Navigating The Call For Innovation

Reza Amin, Ph.D., founder of Bastion Health.

Healthcare costs are increasing every year, and with predictions of a 5.4% to 8.9% rise this year alone, I believe that employee benefit leaders and enterprise executives must strategize and find innovative ways to reduce spending.

In 2023, employers’ average expense for health insurance exceeded $15,000 per employee, as reported in a recent study conducted by Mercer. Smaller companies took an even larger share of the cost. In light of the competitive landscape for retaining employees, though, it’s crucial to find ways to save money while also enhancing benefit offerings.

As a leader of a digital clinic that acknowledges healthcare’s frequent challenges with accessibility and delayed diagnoses, I believe that a standout approach for employers to curb expenses and enhance outcomes lies in embracing cutting-edge healthcare solutions. These technologies and treatments can offer a scalable, cost-efficient and impactful method to improve population health. When done right, they can also pave the way for future savings through their preventative capabilities.

Here are my recommendations for how leaders can best take advantage of the new technologies and strategies in healthcare.

Innovative Healthcare

There are at least three main areas I believe benefits leaders should focus on to take advantage of these innovations and reduce costs:

• Virtual care. These solutions provide round-the-clock access to care, reducing unnecessary emergency room visits and driving efficiency through shorter, more accessible consultations.

• At-home diagnostics. The rise in at-home diagnostics since Covid has led to early detection and objective patient data that can be used by virtual providers, optimizing treatment, promoting prevention and improving outcomes.

• Wearable devices. Devices are enabling continuous health monitoring, allowing employees to track vital metrics in real time and facilitating the early detection of health issues. Data-driven insights support proactive interventions and personalized wellness programs. Embracing these technologies can enhance workforce well-being, reduce healthcare costs and boost productivity.

Leveraging Technology For Workplace Health Cost Reduction

Early Detection

At the root of all of these innovations is early detection and preventative care, which I believe together present the most forward-thinking avenues to decrease the costs associated with healthcare benefits in the workplace. In adapting to the ever-changing work environment, this is an area where leaders can take advantage of cutting-edge technology.

A peer-reviewed article entitled “Increased healthcare costs by later stage cancer diagnosis,” casts light on the ramifications of late-stage diagnoses on treatment expenses. The findings unequivocally assert that an early-stage diagnosis of prostate cancer can save a healthcare plan a staggering $309,000 per early detected case, all the while saving precious lives. Furthermore, the World Health Organization stresses the importance of early detection to enable employees to continue working to support their families while also saving companies money.

During the Covid-19 pandemic, the healthcare sector shifted significantly toward home-based diagnostics, highlighting their effectiveness in controlling infectious diseases. Drawing from this experience, I think extending this approach to early cancer detection and screening shows excellent promise. (Full disclosure: My company provides at-home testing for cancer.)

Digital health solutions can offer comprehensive tracking, spanning from initial engagement to interactions with providers. This data can allow business leaders to assess program outcomes and user feedback, enhancing understanding of population engagement and improving overall well-being and cost efficiency through increasingly tailored services.

Collaboration

When utilizing digital health companies, business leaders can collaborate with these organizations to develop more integrated, value-based solutions. Leaders should look to using these strategic partnerships to streamline healthcare delivery, reduce fragmentation and improve continuity of care. Specifically, I recommend looking to reduce costs by eliminating redundancies and optimizing resource allocation.

To make informed decisions when it comes to collaborating with health technology, make sure to track healthcare costs, absenteeism and employee satisfaction. These tools should ultimately be driving sustainable cost savings and promoting a healthier, more productive workforce. If not, you may have to tweak your offerings.

Overall, I believe that successful collaborations depend on aligning with health tech solutions that are built on a value-based model and offer cost transparency and savings.

Education In Disease Detection

Along with technology, I believe that health education is paramount to reducing healthcare costs. Informed employees are inclined to make sound decisions concerning their health, adopt preventive measures and adhere to treatment plans, all of which can lead to significant cost savings. Health literacy among a workforce is the first line of defense against rising healthcare costs.

As a part of this, leaders should encourage preventive care and regular health screenings. A drip educational approach, providing gradual and consistent information on preventive care and screenings, can keep the topic current and engaging for employees. Moreover, my experience in the sector indicates that direct mail can actually outperform email campaigns in reach and engagement.

Recognizing the role of family in promoting health, business leaders can extend educational efforts to include other family members, fostering a holistic approach to well-being. For instance, if you find that male counterparts may not consistently engage, female partners’ involvement can encourage broader family participation.

Therefore look to utilize targeted, multi-channel and family-centric communication strategies to effectively raise awareness and cultivate a culture of health and wellness, ultimately reducing your company’s healthcare costs. Furthermore, the following strategies can also help enhance engagement:

• Utilize digital care navigators to streamline access to wellness programs.

• Offer anonymous support groups for confidential peer-to-peer health discussions.

• Implement health goal-tracking platforms to set and achieve personalized health milestones.

The Way Forward: A Collective Call To Action

Addressing the challenge of escalating healthcare costs demands a unified front. Healthcare providers, employers and policymakers must collaborate to implement technology-driven and sustainable solutions prioritizing wellness, preventive care and cutting-edge healthcare technologies.

By focusing on proactive measures, innovative solutions and early detection, I believe that leaders can drive down expenses and improve health outcomes for all stakeholders. Together, we have the opportunity to pave the way for a healthier and more cost-efficient future, empowering our workforce and cultivating a culture of well-being.

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