Managing Healthcare Spending
80% Percent of CFOs feel powerless when it comes to healthcare spending
Perhaps the biggest political and financial hot-button issue we have today in the United States is that of healthcare. The costs are irrefutably spiraling out of control and it has the potential to wreck the economy. As we follow the healthcare controversy reporting daily on cable news, one simply has to wonder how to begin to get a fix on this issue in reality. To tackle such an enormous task, let us properly frame the problem for the uninformed employee so he or she and everyone can grasp the workings of so monumental a challenge. The CFO, highly-qualified money management person in most companies has a responsibility to distance themselves from options that are not profitable to the company; at the same time the job requires giving employees financial and physical peace of mind. Good CFOs work to find a healthy balance between the two.
A recent Castlight health survey showed “80% say they feel powerless when it comes to managing their company’s healthcare spending”. The part of the CFO’s job to oversee the financial dealings of the company and make decisions that are best for it is at odds with furnishing employees good healthcare. Another survey Conducted by the journal of health economics found only 14 percent of americans understood the basics of health insurance costs. This means a piece of the puzzle is missing. There exists a disparity in the value being offered and the ability of the employee to access benefits in a meaningful, effective manner. The solution is in educating employees to learn how to become effective, efficient consumers of healthcare.
Employee education has proven to lead to substantial saving for employers and employees alike and with its unique employee engagement plan there is no better solution for employee education than Benelearn. Through predictive modeling employees review plan comparison with actual costs of healthcare, premiums and any employer incentives. Benelearn promotes consumerism, while addressing employee financial wellness. Through this tool, many employees have been able to free up thousands of dollars in spendable income and one BOST group client has projected savings over $1,000,000 in healthcare costs.