Turbulent Times Demand Fresh Thinking: Employee Healthcare Innovation at Biltmore
As the cost of providing healthcare benefits skyrocket, employers are faced with the challenge of looking for strategies that maintain bottom line profitability, while still providing some level of health care benefits for their most valuable resource – human capital.
According to a 2010 MetLife Study of Employee Benefits Trends, employers cannot expect to maintain profitability without taking steps to offset this ever-increasing budget line item. Their survey findings confirmed that companies are using the following strategies to control costs:
• Reducing the number of employees
• Eliminating expensive plan designs in favor of less costly options
• Shifting costs to employees
While these strategies may help boost the bottom line, they may also have negative impact on employee satisfaction, and eventually, employee morale and retention.
So what are some alternative options?
More and more employers today are adopting employee health and wellness programs as a way to remain engaged in their employees’ health while controlling healthcare costs. Investing in these alternative options requires adopting an innovative attitude and a willingness to think “outside the box.”
The Biltmore Company has developed a unique employee-centric approach, including an on-site clinic and programs that address multiple aspects of a person’s well-being. These initiatives have generated a solid return on investment; reducing the total healthcare expense per employee while simultaneously improving the quality of care and associated satisfaction ratings.
“The overall well-being of our employees must remain a top priority, even when the healthcare landscape is projected to create financial barriers for organizations to operate ‘as is’. Educating and involving employees is key for seeking sustainable solutions.” – Vicki Banks, Director of HR and Risk Management, The Biltmore Company.
In November, the Biltmore Center for Professional Development will be hosting a one-day program, Employee Healthcare Innovation, that addresses the complexities of the employee healthcare challenges. Participants will hear from key players involved in the process; finance, benefits and healthcare professionals. While many businesses are overwhelmed by the complexities involved in navigating these waters, this workshop shares firsthand how to revolutionize your employee wellness services.
Employee benefits – specifically healthcare – are a constantly moving target. Join us for insights to multiple pathways that will assist you as you address increasing healthcare costs.
*This program has been approved for 6 (HR (General)) recertification credit hours toward PHR, SPHR and GPHR recertification through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org. The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program. It means that this program has met the HR Certification Institute's criteria to be pre-approved for recertification credit.