Got waste? Take 2 eBills and call me in the morning

The cure for administrative waste is closer than you think.

The Massachusetts Institute of Technology recently hosted a Health Information Technology Symposium where executives and industry experts analyzed the transformation of healthcare through information technology. This in-depth educational event covered many areas of healthcare technology, with an overarching theme of saving time and money by utilizing modern technology.

A recent article summarized the healthcare industry’s struggle, noting that, “every industry except healthcare has figured out how to become more efficient by replacing administrative work with technology.” During his address at this event, David Cutler discussed the need for IT systems that create more efficient processes and reduce administrative costs. According to Cutler, simplified billing is the number one area with the greatest potential for reducing administrative costs, thus improving the economic health of the healthcare system.

Benefitfocus eBilling ™ is a comprehensive Electronic Invoice Presentment and Payment (EIPP) system that eliminates the inefficiencies and high costs of paper-based billing.

Consider this: When it comes to paperwork, less is more

What can be done to cut costs and keep people insured?

The U.S. Centers for Disease Control and Prevention recently reported that the percentage of Americans with private health insurance has hit its lowest point in 50 years. According to the CDC, only 65 percent of non-elderly Americans had private health insurance in 2008, a noticeable drop from 67 percent in 2007. These figures are especially troubling considering the CDC also reported that about 80 percent of non-elderly Americans had private health coverage in the 1970s and early 80s.

While there are multiple catalysts of this trend, including the faltering economy and employers passing premium costs to employees, health insurance carriers can take steps toward modernizing their infrastructure to cut costs. By streamlining basic systems, insurers can increase operational efficiencies, reduce administrative expenses and provide outstanding service to more companies and consumers. Billions of dollars can be saved on paper processes alone. Benefitfocus eBilling takes the paper out of the billing process to reduce Days Sales Outstanding to one day, increase invoice accuracy and eliminate virtually all the inefficiencies of a paper-based billing system.

Consider this: The truth about billing and your bottom line

Healthcare organizations continue to bear the weight of staggering administrative expenses.

In recent months, there has been seemingly endless debate about the future of healthcare reform. One factor on which everybody agrees is that healthcare costs must be reduced for all involved. According to Gartner, organizations can save 50 percent by implementing an electronic billing solution instead of paper-based billing. This means the needless administrative complexity that costs health insurance carriers an exorbitant amount of money each year can be cured by implementing a modernized infrastructure.

While it is difficult to predict just how rapidly and to what extent technological advances will bring about savings, companies that proactively modernize will be the first to find out. Benefitfocus eBilling reduces Days Sales Outstanding (DSO) to one day, increases invoice accuracy and eliminates virtually all of the inefficiencies of a paper-based billing system. This solution has cut health insurance companies’ billing costs dramatically and is just one facet of Benefitfocus‘ integrated suite of modern, cost-cutting healthcare technology solutions.

To learn more about the advantages of eBilling, register for the “Reduce DSO to one day and increase operational efficiencies with eBilling” Webinar.

Consider this: Trust for sale

Americans want companies they can trust.

As people adjust their priorities and habits in these trying economic times, companies’ reputations and dependability are increasingly important. According to a recent study, 68 percent of Americans say they are generally willing to pay more for financial and protection products if they come from a company they trust. This is a major shift from consumers’ past behavior of shopping for the cheapest price regardless of who is providing the product or service.

In today’s world, where there are fewer dollars to go around, consumers are willing to invest in companies they trust – even if it means there is a little bit less money in their pockets at the end of the day. What is your company doing to build trust with consumers?

Consider this: The verdict is out on healthcare IT

Consumers are hungry for healthcare technology.

According to a recent survey of over 4,000 consumers, people are ready to embrace the innovative technologies emerging in healthcare. These consumers want to use technology to become more informed and empowered decision makers. In addition, they demand convenient, online access to these tools. The eye-opening results of this survey include:

• 70% of people would participate in a wellness program if offered financial incentives, such as reduced premiums.
• 68% of people are interested in home or mobile monitoring devices that would electronically monitor and report their conditions to their physicians.
• 57% of people are interested in scheduling appointments, buying prescriptions and completing other healthcare transactions online.
• 55% of people want the ability to communicate with their doctors via email to get answers to health questions.
• 42% of people are interested in establishing PHRs connected to their physicians online.

What is your company doing to meet these new consumer demands? Employers across the nation are now offering valuable online health tools that educate and empower their employees. Benefitfocus offers an extensive suite of solutions that enable the delivery of cutting-edge health and wellness tools in a way that is fun and interactive. Learn more about these offerings today.

Consider this: Are we prepared for a more disabled population?

1 in 5 Americans are currently disabled, and as baby boomers age that figure is about to skyrocket.

The Centers for Disease Control and Prevention recently reported that 1 in 5 Americans are disabled, a figure which has been dramatically on the rise over the last decade. The number of Americans with a disability rose 7.7 percent between 1999 and 2005, according to the CDC. Dr. Chad Helmick of the CDC stated that, “The number of adults reporting a disability will likely increase, along with the need for appropriate medical and public health services, as more persons enter the highest risk age group.”

As our population changes and medical needs evolve, how are businesses preparing themselves? It is quite evident that preventative measures can and should be taken to promote health and wellness among all members of our population.  What tactics does your company use to address the issues of disability prevention and management?

Consider this: Health coverage is no presumption for hard workers

In recent years, premiums have dramatically outpaced workers’ wages.

According to a recent study, working Americans today have a significantly higher risk of being uninsured than they did in the 1990s.  The study revealed there are currently 26.9 million uninsured workers, a significant increase from the figure of about 20.7 million in the mid 90’s.  In today’s work force, nearly one in five workers is uninsured, while in the 90’s it was one in seven.Benefitfocus has 9 years of experience in helping insurers reduce costs by streamlining business processes, and we are ready to help you today.

Findings indicated the root of this problem is cost.  Total premiums for employer plans have risen six to eight times faster than wages in the last decade.  While all workers pay income taxes that fund government-run health plans, many of these people recieve little to no assistance in obtaining affordable healthcare coverage.  With such a significant percentage of the American work force struggling to retain health insurance, it is more important than ever for insurers to consider progressive solutions that cut costs and help provide insurance to more American workers.

Consider this: Is morale changing in your workplace?

The majority of employees say they live to work and enjoy their jobs, but report a negative change in the workplace over the past six months.

According to a recent study, 65 percent of people “live to work” while 35 percent “work to live.”  Those who live to work enjoy their jobs because they feel proud of what they do and like the people with whom they work.  While a majority of people love their jobs, they also report a change of mood within the workplace.  The top reason for this change in mood is that people are scared they are going to lose their jobs in this uncertain economy.  Other reasons include: fewer people doing more work, more stress and overall lower morale. 

The study indicates 95 percent of employees reported that medical coverage is the most important type of insurance, distantly followed by dental, life and disability.

These findings reaveal that it is now more important than ever to provide quality health insurance options.  For over eight years, Benefitfocus has helped companies educate employees about their insurance options while providing a user experience that is second to none.  Click here to learn more.

Consider this: How valuable is a healthy employee?

Workers with healthy lifestyles are significantly more productive in the workplace than their less healthy counterparts.

According to a recent study of more than 770,000 employees from 106 companies, there is a positive correlation between reducing employees’ health risks and enhancing their productivity.  The study, published by the Journal of Occupational and Environmental Medicine, consisted of data from employees health risk assesments.  Eight health risks were identified, and employees with none of the risks had a productivity loss of 3 percent, while employees with all eight health risks had a 24 percent productivity loss.

Keeping employees healthy is the best way to reduce healthcare costs, and now is the time for businesses to invest in employees’ health.  On average, an employee with low or no health risks will cost his or her company $1,472 per year in lost productivity, while an employee with three health risks will cost $5,952.

Benefitfocus provides a comprehensive Personal Health Assesment (PHA) that offers employees personalized, interactive health and wellness recommendations.  Learn more about the PHA today.

Consider this: HSA vs. The Economy

Health Savings Account (HSA) balances are defying the recession. 

According to recent data from Canopy Financial Inc, Americans’ HSA balances grew significantly last year, despite the economic downturn.

 

Individual HSA balances grew by 33 percent, and family HSA balances increased roughly 12 percent in 2008. Individuals also contributed more to HSAs than their employers, with an average monthly employee contribution of $111, while the employer average was $69.

 

These statistics reveal that consumers are increasingly taking responsibility for controlling healthcare costs and also using their HSAs as an investment and savings tool, not just funding their immediate healthcare needs.