Adopting innovation as the foundation of a company strategy to provide employees with high quality, cost efficient benefits is a trend that is changing employer thinking. Making a transition to a strategic approach requires companies of all sizes to engage in a different way to purchase, manage and evaluate their benefit plans.
At the August CEOtoCEO Breakfast AristaPoint CEO Pat Chestnut and UHC Northwest CEO Claire Verity presented how to make the transition to Strategic Thinking and present the latest Innovations that employers are implementing to have a “Best Company” employee benefit program.
The Strategic Approach to purchase, manage and evaluate their benefit plans.
- Define Written Goals & Objectives
- Establish a Purchasing Process
- Know Your Market Segment & Rating Options
- Require Transparency of Cost
- Marketing Compensation & Services
- Evaluate Internal Administration Costs
- Benchmark Benefits
- Versus Competitors
- Establish a Healthcare Budget
- % of Compensation
- Total Expenditure
- Develop a Contribution Strategy
- Defined Contribution vs Percentage
- Data Driven Decisions
- Determine Data Points for Evaluation
- Develop a Product / Benefit Plan Strategy
- Analyze Carrier Performance
- Review Communication Tools
- Inventory Engagement Tools
Access to Care