*This article has been updated to include new information.*
Helping Human Resource Leaders become Healthcare Heroes!
At the upcoming Society of Human Resource Management (SHRM) conference, Healthcare Horizons will meet with hundreds of individuals tasked with ensuring that a company’s health insurance benefit is a viable option for their employees, without sacrificing coverage to reduce cost. The #SHRM21 theme was “Now More than Ever… It’s time for HR to step up and deliver.” The #SHRM22 theme “Cause the Effect” continues this idea that what HR does impacts every single aspect of a company and its bottom line. Healthcare Horizons helps human resource leaders maximize the cost containment of healthcare claims, allowing funds that would normally be spent on overpayments to be used for other worthy company initiatives.
Benefits are the #1 employee perk
According to GlassDoor, 57% of new hires cited benefits, and specifically health insurance, as a leading factor in their final decision to accept a job.
What does this mean for healthcare administration?
Human Resource departments play a part in many initiatives for a company, all designed to improve employee welfare and support company goals. One goal of the HR benefits manager is to provide healthcare benefits at the best possible cost, for both the employer and the employee.
Since healthcare is one of a company’s largest expenses, cost-containment is critical. Unfortunately, medical claims errors happen routinely in healthcare. Audits are vital to uncovering these errors and recovering funds. This process protects both the company and the employees.
Self-insured employers can lose millions of dollars each year in incorrectly paid medical claims. These errors drive the cost of insurance programs up, costing the employer and, consequently, the employee more.
Every time a claim is overpaid, an employee’s coverage is impacted. This may show up immediately through paying more out-of-pocket dollars toward a deductible. Or the impact may not be noticed until the next year when they see an increase in co-pays, deductibles, or premiums. From an HR perspective, this leads to unhappy employees.
How can we help with cost containment?
Performing regular healthcare audits benefits both the employer and the employee. “Every claims data set contains errors. People aren’t perfect, mistakes happen,” says Beverly Healey, Operations Manager for Healthcare Horizons, and SHRM21 attendee. “Healthcare Horizons audit processes work with your third-party administrator to not only uncover incorrect billing but also to identify systemic issues that may be costing the employers thousands, even millions, over time.”
To learn more about how HR leaders can improve a company’s healthcare bottom line, stop by SHRM Booth #2870 or contact us directly.
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