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How Can Organizations Significantly Reduce Their Healthcare Costs?

Source: Financial Executives International TV

Holmes Murphy & Associates
Wally H. Gomaa, MHA/MBA Senior Vice President

Runtime: 11:00

Key Takeaways:

  1. Healthcare costs generally range from $5,000 - $10,000 per employee per year.
  2. 4% - 5% of insured employees often drive 50% - 60% of costs. Organizations can significantly reduce costs by identifying these employees and reducing their health risk factors.
  3. A Clinical Wellness Plan (CWP) uses a clinically measured decrease in health risk to lower the incidence, severity, and duration of claims.
  4. CWPs can be implemented in as little as 10 weeks with a 20% or more healthcare cost reduction in the first 12 months.
  5. Studies have shown that CWPs can also reduce workers comp claims by 750% and absenteeism by more than 1100%.
  6. Steps in developing an effective CWP:
    • Identify and market to “at risk” employees
    • Obtain screening data
    • Engage employees
    • Renegotiate Healthcare costs

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