6 Ways to Reduce Your Health Insurance Costs
As a consumer, you have no valid information to compare cost and quality. The cost, quality, and mix of services being utilized is determined by the suppliers of care (hospitals, physicians, PBMs). Information you would use for any other purchasing decision (homes, vehicles, pizza, etc.) is virtually non-existent. Are you really surprised that the cost continually goes up while the quality goes down?
How to Conduct Dependent Eligibility Audits
Do you know what your eligibility rules are? Do you know what they are for each of the benefits plans that you offer? If you don't have a firm grasp on those nuances, how can you expect your employees to understand who they can add to coverage? An auditing program can offer immediate savings and insulate you from future enrollment/eligibility issues and expenditures. When you unknowingly pay for healthcare for ineligible people, you are unnecessarily adding to plan costs and negatively impacting your company's healthcare insurance premium. Think about that -- you're paying claims/claims experience and premium dollars that you could be saving.
How Data Analytics is the Key to Cost Control
You know quite a bit about your employees. Your HR records are a veritable dossier: Social Security Number, date of birth, address, skills, job duties, training certificates, copies of driver’s license, tax forms, enrollment forms, salary reduction forms, handbook and policy attestations, pay statements, benefit statements, time off records, incident reports, performance reviews – you get the point. You probably feel you know quite a bit about your employees…and you do. All that information is critical to their roles in your organization. It’s what you don’t know about them that’s costing you.
The Value of Benchmarking Benefits
Benchmarking can be used for more than just your healthcare (medical) benefits – you can also consider voluntary offerings (dental, vision, critical illness, cancer coverage, etc.), paid leave policies, wellness programs, and more. How do you compare? Are you offering less than the competition? Are you offering more benefits than the competition? Are you covering more in employer premium contributions? Is your investment having a measurable impact on employee engagement or recruitment?
The Risk & Reward of Alternate Funding Arrangements
Alternative funding arrangements can provide you with more control over your healthcare program. That control can provide you greater access and insight into the data driving your plan. This can be a game changer for implementing cost control initiatives. The transition from traditional fully insured programs to an alternative plan funding arrangement can be challenging and a bit of a gamble. However, this can be a very rewarding move for employers - providing the control, access to claims data, and flexibility to make even greater cost containment decisions.
8 Best Practices for Successful Virtual Onboarding and How the Right HRIS Can Help
Whether you're an HR pro, a small-business owner, or CFO performing the HR function, it's likely onboarding a new hire has never been your favorite task. Even if you've onboarded dozens (or hundreds) of new hires, the virtual environment adds an element of complexity to the process. Learn more about how the right HRIS can help you provide a positive onboarding experience for your new hires in those first few days and weeks on the job.
Hiring Employees in a New Era
As an HR professional, how do you hire and retain talent in uncertain times? HR pros have to be more flexible to adapt to the changing nature of work and how it gets done, thanks in part to the pandemic and The Great Resignation. Remote and hybrid work arrangements are the new normal, and companies need to automate and streamline HR processes to attract the right talent and stay ahead of the curve.
A Guide to Successful HR Outsourcing
It can be difficult to decide to outsource. Searching for the right option and the right vendor takes time - a resource already in short supply. An important part of the outsourcing process is to carefully think about your needs before you take any action. There is nothing more important to a company than its employees, and focusing on their needs is a high priority. This guide is designed to help CFOs and small-to-midsized business owners who are grappling with the decision to outsource their human resources functions.