October 12, 2016
By Florin Selaru
Here Is the Recipe to Lower Corporate Healthcare Costs
All employers strive to lower corporate healthcare costs. Dr. Cindi Slater, who teaches at Harvard Medical School, recently published an article about the 5 steps lower corporate healthcare cost and increase health of employees. I agree with all the points made. Here, I argue that Corporate Concierge Health for self-funded employers as explained HERE, or for small businesses, as explained HERE is the solution to take all these 5 steps. The 5 steps I outlined below are developed/adapted by me based on the article I cited. They may differ vs. the original article, which can be found here.
Step 1 – Make the Right Diagnosis
More Than 30% of All Healthcare Dollars Are Wasted in Wrong Diagnoses. A primary care doctor in Corporate Concierge Health provides with longer appointments. By extension, she has the time to get to know each of her patients. Moreover, her patient panel is less than half vs. a similar doctor in fee for service. Therefore, it is intuitive that primary care doctors tend to make the correct diagnosis. Last, numbers tell the same story. Accordingly, Corporate Concierge Health helps to lower corporate healthcare costs by providing with correct diagnoses stemming from good doctor-patient relationships.
Step 2 – Get the Right Care at the Right Time at the Right Place
Almost 50% of Patients Do Not Get Recommended Care. In our experience, patients do reach out to their primary care doc when in need. The problem arises what do you do when you can’t get a same day appointment. Frequently, you can’t even speak to the doctor the same day. If your company offers Corporate Concierge Health you are guaranteed same/next day appointments. You can also call your doctor. You can also text message your doctor. The end result is that the doctor who knows you will make quick recommendations. By extension, you, the patient benefits from the right care, at the right time, at the right place.
Step 3 – Get Relational, Longitudinal Care
The study cited by Dr. Slater speaks of cost of care for cancer patients. This study showed that intensive, relational, longitudinal care works. For example, this type of care reduces hospital admissions by 38%, hospital days by 36%, ER visits by 30%. Therefore, it is not surprising that the overall cost of care decreased by 26%. I believe that these findings extrapolate well to the general population. I see why complications from diabetes are less if the primary care doc checks in daily with the patient via a provided app.
Step 4 – Telemedicine works (when appropriate)
If you go see your doctor for an issue that could be taken care over the phone or by text message, you contribute to the $52 billion wasted annually for this reason. The field evolved recently towards offering even higher freedom to patients. American Well allows patients to choose their tele-doctor. The reason? Blind dates can go wrong. But here is an even better solution. Call YOUR doctor. Text YOUR doctor. You know her. She knows you. She also knows your medical problems. Therefore, if you need advice, this is why you get your doctor on the phone at 3 AM with Corporate Concierge Health instead of picking doctors or even worse, speaking to an answering service.
Step 5 – Your Corporate Benefits Adviser Can Help With Plan Design
This is applicable mostly to large, self-funded, employers. Corporate Concierge Health can act as a medical director. Doctors look at claims and implement change through onsite or near site health centers offered under Corporate Concierge Health. However, even small businesses can benefit tremendously from Corporate Concierge Health. The benefits adviser can help small businesses navigate the complex world of high deductibles vs. other benefits. Oftentimes, the right answer is choose Corporate Concierge Health for your employees and design the rest of the insurance plan around it. A good benefits adviser is, therefore, invaluable.