What’s Your Group Health Insurance Strategy?
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With every renewal cycle, several companies set a new strategy. Whether the strategy is for sales, operations, growth, expansion, recruiting, etc., there’s a plan to assure goals are met and the success of the company continues. There are several factors that can positively impact the bottom line of an organization, but often times, some of these items are overlooked while planning and strategizing.
A key item that could greatly impact your bottom line is putting together a strategy for your health insurance plan. Do you have a strategy for this expense item? I’m guessing, like most organizations, the answer is probably no; you haven’t really thought about this as one you can control or impact. But, I’m here to let you know, there’s a huge opportunity ahead for you.
Health insurance costs are usually the second or third largest expense item on an income statement, but they can be controlled. Putting together a three to five year strategy around your health insurance plan can positively impact the bottom line. Some key things to keep in mind when putting together the strategy:
- Determine the goals for your health plan (e.g. keep costs down, attracting talent, retaining, etc.)
- Assure your employees are engaged and understand the goals of the health plan and strategy you’re implementing
- Understand the key factors that drive the cost of your plan (e.g. digging into your claims)
- Implement programs that address the key factors that are driving up the cost of your program
- Have a funding mechanism that allows you to reap the benefits of engaged employees and the programs you’ve implemented
As with everything else, building a strategy accomplishes several things; mostly, accountability which drives results!
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