Sharing Best Practices to reduce healthcare expenses for employers and employees
This is the time of the year when most companies renew healthcare and have to prepare for a confusing review AND a cost increase. They are then faced with the decision to push the increase to the employees or to absorb the increase.
Since healthcare is often the third or fourth-largest spend, you would expect the financial executive would have a total understanding of the costs, the drivers, the risks, and the alternatives. However, this is usually far from reality as that information is not generally provided and few understand the marketplace, the alternatives, or even how to educate themselves.
Our group, The CFO Forum, has spent five years sharing best practices in ways to:
- Understand what drives healthcare insurance costs
- Create knowledge and a process to manage healthcare costs
- Measure it, manage it, and monitor—keys to success.
Outcomes within our group have been reductions over 25% with lower costs to all parties, better employee morale, and a huge differentiator to retain AND recruit employees.
Gary Bender, Founder of CFO Solution and the local CFO Forum group (in conjunction with MRC), will share best practices and examples at our October 7, 2020 session.