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What is Financial Wellness?

Your employees’ healthcare is a pricey undertaking. With healthcare costs soaring, employers are facing difficult decisions, oftentimes allocating funds that could be used for product development, business expansion or company innovation to cover their employees’ health plan costs.

That’s why the financial wellness of your company is more important than ever. But what does that phrase actually mean? “Financial wellness” refers to the efficiency of dollars spent on a company’s healthcare benefits. Financial wellness reduces the cost of health services so they don’t compete with other important company expenses. Maximizing each dollar spent ensures that there are no wasted dollars and that your company and employees never pay more than they should for the care they need.

Financial Wellness Produces Sustainable Savings

Financial wellness gives your company a platform to reduce the out-of-pocket costs for employees, which in turn, lowers your overall costs.

  • Employees learn how to shop for care, creating alignment between the employer’s desire to manage costs and the employees’ healthcare needs. When employees compare cost and quality for their providers, it enables them to make better-informed, cost-saving decisions. After learning how to shop for care, employees actually utilize what they have learned. This alignment saves both the employer and employees on healthcare.
  • Finally, employees feel empowered to be good healthcare consumers. This means employees are given resources and tools that they then use, reducing the overall cost of care.

5 Keys to Creating Sustainable Savings

The alignment, accountability and empowerment of your employees can be broken down into a few steps:

FWB-51. Reduce Your Health Spend: Find the wasted dollars in your company’s health benefits. With education and tools, employees can use their benefits properly and reduce out-of-network and denied claims. And nobody should pay for medical billing errors or processing mistakes. 50-80% of the medical bills have errors. Reviewing your medical bills can help catch those mistakes!

FWB-42. Transparent Pricing: Drive consumerism by knowing the cost of care.
Costs of care within your provider network can vary by as much as 500%! Giving employees access to transparent healthcare prices means they shop for and choose fairly priced providers, reduce their out-of-pocket costs and save their employer valuable dollars.

FWB-33. Increased Productivity: Stay off the phone.
Your employees don’t have to spend company hours on the phone trying to reconcile their medical benefits, claims and bills. By introducing financial wellness resources, your employees get answers faster so they are focused and get back to work.

FWB-24. Lower Stress: Rely on financial wellness.
Pursuing financial wellness means relying on outside healthcare expertise so that your HR department doesn’t have to overextend itself. That means more energy and time are spent on other areas of your company.

FWB-15. Better Financial Management: Sustainable results.
Financial wellness doesn’t just work once. It creates a new type of employee, healthcare consumers, who make financially sound healthcare decisions, consistently saving themselves and their companies’ money.

The Results

Pursuing financial wellness means lower health costs, higher productivity and sustainable employer and employee savings. It also means aligning with your employees to make informed financial healthcare decisions and live their best lives.

Stay Tuned

In the coming weeks, we’ll be discussing the 5 keys to creating sustainable savings in more detail, so make sure to look for our posts.

Get Started with Financial Wellness

HooPayz offers innovative financial wellness solutions. If you’re interested in a financial wellness solution for your company, contact us today for a free demo.

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