Your benefits plan can be a source of funds that can help build your business if you know where to look. No matter what size your company is, you can help it realize its full potential with an adviser who knows how to comb through each step of the healthcare supply chain to create tens or even hundreds of thousands of dollars in savings for your business.
Whether your business is small, large, or somewhere in the middle, here’s how managing the supply chain can give it the boost it needs for positive growth:
Big Savings for Larger Companies
Supply chain management in the benefits industry is often used as a savings tactic for small businesses, but even companies with 200 employees or more can use this strategy to decrease their benefits spending. Larger businesses often have access to more data, which can help your adviser pinpoint specific opportunities for savings.
You may be surprised at just how much your adviser can save you through this strategy. After all, the more employees you have switching to more cost-effective healthcare, the greater your savings will be. Imagine the impact of just ten employees with chronic health issues finally getting the care they need with maximized savings from top to bottom. This strategy can create a big positive impact on your business and your workers who rely on high-quality, low-cost care to maintain a good quality of life.
A Healthier Workplace
The savings that come with good supply chain management in your benefits plan can make your business an overall healthier place for your employees to be. Consider the implications of finding every opportunity for savings in your plan and how they could make healthcare more accessible for your employees, especially in workplaces like senior living centers that have recently seen increased costs due to the COVID-19 pandemic:
- Increased retention and easier recruiting – Employees are more likely to be drawn to employers who provide them with affordable, accessible healthcare.
- Quicker recovery – Employees who do get sick may be more inclined to seek early treatment and stay home if they have the tools and financial incentive to do so, reducing absenteeism and reducing the chances of the illness spreading at work.
- Improved mental health – Imagine the amount of stress that your employees would be relieved of if they no longer had to worry about affording their medication or the surgery they’ve been putting off. Physical and mental health go hand in hand, and a great benefits plan can help with both.
Proper supply chain management isn’t just about creating savings – it’s about finding new ways to make your workplace healthier for your employees.
Cost Reduction at Every Level
The healthcare supply chain isn’t optimized for savings by design, but your adviser can work with you to find savings opportunities at every level of the benefits process. By examining the supply chain from bottom to top, they can put control back into your hands, finding ways to reduce your spending without compromising on quality.
Think about the savings that could be created by simply changing the way your company sources medication. Without even changing the medication itself, finding a different source for your employees’ medication can save you tens of thousands of dollars. Your employees won’t have to worry about any changes to their health, and the savings can then go back into your business or your workers’ paychecks. An experienced adviser will know to look for changes like this so that you and your employees can get the most from your plan.
From Bigger to Better
Supply chain management isn’t just a cost-reduction strategy for small businesses. By working with your adviser, you can use your business’ data to save hundreds of thousands of dollars throughout your benefits plan, keeping your employees happy and healthy while finding savings opportunities you may not have otherwise considered. No matter how many people you employ, managing the healthcare supply chain can create new opportunities for your business to grow.
Contact us today to learn more about how your adviser can help you find more savings for your business through supply chain management.