High-performance, Health Rosetta style plans are on the rise. With the support of an experienced advisor, employers can take advantage of these plans to save on healthcare costs while improving the quality of care provided for employees.
However, making the switch to a new plan can be intimidating, particularly when your employees are used to working with traditional insurance carriers. If employers don’t take the right steps when they start the process, employees can end up frustrated, which puts additional stress on everyone.
The benefits of a high-value plan far outweigh the inconveniences of the transition. So don’t let a fear of change keep your business from saving hundreds of thousands on healthcare costs and providing better care for employees.
Instead, avoid these 4 common mistakes when you switch plans to ensure the transition is as smooth as possible.
1. Choosing The Wrong Advisor.
Every employer needs a roadmap for success. They need to know what to expect every step of the way—the good and the bad. This is something you can only get from a skilled advisor.
When you want to create a plan that puts your organization and employees first, you need an advisor who is not going to accept any commission, bonus or override compensation on stop loss. Your advisor must be fully transparent and clearly outline all compensation, which should come in the form of something like a per member per month fee.
Additionally, your chances of success are far greater if you have an advisor who is tied closely to an organization like the Health Rosetta. Such organizations promote learning and growth for advisors. Your advisor should be associated with the best-thought leadership people in the country regarding high-value healthcare purchasing. They should also have a network so they can get things done or get answers when problems arise.
As a good rule of thumb, only work with an advisor who:
- Is focused on saving money and controlling costs for your business and employees
- Has the creativity to design programs that will enhance plan benefits
- Promotes full transparency into plan operations, including all costs
- Understands the inner workings of the healthcare system
- Embraces fiduciary-like thinking and actions
- Recognizes the limitations of status quo thinking and programs
2. Failing To Get Leadership On Board.
Transitioning to a new healthcare plan impacts every part of your organization. Your employees will have to adjust to the new system, your HR managers will need to be there to support them if they have questions, and you need to understand the process as well.
When it comes to creating a custom, high-performance plan, leadership needs to be fully engaged in the process. If your entire leadership team isn’t on board, your plan may fall flat. It’s that simple.
That means the CEO/C-Suite needs to be all in, HR needs to be 100% committed, and employees need to be well-educated, so they know what to expect.
3. Expecting To Save Tons Of Money By Simply Self-Funding.
Many people improperly think that ‘just being self-funded’ is the trick to success. The real truth is: Self-funding is just the vehicle that allows employers to take advantage of savings opportunities created by the underlying solutions such as, transparent and passthrough pharmacy, independent third-party administration, enhanced primary care, and centers of excellence to name a few. Self-funding by itself may save some money, but the secret sauce really is all the underlying programs and thought leadership.
4. Not Embedding Change Into The Company Culture.
Employers that are most successful at controlling healthcare costs have built cultures where everyone in the organization recognizes the benefits of pulling on the rope is the same direction to make smart healthcare decisions. In these organizations employees play a critical role in the ultimate success of the program. In effect they become high-value healthcare purchasers themselves. Without question it takes time and hard work to build a culture that embraces high-value healthcare purchasing.
In short, most successful companies must be in it for the long term. In order to save on their healthcare costs, they’re going to have to rethink the way they approach healthcare. A good advisor can paint a clear picture of the impact change will have on their business, and they’ll be able to walk alongside employers during the transition.
Transition Your Business To A High-Performance Plan Without The Stress
Many employers stick with a low-value, status quo healthcare plan simply because of the stress of switching plans. However, with the right advisor on your side and a determination to provide better care for employees, switching has never been easier.
When you partner with AMR Benefits Management, LLC, a Health Rosetta Certified Advisor will ensure you and your team are set up for success. We’ll help you create a custom, high-performance plan that will save your business significantly, and we’ll help you ease into the process if you aren’t ready to go all-in.
Ready to do more for your employees while paying less? Set up a meeting today.