Category Archives: Cost Saving Ideas

Here’s What’s Happening with Proposed Policy and Prescription Drug Costs

When 79 percent of Americans agree about something, politicians take notice. That’s the percentage of people who consider drug prices “unreasonable,” according to a 2019 KFF poll. Outrage about rising prescription drugs costs has reached a fever pitch. However, these feelings are nothing new. Early in his presidency,  the Trump administration vowed to make medication more affordable for American patients. They unveiled a new policy with the claim to reduce drug costs. So have they delivered? Continue Reading >

Prescription drug costs

Want to Save Lives and Cut Costs? Observe National Skin Cancer Prevention Month

Do you know the most common type of cancer in the U.S.? Judging by awareness ads, personal experiences and the GoFundMe pages you see shared on social media, you might assume that breast or lung cancers are the biggest threat. Skin cancer, you might assume, falls somewhere down the list. You see plenty of pink ribbons for breast cancer awareness and billboards about the dangers of smoking, but have you seen many mentions of skin cancer lately? This May, hopefully you will. Continue Reading >

National Skin Cancer Prevention Month

More and More Companies are Moving to Self Funded Insurance – Here’s Why

If only a crystal ball or portal to another time could help us predict the future of American health care. Heck, even a Magic 8 ball with a high rate of accuracy could be useful. Alas, no such magic device exists (we think), so the confusion and uncertainty that surround health care and insurance aren’t ending anytime soon. Many people agree that our current system is broken, but no simple solution exists to bring down costs and give all Americans access to the care they need. Considering the political discord around this issue, it seems unlikely that a major change – like a move to a single-payer system – is just around the corner. So what does that have to do with self funded insurance? Continue Reading >

Self funded insurance technology

Does Reference Based Pricing Make Sense for Your Organization?

The lack of transparency around medical pricing puts self-insured employers and their employees at a disadvantage. Without the bargaining power that major insurers have, self-insured employers can’t be certain that they’re getting the best possible prices for the services that their plan members need. Enter reference based pricing. It’s a pricing strategy that more and more self-funded employers are using to control costs. Traditionally, hospitals and health care providers set inflated prices for services and insurers negotiate lower rates for their members. A procedure that a hospital charges $10,000 for may only be billed at $5,000, depending on the patient’s insurance plan. Continue Reading >

Reference based pricing

Improving Transparency About Health Care Costs

The human's natural instincts for curiosity are not always about being nosy: other considerations, such as financial transparency, help to distinguish what is right and fair within the healthcare industry. Going into an operation with some sort of estimated rate for services and goods keeps patients from being exploited and overcharged. In this case, being nosy can benefit Americans greatly with their health costs. Continue Reading >

patient being attended in a medical consultation

How Employee Engagement Can Reduce Healthcare Costs

Americans don’t agree on much, but everyone acknowledges that healthcare costs are just too high. Ballooning insurance costs translate to financial strain, which trickles down to employees in the form of budget cuts and staffing changes. That’s why it makes so much sense to include employees in discussions about rising healthcare costs. That might represent a radical change from the status quo in some companies, but it’s a change worth making. Employee engagement looks different in each company, and it’s up to the employer to find the blend of programs and initiatives that’s most beneficial – both for employee health and satisfaction, and for the bottom line. Continue Reading >

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In 2011, the top 5 most expensive medical conditions treated in US hospitals were: Septicemia, Osteoarthritis, Complication of device, implant or graft, Liveborn, and Acute myocardial infarction

From 2010 to 2013, the number of claims that were individually $1 million or above rose by 1,000%

In 2017 approximately 18% of the American public will purchase insurance through exchanges, radically transforming the health insurance landscape.

In 2014, 98% of large firms (= 200 Workers) offer 1+ wellness programs to their employees.

The most costly 1% of patients account for 20% of national health expenditures – accruing average annual expenses of nearly $90,000 per person.

6% of firms offering fully-insured plans report they intend to self-insure because of Obamacare.

In 2014, PPO plans remained the most common plan type, enrolling 58% of covered workers.

In 2012, 93% of businesses with 5,000+ employees and 80% of companies with 1,000-4,999 employees were self-funded

Massachusetts has the third-highest prevalence of self-funded insurance in the small-group market (Fewer than 50 employees).

In 2013, the average deductible was $2,906 for individuals selecting plans from marketplaces. This compares with average deductibles of $1,135 for an individual with employer coverage.

In 2013, the average annual premiums for employer-sponsored health insurance are $5,884 for single coverage and $16,351 for family coverage, up 5% and 4% respectively from 2012.

From 2010 – 2013, cancer followed by chronic/end stage renal disease and leukemia accounted for the top 3 costliest illnesses.