If your health cost sharing organization is struggling with rising share costs, don't lose hope. You can counter increased sharing costs by decreasing organizational costs. Here are a few simple yet effective strategies to try:
Your members won't be happy when sharing costs increase, so it's important to improve member support. Whether you do that through retraining your member support teams or hiring a vendor, now is not the time to get lazy with member satisfaction. Not only will this help you keep your members, but it'll also reduce the need to acquire new members. This is important since new member acquisition is one of the most expensive parts of a budget. You don’t want to add to your financial stress by needing to acquire new members.
It sounds counterintuitive to spend money on a service when you're trying to lower organizational costs. But, the right third-party service will give you a major return on investment. In this specific case, patient advocacy services will be your best friend.
Our healthcare navigation services have an average cost savings of 61 percent from recommendations over a 4-year period. For bill negotiation, our medical bill reductions average 44 percent.
Time management tools can also be useful to ensure your team is staying on track and on task. You might also consider invoicing software to stay organized.
Two words: social media. If you need to lower spending, consider cutting expensive advertisements. Social media can work just as well, sometimes even better! It's a cost-effective way to attract new members while keeping organizational costs low. You can create posts on Facebook, Twitter, and LinkedIn to help spread the word about your community without paying any money. If you want to reach more people though, you can choose to advertise on social media. Even social media ads can be more affordable and effective than traditional advertising.
Consider offering free, easy resources that promote healthy living for members. When members are healthy, they're less likely to need costly medical care. Offering prescription discounts can also save your community a significant amount of money. As mentioned earlier, patient advocates are another way to guide members to affordable healthcare. Apps that allow members to shop and compare medical services can also be helpful.
Implementing a third-party patient advocacy service will give you a good ROI and is a two-for-one problem solver. It can lower your organizational costs while increasing member satisfaction. Using other easy tips too, like cutting advertising costs or giving members resources to save money on their healthcare, can help you get costs under control.
Discover what health plan members had to say about the value of patient advocacy in our survey.
Learn the best strategies and tips for growing your members while keeping costs low.
Learn the best strategies and tips for retaining your members while keeping costs low.
Lower members' overall out-of-pocket costs by encouraging them to be engaged with their health.
Affordable healthcare choices mean lower member costs, and that means happier members for your plan.