Healthcare costs are on an upward trajectory, with a projected 8% increase in 2025. This poses significant challenges for employers who need to find effective ways to address these rising expenses. Key cost drivers such as cancer, cardiovascular conditions, MSK, GLP-1 drugs, high-risk pregnancies, and mental health demand immediate attention.

Webinar Highlights and Savings Areas

On Thursday, December 12 from Noon to 1 pm ET, a webinar sponsored by Personify Health will shed light on the steps companies are taking to support employees while managing budget constraints. Here are some of the key topics and savings areas that will be explored:

Clinical Support Programs for Best Care at Best Price

When it comes to third-party administration, companies are implementing various clinical support programs. These programs aim to ensure that employees receive the highest quality care at the most affordable prices. For example, some companies are collaborating with specialized healthcare providers to negotiate better rates and ensure seamless care coordination. They are also using data analytics to identify cost-effective treatment options and guide employees towards the most appropriate care.Another aspect is the integration of telemedicine services. This allows employees to access medical consultations and treatments from the comfort of their homes, reducing the need for expensive in-person visits. By leveraging technology, companies can provide timely and convenient care while keeping costs in check.

Communication and Engagement for Care Navigation

Companies are actively working on improving communication and engagement to support employees in their healthcare journey. They are using multiple channels such as email, mobile apps, and online portals to provide clear and timely information about benefits and coverage. This helps employees make informed decisions about their healthcare and encourages them to actively participate in their care.In addition, companies are providing educational resources and tools to help employees navigate the complex healthcare system. This includes information on preventive care, chronic disease management, and mental health support. By empowering employees with knowledge, they can take a more proactive approach to their health and potentially reduce healthcare costs in the long run.

Flagging and Combating Fraud

Systematically flagging and combating fraud is a crucial aspect of healthcare cost management. Companies are implementing advanced fraud detection systems that use artificial intelligence and machine learning algorithms to identify suspicious claims and patterns. By detecting and preventing fraud, companies can save significant amounts of money and ensure that resources are allocated more efficiently.They are also working with regulatory authorities and industry partners to share information and best practices in fraud prevention. This collaborative approach helps to strengthen the overall healthcare fraud prevention ecosystem and protect the interests of both employers and employees.

Benefits Plan Cost Savings

Employers are constantly looking for ways to optimize their benefits plans and achieve cost savings. This includes renegotiating contracts with healthcare providers, exploring alternative insurance models, and implementing cost-sharing mechanisms. For example, some companies are introducing high-deductible health plans combined with health savings accounts to encourage employees to be more cost-conscious in their healthcare usage.They are also analyzing claims data to identify areas where costs can be reduced without compromising the quality of care. By making data-driven decisions, companies can make targeted adjustments to their benefits plans and achieve significant cost savings.

Utilizing AI to Reduce Healthcare Costs

Organizations are increasingly leveraging artificial intelligence to help reduce healthcare costs. AI-powered analytics tools can analyze large volumes of claims data and identify trends and patterns that may indicate areas for cost reduction. For instance, AI can help predict which patients are at high risk of developing certain conditions and enable proactive interventions to prevent costly hospitalizations.In addition, AI chatbots and virtual assistants are being used to provide real-time support and guidance to employees. These tools can answer common questions about benefits, help schedule appointments, and provide personalized care recommendations. By automating certain processes and providing personalized support, companies can improve employee satisfaction and reduce healthcare costs.Among the panelists on the webinar are Erica Sniad Morgenstern, Personify Health Chief Marketing Officer (moderator), Peggy Sczepanski, Dow Global Wellbeing Program Manager, and Jenny Goins, National Alliance of Healthcare Purchaser Coalitions Chief of Staff.To register for the webinar, scheduled for Thursday, December 12 from Noon to 1 pm ET, please fill in the form below:Photo: NicoElNino, Getty Images