Don't Let the Effects of Rising Healthcare Costs Hurt Your Organization's Future
December 18th, 2023 | 3 min. read
The seemingly never-ending effects of rising healthcare costs are a daunting challenge for organizations today. According to health policy research group KFF, the average healthcare premium cost has increased by more than 40% in the last decade. And in just the last 5 years alone, the cost has gone up an astounding 20%.
The rising cost of care isn’t just affecting company budgets – it’s also taking a toll on employees’ wallets and well-being, and the impact can hurt your organization’s future. This is why it’s so critical to have effective strategies in place so you can steer your company in a better direction.
By incorporating Advanced Primary Care into your benefits package, you’ll be able to focus on delivering comprehensive care while reducing your total cost of care, protecting both your organization and your people.
Why is the cost of health insurance rising?
The escalating cost of health insurance can be attributed to several notable factors. Soaring drug costs, innovative yet expensive healthcare technology, and an aging population are at least partially to blame for the trickle-down impact we're seeing on insurance rates.
Yet another significant factor is the prevalence of chronic health conditions in this country. As of 2020, 30% of adults in America had been diagnosed with at least two chronic conditions. Their need for long-term treatment and care will likely drive rates up further, as there’s a greater risk to insure this population.
Unpacking the vulnerabilities: How rising healthcare costs impact your organization
The effects of rising healthcare costs make your organization’s economic viability vulnerable on several levels. Of course, there’s the obvious – your bottom line – but the impacts can be felt in various other crucial areas.
Company budget and employees wallets
The global rising costs of care can significantly strain both a company’s – and its employees’ – financial health. It’s become increasingly challenging to be able to offer quality care without hurting profitability or putting an added and undue financial burden on employees.
Employee health
High cost is a known barrier to access to care. Nearly 40% of U.S. adults say they’ve avoided or put off seeking care because of the cost. When health care is expensive, employees might delay or refuse to seek necessary treatments. The result? Deteriorating health conditions that can end up costing even more to treat.
Productivity of employees & organization
Poor employee health means less productive workdays. Increased rates of presenteeism – when employees are at work but not producing to their full potential or capability – also lead to a reduction in productivity, according to research.
Morale
High costs of care can add stress for employees, ultimately dampening morale as workers feel undervalued when they must grapple with how to afford costly medical bills on their own.
Talent acquisition and retention
To attract and retain top talent, you need to be competitive. A quality benefits package can play a pivotal role in hiring well-qualified people. But if rising costs make you trim down what you offer in benefits, potential hires will have no problems looking elsewhere.
Time to come up with a new strategy
The effects of rising healthcare costs are real, tangible obstacles that can hinder growth, satisfaction, and productivity in your company. You can course-correct this path by implementing innovative and creative solutions like Advanced Primary Care.
Defying rising healthcare costs with Advanced Primary Care
Advanced Primary Care offers a comprehensive, effective, alternative approach to the traditional, broken model of care. Coordinated care led by primary care providers at onsite or nearsite centers – or through virtual access – ensures people get the help they need, when they need it most.
The model focuses on high-quality care, deep relationships with providers, and easy and affordable access – with reduced total cost of care – making Advanced Primary Care a viable solution to employers’ rising costs. Incorporating Advanced Primary Care into your benefits means your employees have access to top-notch care that doesn’t strain your (or their) budget, and you don’t have to sacrifice employee satisfaction.
Unlocking the value of Advanced Primary Care
Advanced Primary Care is a proactive approach to care that makes it easy and affordable for people to seek care when they need it, so potential issues can be caught earlier. Studies suggest that regular access to preventive care has improved overall outcomes, which can further drive down cost.
Advanced Primary Care is a cost-effective solution that offers myriad benefits, including:
- Reduced total cost of care
- Healthier, happier employees
- Covers up to 90% of primary care needs
- Improved health outcomes
- Earlier detection through preventive care
- Increased retention rates
- Low- to no- copays
- Convenient onsite, nearsite, or virtual care options to access care
- Quick access to care, often with same- or next-day appointments for urgent issues
- High engagement for proven ROI
- Improved provider-patient relationships
- Advanced analytics that ensure you’re offering the types of services and care your workforce needs
We believe success speaks for itself – hear real stories from satisfied Marathon Health partners to learn how Advanced Primary Care has changed how they think and feel about healthcare. Marathon Health is the answer you’ve been looking for, from cost savings to life-saving diagnoses to healthier workforces.
Marathon Health's Advanced Primary Care is your answer to rising costs
Companies everywhere are struggling to navigate the effects of rising healthcare costs. Marathon Health’s Advanced Primary Care has emerged as an intelligent solution that offers personalized preventive healthcare strategies while drastically reducing the total cost of care.
With Marathon Health, you’re doing more than just providing your people with affordable, exceptional care. You’re promoting overall wellness while curbing escalating expenses – it’s a win-win for you, your bottom line, and your employees.
Sources:
https://www.kff.org/report-section/ehbs-2022-summary-of-findings/
https://www.pgpf.org/blog/2023/07/why-are-americans-paying-more-for-healthcare
https://www.kff.org/health-costs/issue-brief/americans-challenges-with-health-care-costs/
https://ph.byu.edu/poor-employee-health-means-slacking-on-the-job-business-losses