In our previous three blogs, we’ve talked at length about the importance of financial wellness to a company and how to create sustainable savings. The first two keys, reducing your health spend and transparent healthcare pricing, deal with saving literal dollars, directly.
This week, as we continue to keys 3 and 4 in the series, we’ll be talking about two factors that save company dollars in relation to time and resources. Those keys are: increased productivity and lower stress.
Time is Money
Healthcare is confusing. There are a lot of questions and uncertainties surrounding every financial aspect of receiving care: choosing a reasonably priced, in-network provider, knowing what to expect in terms of out-of-pocket costs and figuring out how to reconcile incoming medical bills.
This results in distracted, less effective employees. And oftentimes, it puts an extra strain on a company’s HR department, since many of these questions and concerns are sent their way. Whether it’s your employees and your HR team, spending time during the workday resolving these issues costs the company money.
Save Time! Outsource These Issues to a Healthcare Advocate
Having a financial wellness resource, such as a health advocate, can help a company prevent anymore lost time and lower the stress of its employees and overextended HR department.
Having a healthcare advisor to speak on your behalf will:
- Eliminate time-consuming phone calls. The process to reconcile even a single medical bill can take up to 4 hours of phone time. And because most medical offices are only open during the day, most employees are forced to call during work hours. Your health advocate will make the phone calls on behalf of your employees and your HR staff. That means, the employees get back to work, confident and focused.
- Cut down the demands on HR. A healthcare advocate is an extension of a company’s HR team. Having an advocate to rely on means the time that would have been spent researching health plan details can be utilized elsewhere.
- Eliminate the guesswork; get real answers. Navigating healthcare is difficult and complex, but absolutely necessary to the financial wellness of a company. Figuring out how to maximize each and every dollar spent on employees’ health benefits is a tall order. With a health advocate employees get answers faster and more fully understand those answers. They feel assured that someone with more expertise than they have is looking out for their best interest.
Increase Company Productivity Long-Term with a Behavioral Shift
As employees and HR staff utilize a health advocate, there is an important shift in the employees’ understanding of their health benefits and how to use them effectively. Every contact with an advisor helps the employee become a better consumer. This creates an alignment between the employer and the employee as they learn to solve healthcare cost issues together.
HooPayz Can Help!
Have questions about employee productivity and/or stress? Comment below. Or to learn more about HooPayz can help get your employees back on track and alleviate stress, request information here.