The BenefitsPro article, Employees as Assets, the C-suite as Investors, discusses the trend in recent years of CFOs and other members of the C-suite becoming more involved in the decision-making strategy of employee benefits. As the C-suite begins to see employees as assets, they also start to view benefits as investments.
When the C-suite is engaged in benefits planning, there tends to be a more progressive approach to managing plans, a push for more industry transparency and a sharp focus on cost containment and long-term sustainability.
“As a CEO, I know first-hand that there is growing interest being voiced within the C-suite in implementing more effective tactics to address increasing healthcare costs. The expense of employee turnover and an extremely challenging recruiting environment also has CFOs and CEOs focused on corporate solutions. CFOs are seeking answers as corporate strategies are imperiled and price competition is causing downward pressure as employment costs rise unabated,” said Ed Pershing, Founder of Healthcare Horizons Consulting Group, Inc. “Many self-insured companies fail to have an annual audit of paid medical claims, and most that do rely on a random sample audit. Companies are sometimes misled that annual comprehensive audits are not needed because, according to ‘advisors,’ third-party administrators’ claims payment accuracy is very high. Others are guided to do merely a random sample audit. Such advice is fundamentally flawed and can cost companies major dollars that could be put to better use.”
Having the C-suite involved in the benefit discussions throughout the year is important to moving cost containment strategies forward. CFOs, thinking in terms of data and numbers, tend to quickly recognize the connections between annual healthcare claims audits and cost containment and sustainability. When errors are caught, corrected, recovered and returned to the bottom line, it’s a win-win for both the employees and the employers. And that’s a wise investment, every time!
The Difference is in Knowing.
To learn more about our approach to healthcare claims auditing or out-of-network provider fee negotiation services, visit Healthcare Horizons, or reach out to us at hhadmin@healthcarehorizons.com.
Randy King is president of Healthcare Horizons Consulting Group, Inc. The company is one of the nation’s leading healthcare claims auditing firms, focused exclusively on self-insured employers since 1999. Healthcare Horizons has recovered millions of dollars for its clients through auditing and air ambulance negotiations for some of the world’s largest employers.