Risk Management

Home > Business Insurance & Employee Benefits > Risk Management

Risk Management

What is Cost Containment & Risk Management?

Cost containment measures aim to control the escalating expenses associated with benefits and health insurance. One approach is to promote employee wellness and preventive care programs. By encouraging healthy lifestyles and early detection of potential health issues, employers can reduce the need for costly medical interventions down the line. Additionally, implementing wellness initiatives such as fitness programs and stress management workshops can lead to improved employee productivity and decreased absenteeism.
Another cost containment strategy involves leveraging technology and data analytics. Employers can utilize advanced software systems to identify cost drivers, track healthcare utilization patterns, and negotiate better rates with insurance providers. Data-driven insights enable employers to make informed decisions about benefit plans, ensuring that they meet employees’ needs while keeping costs under control.
Risk management plays a crucial role in mitigating the financial impact of unforeseen health-related events. Employers can collaborate with insurance providers to develop comprehensive risk management strategies. This may include offering a range of insurance options, such as high-deductible health plans paired with health savings accounts, which incentivize employees to be more mindful of their healthcare spending. Additionally, implementing wellness initiatives and safety protocols in the workplace can help reduce the occurrence of injuries and illnesses, minimizing insurance claims and associated costs.
Effective communication and employee education are vital components of successful cost containment and risk management. Employers should clearly communicate benefit plan options, cost-sharing arrangements, and preventive care measures to their employees. Empowering employees with knowledge about their health insurance coverage and how to effectively utilize healthcare resources can lead to more informed decision-making and cost-conscious behavior.
The rising cost of benefits and health insurance necessitates the implementation of cost containment and risk management strategies. By prioritizing employee wellness, leveraging technology and data analytics, and adopting comprehensive risk management measures, employers can effectively control costs while providing adequate coverage to their workforce. Such initiatives not only benefit employers by reducing expenses but also support employees in maintaining their health and financial well-being.

Tele Medical Benefits

Tele medical benefits are a great way for your business to provide employees with 24/7 access to physicians without the expense of a costly visit to a doctor, urgent care center or emergency room. The doctors available through tele medical benefits can diagnose up to 70 percent of the most common issues over the phone and send a prescription to members’ nearest pharmacies.
In many cases, a business that implements a tele medical benefit will see a 20 percent reduction in medical claims, which translates to better renewals and lower pricing.

Prescription Concierge

Prescription drug concierge programs can provide your business with a cutting edge way to reduce overall prescription drug claims found in most group health plans. Less drug claims paid by the insurance plan leads to lower renewals and significant savings for your business.
In many cases, businesses will see a 30 to 50 percent reduction in prescription utilization in one year. This translates to better performing plans and lower rates.

Wellness Programs

The health of your employees is valuable and can be improved with the help of wellness programs. While some wellness programs are part of a health insurance plan, others may be added on separately. Wellness programs provide employees with opportunities, from exercising and eating right to maintaining regular health and wellness exams, to earn points that can be exchanged for a deductible credit or other benefits.

Wellness programs can – 

Champ Plan

A Truly Unique ZERO NET COST self-funded, Benefits and Wellness Program designed to complement an organization’s primary health insurance plan while increasing employee pay and reducing employer taxes.
Increase employees pay by $100-$400 per month, Saves employers $573.60 per year in taxes. Improves employee engagement in a robust wellness program, provides employees with $0 co-pays on unlimited Primary Care in person visits, $0 co-pay on in person Urgent Care visits, 100% coverage on ACA preventive services, $0 co-pay on over 300 medications. Unlimited telemedical visits with a $0 co-pay.

Business Insurance &
Employee Benefits Quote

Complete our form to get a quote for the various group insurance and employee benefits we offer.

Get in Touch

Having the right employee benefits and insurance plan can save you money and enhance your business operations. See how we can help you!

Get Started Improving Your Benefits & Insurance

Take control of your company’s employee benefits and health insurance plans by talking to one of our qualified and experienced team members. Complete this form or give us a call at 803.738.8183.