Using ‘dynamic’ to describe today’s business landscape is an understatement. Unexpected shifts at every level of the economy can blindside all of us, and it sometimes feels like we’re constantly reacting to expensive changes.

Finding practical ways to contain healthcare expenses is a key step in taking control of financial health. Whether it’s keeping employees engaged in their health plans, engaging with technology to make receiving the right care convenient, or cutting the costs of expensive medications, having a strategy can be the difference between success and failure. Actionable strategies may not solve every unforeseen problem, but they can be the rafts keeping us afloat when stormwaters rise.

So, what can you do?

Employee engagement manages costs

Engaged employees actively contribute to cost containment by making informed decisions and participating in wellness programs. Their involvement is crucial for overall success.

They may not think about it as a part of their daily routine, but employees play a huge role in cost management. Employees who actively care about improving their health and well-being and are given the necessary tools to keep them interested keep health care costs low. This is about as close to an easy passive income stream as you can get. Invest in your people, and let your people return the favor by staying healthy and minimizing the chances of high-cost claims and missed hours due to sickness.

Telehealth bridges gaps and reduces costs

Any number of events can create a gap in care. Missed screenings, technological confusion, organizational change; the list goes on. It’s hard to keep an eye on everything. The best way to combat gaps in care is with a dynamic strategy that bridges these gaps while reducing costs.

Telehealth options offer convenience and affordability. Even better: they give members a sense of control over their health and care. Carving out time to prioritize their health can be a challenge for people. Like we discussed above, prioritizing employee health lowers costs. Hybrid and virtual care uses technology and the skills of our clinicians to provide people with the care they need in a way that best fits their lives and lifestyles, effectively getting around one of the biggest gaps in care: lack of accessibility.

Generic medications keep pharmacy costs low

When drugs are affordable, people will take them more often because they can afford to. The last place you want your people to be cutting their budgets is with their health. Not only does that make health problems worse, it also passively raises your costs. If employees can’t afford to take their prescribed medications, they end up coming to work unwell. This negatively affects performance and can lead to increases in sick time and risk of injury.

Expensive brand and specialty drugs are major factors which spur unnecessary growth in expenditure, considering there is significant cost savings in using generic drugs. Our recent average generic prescription cost is $21, while our average brand prescription cost is $240.

Generic drugs are safe, effective, and therapeutically equivalent to their name brand counterparts. Educating your people about this saves them, and you, money in both the short and long term.

Employee Well-being Incentives: Boost satisfaction and productivity

Incentives to get and stay healthy go beyond just dollars and cents. Some would say being healthy is its own incentive, but the trick is getting people to want to get up, get moving, and get healthy. Empowering employees to take charge of their health is a fantastic strategy to give people a sense of satisfaction and peace of mind and can build a more productive workforce.

Engagement isn’t easy. It’s the result of many variables coming together. Getting people engaged starts with designing meaningful programs. Effective wellness programs put you ahead of the curve when it comes to motivating your employees to get healthier. Benefit differentials, cash or cash equivalent rewards, time off, co-pay reductions – the things you can offer your people to participate in health and well-being programs is limited only by your imagination.

Incentives are an important piece of your well-being program. When combined with a comprehensive set of solutions and an effective communications campaign, incentives can engage your participants in programs that will help them to take charge of their health.

What’s the goal?

Resilience. Weathering the storms. Cost containment isn’t about indiscriminate cuts; it’s about strategic decisions that balance financial health and employee well-being. By implementing practical strategies, businesses can thrive even in challenging times – expected or unexpected.