By Eric Buck, President & CEO, Eliance Health Solutions ebuck@phcunity.com
A feature piece from our Summer 2024 issue of the Lancaster Thriving Publication.
It’s no secret that there are a variety of issues impacting our workforce on both a local and national level. Staffing shortages, a need for skilled workers and rising healthcare costs impact every business’s bottom line. In fact, according to the 2023 Benefits Survey conducted by the Central Penn Business Group on Health and Lancaster Chamber, both employers and individuals have experienced increased costs related to their medical coverage, (Central Penn Business Group on Health, 2023). One of the ways to address these workforce challenges is by implementing an innovative healthcare solution at your company.
Investing in healthcare provides a variety of benefits for both employers and employees. Employers are able to recruit and retain talent in a competitive job market and improve the health of their workforce. Employees are able to get access to care and improve their health and well-being.
There are a variety of healthcare solutions available for businesses to implement ranging from health plans to wellness programs and occupational medicine services. Wellness programs work to increase employee well-being and productivity, while also helping to improve long-term health through preventive care. Occupational medicine services work to keep employees healthy and safe in the workplace while also ensuring businesses stay compliant. While wellness programs and occupational medicine services provide benefits to employers and their employees, one of the most important healthcare solutions a business can offer their staff is health plan coverage.
When evaluating health plan coverage options for your business, a few questions to examine include:
- Do you have full-time employees, part-time employees, or both?
- Are you looking for ways to stabilize your healthcare-related expenses through cost containment strategies? Implementing a cost containment strategy will help your business manage healthcare expenses while also improving the health of your employee population. Consider implementing an initiative around preventive care for employees by hosting an annual flu shot clinic or on-site health screenings at your business.
- How do you plan to fund your coverage and are you interested in offering a fully-insured or self-funded health plan? Self-funded health plans allow employers to retain unused funds in comparison to fully-insured health plans where the insurance carrier retains unused dollars.
The answers to these questions will help you evaluate coverage options and guide you toward the best solution for your business. No matter what option you choose, consider working with a local partner for your healthcare needs. When you work with a local organization, they are invested in improving the health and well-being of your business, your employees and your community.
Eliance Health Solutions provides innovative health plans that are backed by Penn Medicine and work to help employers stabilize costs and help employees improve their health and well-being. Contact our team today at eliancehealthsolutions.org or 717-869-3877 to learn more.
Reference: Central Penn Business Group on Health. (2023). 2023 Benefits Survey Executive Summary. https://www.cpbgh.org/docs.ashx?id=1248078
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