As the cost of employee benefits continues to rise, organizations are challenged to choose benefit plans that are attractive to new and existing employees. It can be a daunting task, but you don’t have to face it alone. Ashton Benefits can help you leverage cost containment practices to your advantage.
This article will provide information on cost-containment services and the ones offered by Ashton Benefits.
What are cost containment services?
Cost containment is a comprehensive strategy that integrates efforts to reduce a company’s existing and future costs. Effective cost containment incorporates more than just traditional, one-off cost-cutting initiatives. While these initiatives can lead to short-term savings, the benefits of cost containment may wane over time and cause rising expenses in other areas.
To reverse these trends, business owners should approach cost containment with a global focus, incorporating it as an ongoing part of routine processes. With a strong containment strategy, leaders can monitor and analyze expenses and identify opportunities to reduce costs.
What are the benefits of cost-containment services?
Cost containment enables organizations to address rising costs effectively. Some of the benefits of cost containment are:
- Ongoing visibility of the drivers of organizational costs
- Greater transparency on productivity trends
- Integrating clinical and financial management
- Data and analytics to reveal opportunities to improve processes and reduce inefficiencies
- Sustainable cost reduction and cost control
Ways Ashton Benefits can help you with cost containment services
We at Ashton Benefits believe that you should take time to review your options and find a great cost-containment practice for your business. The reason why is that every company is unique, and it’s crucial that you provide the right benefits for your employees.
Here are a few ways Ashton Benefits can help your company save money through cost containment:
- RX referral programs: The RX referral program compares and offers lower-cost prescription options for your employees. They’ll be notified when more affordable prescriptions become available and ensure your workers receive the medication they need without overspending.
- Data analytics: We’ll review the spending tendencies of your employees, specifically when it comes to their healthcare needs. By understanding what health benefits your employees use the most, you’ll be able to select an affordable benefits package that covers what matters.
- Medicare advocacy program: This feature allows you to utilize an independent insurance brokerage to educate your employees about their Medicaid and Medicare options. These programs can be challenging to navigate, so they can help save anywhere between 2 to 4%.
- Surgical network and direct provider contracting: This option allows for bundled pricing on various medical services. Employers typically save around 45% utilizing this option, and employees can get access to the care they need for no extra cost.
Small businesses need as much support as they can get. And there are many options to choose from to determine what cost containment practices are right for you. Plus, the cost containment practice options above are just a few practice options available through Ashton Benefits. We are happy to review all the available choices with you and find what works best.
Reach out to Ashton Benefits today!
If you need help, we here at Asthon Benefits would love to support you. Our highly-experienced team is here to answer any questions you may have about employee health insurance and can even help you find the right plan for your business. Contact us today to learn more!