareEnrollment #AffordableHealthcare #MedicalCosts #EmployeeExpenses #HealthcareAffordability #ReferenceBasedPricing

If every player in the healthcare space prioritized the best interest of the insured, the need for PA's would diminish. However, this isn't the reality. With conflicting priorities, measures are crucial to safeguard all parties involved. Despite imperfections in the system due to financial stakes, achieving perfection seems unattainable. #employeebenefits #employees #hr #cfo #healthcare