Employers Should Use Data and Reporting to Minimize Healthcare Costs

Employers should track their healthcare costs throughout the year to determine the health of their employees and discover cost-saving measures in the future. Here are a few ways cost tracking can help lower your company’s healthcare costs.

If you’re like most employers, employee and healthcare benefits are one of your largest expenses. You’re probably also looking for ways to maintain high-quality employee healthcare benefits while controlling the cost. Your employees’ health data is an important tool in this process. Below, learn how data and population health management systems can improve your employees’ wellness.

Use Data to Identify Your Employees’ Unique Health Needs

Modern employers can access remarkable amounts of information about their employees’ health and wellness. Biometric and other health data, typically obtained during health risk assessments, employee physicals, and other evaluations can provide insight into your team’s modifiable health risks, demographics, and utilization of healthcare benefits. 

However, you may have difficulties analyzing this data on your own, due to the size of the datasets and their complexity. Thankfully, there are population health management algorithms and applications that can help with this process and protect employees’ privacy.

You can’t incentivize healthy lifestyle choices or establish workplace wellness programs until you know your workforce’s key challenges and needs. Every workforce is different, and you need to understand your employee demographics. Do you know how many of your employees use tobacco, consume alcohol, or exercise regularly?

Similarly, an evaluation of your employees’ health data can pinpoint specific challenges that they face when accessing healthcare. Do they or their families need bilingual or bicultural physicians? Are the facilities and providers within your health plan accessible after-hours or by public transportation? Do they live in food deserts and find it difficult to access affordable, healthy food options?

Build Personalized Health Programs That Encourage Employee Wellness

Once you understand your employees’ shared challenges and needs, you can build systems that help improve their access to care and overall wellness. Depending on your existing solutions and your team’s needs, they may include:

If you need help identifying systems and programs that could improve your workplace health, contact Canopy Health. We’d love to tell you about our alliance, carrier partners, and refreshingly clear, human approach to healthcare.

Keep Prescription Costs Under Control

Prescription drug costs and usage are rising. In 2015 alone, prescription spending increased by 8.1%. Controlling these costs is a vital part of any healthcare cost-containment strategy.

However, you need data to identify your employees’ biggest prescription issues. Are they choosing brand-name prescriptions when less-expensive generic options are available? Could they save money by using mail order services or transitioning to a 90-day supply? Do you have a large population that uses specialty drugs?

You can encourage more cost-effective prescription use by connecting employees with nurse-case managers, implementing payment structures that incentivize generic and lower-cost medications, and educating employees about their medication options and the associated costs.

Canopy Health’s Alliance Offers Tools For Workplace Wellness

Canopy Health and its alliance are committed to building healthier workplaces. We offer a wide array of tools that can help your employees manage their healthcare costs and improve their wellness, including our Cost Estimator and Video Visits applications.

Additionally, our alliance of physicians, hospitals, and care centers offers support and services that encourage healthier workplaces. For more information about specific offerings and programs, contact our alliance members directly.

Finally, our carrier partners have a variety of cost-effective plans that include Canopy Health. You can choose from a variety of price points, co-pay and co-insurance structures, deductibles, and out-of-pocket maximums that meet you and your employees’ needs.

Canopy Health: Let’s Build Healthier Workplaces Together

At Canopy Health, we’re committed to affordable, transparent, and accessible Bay Area healthcare. If you’re looking for new ways to improve your employee benefits, we’d love to tell you about our remarkable alliance of physicians, hospitals, and care centers. To learn more, complete our online form or call us at 888-8-CANOPY.

References

Kamal, R., Cox, C., McDermott, D. (2018, December 10). What are the recent and forecasted trends in prescription drug spending? Peterson-Kaiser Health System Tracker. Retrieved from https://www.healthsystemtracker.org/chart-collection/recent-forecasted-trends-prescription-drug-spending/#item-start