Strategies for Reducing Healthcare Costs

New Jersey resident Bill Scuorzo is president and CEO of BCG Advisors based in Secaucus. As head of an insurance brokerage, Bill Scuorzo assists businesses with finding cost-effective ways to insure their employees. For years, healthcare prices have increased forcing many in the health and insurance industries to devise ways to reduce costs for businesses.

Reducing healthcare costs can be done, but businesses have to be aware of their own stats to properly plan. Before speaking with an insurance broker, performing analytics on the business’ operations will provide business owners with better insight to their needs. In fact, 53 percent of the best-performing companies employ data to analyze benefits.

Another strategy for reducing costs is to review plans for the evidence-based, high-quality outcomes. Value-based plans will provide efficient and effective care by aligning patient and provider incentives: and what should happen is the re-occurrence of illnesses in employees should decrease. These plans typically include bundled payments, which allow businesses to combine pre- and post-procedural care into one payment, a cost effective way to save money.

Finally, businesses can explore a few different approaches to program planning that will help them save money. Medical case management, for example, assists businesses with coordinating employee care options by looking at plans that can deliver high-quality, low-cost care. These professionals can also assist with finding the perfect plan for a business.

Depending on the size of the business, another way to save money is to incorporate an on-site clinic. An on-site clinic can provide employees with screenings and assessments, chronic condition management, and wellness coaching. On-site clinics can save employers a lot of money in healthcare costs in terms of preventative care.