As published in Toledo Business Journal- September 1, 2019
by Kyle Anthony
“Savvy employers are adding more value in their healthcare plans and looking to secure better returns for both their investment and that of their employees,” says Kyle Anthony, Director, Human Capital Practice for Oswald. “While wellness programs are under increased pressure to prove how they drive lower cost, we know for a fact that effective population health management strategies are more important than ever before.”
Through proprietary predictive data analytics technology and targeted employee education and engagement supported by Oswald, companies can design and manage a suite of offerings that give them a competitive advantage in today’s tight labor market.
Companies that embrace the human capital approach typically enjoy better financial opportunities, operating 10 to 15 percent better than the marketplace. In addition to financial efficiencies, companies compound their good fortune with higher employee satisfaction levels, lower turnover and absenteeism rates, and better overall productivity. Anthony points to a client with 4,000 employees (8,200 total individuals in the plan) whose plan incurred more than $500,000 due to inappropriate emergency room use over a year’s time. When Oswald introduced a new insurance program, it followed-up with an analysis of where employees lived and provided them with a geo map of urgent care centers that were conveniently located near their homes. Telehealth fees were also waived, ultimately resulting in a 20 percent reduction in emergency room usage, and a six-figure savings for the company within just six months.
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The same company also experienced a high rate of claims – 70 percent – coming from chronic conditions. This was due in part to low employee engagement in the plan’s preventive care options. To raise the level of engagement, Oswald again turned to data-provided incentives to take advantage of the preventive care and wellness benefits available to them. The result – a seven percent jump in participation.
The communications piece of the human capital management puzzle is critical to the success of the initiative, according to Anthony. “We want to remove barriers to participation and explain how to use their plan to their advantage in establishing a healthier lifestyle,” he says. “Through aggressive data analysis and targeted messaging across various platforms, we are able to share valuable information and secure positive results for both employers and employees.”
Investing in the health and wellness of your company’s most important asset – its people – shouldn’t be viewed as a budget line item. Forward-looking companies engaging with their insurance carrier and employees can better identify and understand underlying drivers of their health care insurance expenses and achieve better outcomes for their investment. Employees and their families benefit, too, with the opportunity to develop healthier lifestyle choices and take advantage of all the benefits their health care plan offers.
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information.
