Why is Prioritizing Cost-Effective, High-Quality Healthcare Important?
January 8th, 2024 | 3 min. read
Organizations today face many challenges when offering quality healthcare benefits – from escalating costs to lack of access to poor quality of care. Any of these issues can negatively impact your business.
The effects are indisputable. The increased cost of care can quickly eat into profits and impact your ability to invest in other areas of your business. If your employees aren’t getting adequate care, it can lead to increased absenteeism, reduced productivity, and poor job satisfaction that results in high turnover rates.
Despite how dire it may seem, rest assured that reducing costs and improving the quality of health care is possible, as long as you’re willing to implement the right strategies to boost health outcomes, enhance morale, improve productivity, and increase company profits.
What companies- and employees- are spending on care today
Healthcare spending has overwhelmed organizations in recent years, leaving many companies scrambling for ways to reduce expenses while ensuring their employees still have access to high-quality care.
It’s not just more expensive for employers. The out-of-pocket expenses employees incur for care today are also on the rise.
A report by the Kaiser Family Foundation found that the average amount workers contribute to their coverage increased by 25% over 5 years.
The quality of care issue
Quality care goes beyond mere treatment. It must be affordable, accessible, efficient, and encourage patient satisfaction. Not taking these issues into account can have far-reaching implications that affect more than just individual health outcomes – they can harm both your bottom line and your reputation for offering stellar employee benefits.
Unfortunately, traditional care models today are seriously lacking when it comes to offering high-quality care. Research suggests the average length of typical doctor-patient visits is only 17 minutes – hardly enough time to provide adequate, comprehensive care.
The impact on your organization
You’re risking a lot by not offering competitive and attractive care benefits. Employees who don’t have adequate benefits are more likely to leave an organization, and even if they stay, everything from productivity to job satisfaction can be negatively impacted.
There’s some good news, though. Viable options are within reach, and as the landscape continues to rapidly change, now is the time to rethink traditional models of care.
Coming up with a new strategy
Patient-oriented care and improved health outcomes are considerations any organization looking to reduce costs and improve quality of care must take into account. Focusing on prevention rather than treatment is a great first step.
Moving toward preventive measures can be a game-changer that lets you save substantially on an organization-wide level. It’s more than just a cost-saving measure, though. It’s a move that can improve many facets of your business, from overall employee wellness to patient outcomes to job satisfaction to team morale.
Advanced Primary Care - the solution you've been searching for
Advanced Primary Care takes a holistic approach to care, reducing costs and addressing the diverse needs of your employees. This model promotes overall well-being and offers convenient, flexible care delivery options via onsite, near-site, or virtual care access.
Enhanced access to care can lead to improved productivity, better health outcomes, and reduced absenteeism – all benefits that can substantially lower your total cost of care.
3 Benefits of Advanced Primary Care
There are multiple benefits to Advanced Primary Care. It’s an enticing option for any company wanting to improve the care benefits they offer.
- Reduced cost
Advanced Primary Care can make reducing your total cost of quality care a reality. It’s a model of care that ensures medical services are easily accessible and affordable, so preventive measures can catch potential health issues before they escalate into a need for costly treatments.
Both employers and employees typically see savings after implementing Advanced Primary Care.
For organizations, a predictable, transparent pricing structure, e.g. per-member per-month, makes budgeting simple. And advanced predictive analytics mean you can offer the types of care your workforce needs most, increasing engagement and improving ROI. On average, Marathon partners see 17% gross savings by year 3 and 31% savings by year 5.
Workers enjoy low or no copays as well as the convenience of getting care when, where, and how they need it at onsite or near-site locations or through secure virtual access.
- Improved quality and access to care leads to better health outcomes
Advanced Primary Care prioritizes strong provider-patient relationships. The simple fact is that Marathon Health providers spend more time with patients, resulting in a closer relationship that ensures personalized, more effective care. In fact, research shows that 97% of providers report improved patient relationships with this alternative care model.
- Increased talent retention
Today’s job market is fiercely competitive. To attract and keep top talent, you need to offer more than just attractive salaries or flexible work hours.
Wellness-focused initiatives – like offering Advanced Primary Care as part of a comprehensive benefits package – can foster an environment where employees feel valued. It’s a proactive approach that focuses on employee well-being and can be a powerful retention tool that distinguishes your organization from the competition to ensure you’re finding – and keeping – the best of the best.
Reduce costs and improve quality of care in your organization
Offering innovative options like Advanced Primary Care from Marathon Health can reduce expenses and enhance access to quality care.
Marathon Health’s approach revolves around preventative measures, predictive analytics, and tailored care plans that can drastically reduce your total cost of care. If you’re looking for new ideas on reducing costs and improving the quality of healthcare you offer, reach out to Marathon Health today.
Partnering with Marathon Health and adding Advanced Primary Care to your benefits means you get healthier employees and several other benefits – from increased productivity to decreased absenteeism to satisfied employees and lower costs – Advanced Primary Care is the ultimate win-win.
Sources:
https://www.kff.org/health-costs/report/2022-employer-health-benefits-survey/