Three simple ways to unlock new value in healthcare benefits
The landscape of employer-sponsored benefits is undergoing a significant transformation, presenting new challenges and opportunities for employers. We are seeing major shifts in where care is delivered, what care you get, and how that care is connected.
By 2030, we expect low-acuity care to be commoditized and delivered in-home via virtual channels, or in retail settings. Higher acuity needs will be addressed in traditional healthcare settings, but new technologies like ambient monitoring will enhance the clinical workflow and patient experience. Advances in artificial intelligence, personalized medicine, and genomics will contribute to more personalized treatments and care plans. We also foresee greater connectivity of care, as point solutions consolidate and some are acquired by carriers and health systems looking to leverage the efficiency gains of virtual care.
All of this change is creating opportunities for employers to unlock new value for their workforce and communities. To incorporate the best of what the evolving health care system has to offer into your total rewards program, we have a simple but elegant proposition: Focus on three elements: accessibility, affordability, and accountability.
Accessibility. There are many gaps in healthcare provision today. At the same time, the expectations of employees – who rely on their employers for health services – for easy accessibility to care have been raised by the consumerization of healthcare. New direct-to-consumer offerings are upping the bar in terms of the consumer experience, and business-to-business solutions will continue to learn from the success of the consumer-focused models. Employers should embrace innovative care delivery models like virtual-first care and “click-and-mortar” blending of delivery experiences to expand access and provide an equitable member experience.
Affordability. Both employees and employers face significant challenges with healthcare affordability. Although in recent years employers have avoided burdening employees with additional health plan costs, many employees, especially low-earners and those with health issues, face financial constraints that hinder access to care. Affordable care is essential to the financial health of the plan as well to the physical health of plan members, since deferring necessary treatment can lead to more severe health issues and increased costs in the long run. Employers, as pivotal players, must collaborate with other organizations to drive transformative change within the healthcare industry – and optimize the cost-saving potential of virtual care and other new technologies.
Accountability. Employers should try to ensure access to high-quality healthcare and work with vendors who can help drive better health outcomes for their employees. Employers are accountable for selecting and monitoring service providers. They should try to offer plans and programs that align with employee values and positively affect their health. Because the healthcare system is not static – far from it -- making prudent choices will require continual surveillance of the changing market.
By prioritizing accessibility, controlling healthcare costs, and accepting accountability for prudently selecting and monitoring service providers, employers can create a sustainable benefits program that adds value to their organization and stakeholders. To ensure your benefits program is ready for the future, consider how to strike the right balance of accessibility, affordability, and accountability to align with your organization's values and the unique needs of your workforce.