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The advent of new technologies has opened up a host of new ways of communicating. At this point, it’s pretty clear social media has moved beyond a fad stage – it is now a core element of the way we communicate with each other. While you’re probably using social media in one way or another, have you considered leveraging social media to enhance your wellness efforts?
As costs continue to skyrocket in employee benefits, many HR professionals are looking for creative and innovative benefits strategies that can help control costs while providing a service employees will truly appreciate.
“Concierge medicine” [also known as boutique medicine] is a growing trend in healthcare that has potential to be a major gamechanger for physicians, patients and employers alike. In a concierge approach, a doctor charges an annual fee in exchange for providing highly attentive, 24/7 medical care. While this style of healthcare is still in the minority, the benefits may be worth weighing when evaluating potential options for you and your company. In any case, this is something every HR professional should be aware of.
Traditional medicine – healthcare as most of us know it – operates on a fee-for-service basis. When a patient needs care, he makes an appointment, visits a doctor, and pays for the services delivered. Since insurance companies can negotiate who is considered “in network,” doctors may have to defer to the insurance company’s fee schedule when deciding what to charge for their services.
The trouble with the traditional approach is that it prioritizes volume. To make a reasonable profit, doctors usually have to schedule appointments every 15 minutes, and often serve upwards of 3,000 patients a year.
The result for the patient isn’t very pretty. Patients of a doctor stretched too thin may struggle to get an appointment when they need one on short notice. They spend longer in the waiting room than they do with an actual doctor. Worse still, if a doctor is rushing from appointment to appointment, they may not get the doctor’s full attention and have little medical advice around preventative care.
Concierge medicine takes a different approach. In this system, doctors charge an annual fee in exchange for providing highly attentive medical care available 24/7. Doctors work with many fewer patients, typically 10% of what doctors in a traditional practice would take on.
With fewer patients and a guaranteed source of income, concierge medical professionals can provide more comprehensive care for patients. They may be able to promise any number of services that just aren’t possible in traditional medicine – such as same day appointments, access to the doctor after hours and via email, and even making house calls when the patient is too ill to travel.
Beyond the added convenience, patients benefit from additional attention when it comes to discussing preventive health care and individual lifestyle issues. Due to time constraints, these issues are often pushed aside in traditional medical practices.
Employers are increasingly recognizing that healthy employees are essential to a healthy business. Reduced absenteeism and presenteeism have a major impact on profitability. Additionally, in a time when competition of talent is high, providing an innovative benefit package can be a major differentiator.
Concierge medicine typically does not replace an insurance program, but is used to enhance a benefit package that an employer offers. Most concierge medical professionals accept group insurance to cover the services they provide, such as tests, lab work, etc. Any services not covered by the insurance company are usually considered covered by the concierge practice’s annual fee.
Insurance companies rarely will pay for the annual fee itself, but this can usually be paid for from an employee’s HSA, HRA or FSA account.
Today's environment demands a creative approach to benefits programming, as cost shifting is not a sustainable way to manage health care spend. If the health of your employees is important to your business operations, concierge medicine is certainly worth exploring.
For more information on this and nine other "Innovative Benefits Strategies," download the free workshop recording.
We’re proud to congratulate Goodwill of North Central Wisconsin for being recognized with the “Most Innovative Health & Benefits Plan” award by the Institute for HealthCare Consumerism! This is a huge (and well deserved) honor. Other companies recognized by the Institute (in other award categories) include large companies like Whole Foods, GE, Boeing and Chick-Fil-A.
Go to an all-you-can-eat buffet and take a look in the bus tubs. I think you’ll find they are full of half-eaten entrees and extra helpings of side dishes. In line at the buffet, few of us show restraint. We pile our plates high. After all, we’re not really paying any more for that extra portion of shrimp. Who cares if we don’t need it? Who cares if it goes to waste?
Competition and the power of educated consumers keep the price of flat screen TVs in check. Why can’t it do the same for health care?
With the costs of health care continuously rising, employers need to arm themselves with the facts. The trends that emerge from benchmarking data are our only hope for predicting and planning for the future of health care.
Beginning in March 2009, employees who were involuntarily terminated could qualify for a 65% federal subsidy toward the cost of COBRA premiums. As unemployment rates continued to climb, for some unemployed individuals and their families, the subsidy made COBRA premiums affordable for many who might have chosen to go without health insurance.
“As a Female Truck Driver that has been in the industry for over 35 years, I have been called everything in the book. I've been told dirty jokes, but I personally don’t let it bother me.
Most positions involve a certain degree of on-the-job learning. Can the same be said for human resource functions? The answer is yes, of course HR pros CAN learn on the job…but is this safe? That’s a matter of opinion.
HNI works with high-performing companies to help them address the hidden risks in their business and avoid The Insurance Dependency Trap. This is done by proactively DE-RISKING their business so they can be less dependent on insurance.
HNI also offers the basic services of insurance and employee benefits. HNI has offices in Milwaukee, Chicago, and Minneapolis.