"A self-insured health plan can cut costs, provide access to value-based primary care and enable leaders to offer the attractive salaries and benefits that matter most to achieve a happy, healthy and productive workforce." – Dave Chase, Co-Founder of Health Rosetta
Publishing in Entrepreneur, Chase tells us what many HR executives already know, employees expect better benefits. Attracting and retaining today's talent is a competitive market. And many times, it's the benefits package that makes a company irresistible.
But how does a company curb the rising tide of costs to offer competitive healthcare benefits?
Chase argues, while admitting it isn't easy, it's becoming self-insured.
"A self-insured health plan can cut costs, provide access to value-based primary care and enable leaders to offer the attractive salaries and benefits that matter most to achieve a happy, healthy and productive workforce."
Isn't being self-insured risky? Yes. There's risk. But if you're willing to accept the risk, you should also be entitled to the rewards.
For companies interested in an on- or near-site clinic model, becoming self-insured is part of the litmus test to determine if it's the right approach. Because it takes a big upfront investment.
Read Next: How To Expand Employee Benefits While Keeping Costs Under Control
But the long-term benefits many times outweigh the costs. Here are a few to consider:
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Less Time Away From Work, More Time With Providers: An on-site clinic, a primary care provider builds rapport with patients. Spending quality time understanding their needs and context, they're able to determine what kind of care is needed and if a patient needs a referral to a specialist. Many times, we've found that most treatment — even those patients think need to be done by a specialist — can be done within the on-site clinic. So the patient isn't seeing a specialist when there's really no need |
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| Productivity on Steroids: Productivity skyrockets in an on-site clinic situation because people are quicker to go to the doctor when they need to and therefore miss less time due to sick days. |
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Cost Containment: Traditional healthcare is built on referrals and specialists. An on-site clinic manages all care, including referrals to high-quality, low-cost specialists. For the organization this means cost containment. For the employee, it means convenience. |
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| No Copays, No Anxiety: There are literally no financial barriers for an employee to go to an on-site clinic. No copays, no questions about what your insurance will cover. Just make an appointment and spend time with your provider. Simple. | ||
| Claims Decrease Immediately: Instead of shifting the burden of primary care to your traditional insurance (whose costs can fluctuate due to claim volume), you’ll be accomplishing all of this great preventive care within a fixed cost environment. |
An on-site clinic model isn't easy to implement. And it's not the cheapest solution. But, as Chase mentions, for employees looking for a competitive benefits package, it might be the right solution for you.