OMNIA Partners Blog

Medical Expenses Could Be Hindering Your Employees’ Performance

Posted by OMNIA Partners on October 20, 2016

medical-expensesWhat's the number one reason for bankruptcy in the United States? Is it our Amazon Prime addiction? No. Is it our unused gym memberships? Nope. Is it grocery shopping when we’re hungry? No, it's not that either. The actual answer is, medical expenses. Now, fortunately for the majority of us, the financial horror never reaches the point of Chapter 13. However, ever-rising healthcare costs is an issue that creates some degree of stress for all of us. And that stress, could be costing your company enough money to name a wing of a hospital.

A happy employee is a productive employee. Simple enough. Of course, it’s impossible to keep employees gleeful all of the time. The ebbs and flows of workloads and projects, as well as the moments where job tasks don’t quite align with personality types will always cause some element of anxiety for workers. That’s the nature of any business. But it’s in the company’s best interest to manage these hardships as best it can, and to certainly not add to them, if possible. And one thing that adds to them that an employer does have control over is stress about money. Whether it’s in the form of a payroll check or the portion of medical expenses that employees are responsible for, companies have the ability to alleviate this strain.

But why would a business do a thing like that? How does that help the bottom line? Well, stress can cause headaches, fatigue, stomach problems and turns sleep patterns upside down (i.e. more sick days). It can hinder concentration, drive, cause social withdrawal, anger and substance abuse (i.e. destroy job performance and employee harmony). So even if a company is sadly not motivated to help from a human or altruistic standpoint, then it should at least make it a priority from a company financials one.

But what can be done? The costs of doctors' appointments, medicines, medical technology and treatments are not going to get cheaper. They will mostly continue to skyrocket. So the way to circumvent this terrain is to need it all less -- to be healthier; to head off as many medical issues as possible before they arise. It’s up to each employee to do that personally but there’s also a way employers can help their staffs prevent those doctors' bills from piling and piling to the ceiling. Cost containment programs marry several components of reducing medical expenses for businesses and their employees by making sure more claims are covered, gaps are filled in, patients have unwavering access to monitoring their health, as well as options for wellness regimens to stay strong and well. These programs are great for a company’s health because at their core, they start with being great for the employees’ health first.

Topics: Procurement, Leadership

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