Employers are facing a new reality with the anticipated rise in healthcare costs for 2024.¹ Inflation and other market factors will inevitably lead to identifying cost-saving strategies—which are likely to affect employee benefits. 

For those navigating open enrollment or those still refining their benefits strategy, there are four components to consider in order to save dollars without sacrificing quality: leveraging data analysis^2,3, prioritizing healthcare experiences⁴, bundling preventive measures⁵, and being adaptable.⁶ But, most importantly, for these components to have the ultimate impact, they must be synergized to create a meaningful impact on your bottom line. 

1. Leverage data analysis — Consider data analysis as your navigational compass. In too many cases, organizations try to solve macro-level problems without micro-level insight. The problem with this approach is that surface-level data generally doesn’t hold the answers to our individualized, and often costly, problems. Utilizing a resource that routinely and intentionally collects detailed data insights will steer you in the best possible direction for your employees.² Gathering the right data and understanding your company’s employees beyond demographics will allow you to tailor your benefits while maximizing the likelihood of meaningful engagement.³ With data analysis as your compass, you can navigate the complex landscape of healthcare costs and design benefits programs that meet the unique needs of your employees.

2. Prioritize experience — When they say first impressions are everything, healthcare is no exception. Whether in-person or digital, healthcare experiences should be top-of-mind when designing benefits because, believe it or not, this can lead to cost savings. Individuals who are more involved and active in their healthcare tend to use care more efficiently and have lower costs.⁴ Offer supportive tools and resources that empower employees to make informed choices that align with their needs and budgets. Thinking creatively about the ways to make healthcare accessible, easy to use, and enjoyable can be an innovative way to curb costs.

3. Bundle preventive services — Nowadays, customers are getting more bang for their buck with product bundles, so why not try doing the same with bundling preventive services? Preventive services, like biometric screenings and preventive testing, are great standalone solutions, but bundling services together can result in a much bigger impact.⁵ By providing these comprehensive services to your employees, your company can streamline administrative and other financial processes. 

4. Be adaptable — Adaptability is your organization’s greatest asset to surviving rising healthcare costs. Creating and developing your cost-saving strategy is not enough. Your strategies must be continually evaluated and adjusted based on the healthcare landscape and your specific population.⁶ Adaptability and continuous assessment of your plans can safeguard your budgets and ensure organizational resilience.

While all four components of this cost-saving strategy have an impact on their own, your efforts need to be synergized to reach optimal cost savings.⁷ With strategic foresight and a commitment to operational synergy, your organization can make the adjustments needed to support your workforce and save dollars. By being adaptable and embracing solutions to understand, enhance, and simplify the employee wellness experience, your company can emerge on top in 2024 and beyond.