Operating Expenses Getting Out of Control?
Find Out Our Strategies to Save Up to 15% on Your Balance Sheet This Year
Today’s current business environment poses many new challenges due to the unique nature of Covid 19, but balancing the health of your employees while minimizing the associated expense remains to be one of the most difficult challenges businesses take on.
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While the direct impact of COVID-19 has already been substantial, additional layers of delayed or indirect impact have the potential to dwarf the immediate effects. These additional layers of impact related to COVID-19 could result in an estimated $125 billion to $200 billion in incremental annual US health system cost.
Industry experts predict that employer’s health plan costs will ultimately increase by approximately 10%, in 2021.
While many employers are avoiding shifting more costs to employees, they know managing cost must remain a priority. Employers will most likely be facing steeper increases based on workforce claims and other unique factors, while stress and care avoidance in 2020 may result in higher utilization in 2021, and struggling health systems may seek to recoup lost revenue through higher prices.
The direct impact COVID-19 is having on mortality and cost to the healthcare system is significant. For those individuals who have suffered and recovered from this life-threatening condition, the effects of the physical disease may resolve in a matter of weeks.
Unfortunately, however, the ripple effects for physical and behavioral health will continue long after the immediate crisis has subsided. Healthcare organizations and leaders can consider taking action now to understand, quantify, and prepare for these additional layers of impact to support their members, patients, own employees, and the broader communities they serve.
Despite a desire to return to “normal” life, COVID-19 will clearly continue to shape the “new” normal.
Fill out the form above to contact Ariston Advisory Group if you are interested in learning about our unique strategies to help minimize your annual healthcare expense.