Controlling Healthcare Costs By Investing In People

controlling healthcare costs

Controlling healthcare costs is a critical concern for many businesses. Costs continue rising year over year. The American healthcare system is unique in many ways compared to other developed countries, and almost none of those ways are good. Our healthcare costs are at least double the average of our peers. It is administered through a byzantine network of employers, insurers, providers, and government entities. We pay a higher percentage of our GDP towards health care costs, and get worse outcomes in many key metrics like life expectancy, preventable diseases and access to care. 

While some claim it is a free market-based system, a strong argument could be made for it being a market failure, with a consistently mediocre product being sold at ever-increasing prices. As it has been in every election year for a generation, dramatic proposals are being put forward by 2020 candidates at all levels of government. Given the track record and current levels of political polarization, we shouldn’t expect our political system to produce a positive shift in health care costs anytime soon. 

Under such a system, it’s no surprise that health care spending for people with employer-sponsored insurance continues to increase dramatically across the country. High premiums, high deductibles, increasing copays and out-of-pocket expenses are just some of the costs businesses and individuals are faced with in regards to this topic. Aside from spending, prices and utilization have increased significantly this past year as well- mostly due to growth in costs for services and prescription drugs. The Portland Business Journal published an article last month that highlighted how Oregon’s cumulative growth in spending increased comparative to the entire United States. Businesses in Oregon saw their spending per-person rise to an all time high of $5,377, even though this was significantly less than the national average. 

With rising costs, we see a growing number of people who choose not to go to the doctor out of fear their out of pocket expenses will be too great. When people find themselves avoiding treatment, their symptoms only get worse and businesses are at risk. This is where we can help. We offer employers and employees a specialized training program that can turn avoidance into initiative. We support individuals in creating a full-body wellness plan generated to support mental health, emotional health, and physical health. Through the utilization of NeurOptimal®, Vitality Fitness Training, and personalized development plans, we’ve been able to successfully decrease one corporate client’s medical loss ratio from 122% to 79%. This study took place over a 2 year span for a company that employs over 1,300 people. What we saw in participants was truly remarkable; significant weight loss, decreased blood pressure, increase in energy, ended dependency on prescriptions, and a deeper relationship with themselves and those around them. The business also reaped the benefits. With a decrease of over 43% in their loss ratio, for the first time in years the company was able to get competitive pricing to decrease their current healthcare spending. 

For business owners, the health of their organization is dependent on the well-being of its people. We know that spending more for healthcare isn’t improving our quality of life, and we can’t wait for our political system to start controlling costs for us. We at The Taylor Group believe in the power of business to make positive impacts in these areas, and would love to support you and your employees in staying healthy, productive, and fulfilled in business, and in life.