The Road to Value-Driven Benefits: Are We There Yet?
Enjoy this featured content from our Pinnacle PartnerTM, Rightway, courtesy of Jason Quillin, Rightway’s Head of Sales.
The process of improving healthcare and benefits delivery in the United States has been slow-moving, reminiscent of being stuck in gridlock traffic during a road trip on a sweltering summer day.
As the halfway mark of 2023 approaches, it seems like a good time to ask, “Are we there yet?”
In 2020, as the pandemic hit and employers faced an uncertain future, the safety and wellbeing of their employees became paramount. Companies recognized the need to act quickly, and benefits packages emerged as a critical area for change.
Telemedicine and mental health benefits became a top priority, and companies began taking an additive approach to their benefits packages, asking, “What is our benefits package missing?”
While this approach made employees feel heard by their employers, not all employees adopted the new benefits. As we move beyond the pandemic and face economic challenges, benefits teams are pressured to cut costs.
Employers must evaluate each of their solutions based on the value it creates and consider the lucrative savings projections and health outcomes initially promised to them.
To do so, employers must shift from an additive to a value-driven approach.
This approach requires employers to assess whether the selected solutions deliver the promised results and generate value. Employers should feel empowered to request data, and vendors should be eager to provide it.
Why now?
Over the last five years, new benefit models have emerged that prioritize value to clients and their employees. Employers are beginning to see the benefits of these client-first models, which translate to meaningful financial and outcome-based results.
This trend can be seen in the healthcare landscape, including care navigation and pharmacy benefits. Old strategies used to strictly prioritize cutting costs, but we’re seeing many solution providers pivot towards value-driven solutions that prioritize members’ needs and leverage technology to enhance the experience overall.
In the second half of 2023, we may see a turning point.
Employees will begin demanding client-first models and reject outdated solutions that have failed to deliver value. This is a call to action for decision-makers to say, “enough is enough,” and explore better solutions that prioritize their needs and those of their employees.
Employers must shift from an additive approach to a value-driven approach, evaluate each solution based on the value it creates, and explore innovative approaches that prioritize their needs and those of their employees. By doing so, we can finally reach our destination and ensure that employees have the benefits they deserve.
Ready to provide a better employee experience with a high-tech, clinician-driven care solution? Learn more about our solution partner, Rightway.
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