You want to offer services and resources that provide value-based care to your employees. When considering such additions to your current benefits plan, whether in the form of incentives or behavior modification, much of the focus is centered on varying components, including:
- Modifying and introducing healthy behaviors.
- Managing chronic conditions.
- Availability and affordability of necessary medications.
- Access to preferred providers.
In a nutshell, offering opportunities for value-based care can provide more options for employees while reducing long-term costs for you. Based on your business climate and needs, your company can balance incentives to promote the use of — and participation in — value-based care, treatment options and healthy behaviors. Through participation in incentive programs, such as medical screening, fitness memberships and other efforts focused on improved health and illness prevention, the reduction in overall costs can be significant for an employer.
Value-Based Design in Action
In Oregon, for example, state public employees and educators are part of a value-based care program that includes free prevention screening and treatment, weight-loss and tobacco-cessation programs, reduced co-pays for chronic-condition medications, and higher co-pays for low-value surgeries and imaging. Results from this initiative, also known as value-based insurance design, have been positive, including improved health-screening scores, increased use of preventive services, a reduced number of smokers and a substantial return on investment for the state.
Complementary, Individualized Offerings
When designing value-based care options for your employee benefits package, complementing your insurance offerings with incentives and wellness programs will encourage your employees to adopt healthier habits and promote positive behavioral changes. In turn, newly adopted healthy lifestyles will translate into cost savings for your business through the following ways:
- Reduced health care costs.
- Reduced sick days.
- Decreased hospitalization and fewer surgeries for employees.
- Higher productivity.
- Participation in workplace wellness initiatives.
Some of the more common incentives offered in conjunction with an insurance benefits plan include:
- Cash or gift cards.
- Reduction in employee co-payments.
- Reduction in insurance premiums for employees.
When considering adding value-based care options to your existing benefits package, look to your employees for suggestions as to what programs would draw high participation rates. Using their feedback to select your offerings — whether that’s on-site preventive health screenings, flu-shot clinics, fitness opportunities or healthy in-office options — will ensure that your employees feel included in the decision-making process, afford you insight into which programs garner high interest and keep costs low for you and your workforce.
This content is provided solely for informational purposes. It is not intended as and does not constitute legal advice. The information contained herein should not be relied upon or used as a substitute for consultation with legal, accounting, tax and/or other professional advisers.
Allison Hutton is an experienced writer, editor, communications professional, researcher and social media consultant. During her more than 15 years of communications and writing experience, Allison has worked with a variety of clients, from small-business owners to Fortune 500 companies. She has an M.S. in entertainment business, a B.A. in communication and lives in Pittsburgh, Pennsylvania, with her husband and four children.