|
Training for Book Authors
|
|
|
Other Resources for Book Authors & Publishers
|
|
|
Please Support Our Advertisers
|
|
|
|
|
|
Maximizing Profits by Lowering Health Care Costs in an Obamacare Society
Copyright (c) 2010-2023 Thayne Carper
Health care costs are a growing concern amongst small and large business owners throughout America. The cost of medicine in the United States is out of control, with the average CT Scan or MRI costing thousands of dollars. Simple and complex treatments, office visits, and procedures are costing employers millions of dollars while decreasing the profitability of their organizations. Because of the rising health care costs, employers are forced to reduce bonuses, reduce spending, and sometimes layoff employees, which increases stress.
Employers can manage health care costs in a society that is preparing for major health care renovation by monitoring the eligibility of spouses and dependents, investigating and reporting all claims, switching to different policies, encouraging spousal health insurance, reducing workers compensation payouts, and developing a legal team to handle litigation and settlement issues.
Utilizing competitive business strategies that monitor expenses closely can control health insurance costs. In 2007 the average employer paid $12,106 in health care costs, with the employee picking up $3,281 of the bill. Health care costs continue to rise, causing employers financial distress.
Conduct Family Eligibility Audits
An employee's family is one of the largest health care expenses businesses deal with, as children and spouses become ill over the course of their policy. It is commonplace for businesses to spend millions on an employee's dependent or spouse. Companies can reduce the amount of money spent on spouses and dependents by actively investigating all non-employee claims.
In most policies a dependent is defined as someone under 18 or who is a full time student below a certain age. The new Obamacare insurance reform requires employers to pay for dependents under 26; however, many current policies set the age at 23 or 24.
Employers can minimize health care costs by ensuring any person over 18 is a full time non-exempt student. Employers can encourage employees to set their dependents up with school-sponsored insurance, which reduces the employers overall cost. Additionally, employers can alter the policies to remove unrestrictive verbiage from the documents, such as policies that do not require older dependents to be in school. Verification of a dependent's status can be obtained from leading national clearinghouses and verification services at a fraction of the price of their health plan.
There are other health insurance loopholes employers can leverage, such as retiree benefits for dependents as well as dental and vision services. Limit the scope of retiree health plans by removing dependent coverage, only providing medical services to the employee's spouse. Additionally, consider modifying vision and dental coverage for dependents by limiting it to essential and preventative services.
Deductibles and Out of Pocket Expenses
Employers can significantly reduce the amount of money they spend on an employee's health insurance plan by utilizing plans with high deductibles, which ensure that their workers are protected in case of major illness or injury. Additionally, deductibles place most of the annual expenses on the employee, with the employer serving as backup in case of life threatening illness, expensive operations, and other expensive procedures, such as CT Scans or MRIs.
High deductible plans are ideal for small and large businesses that want to minimize health care costs and risks associated with high premium traditional plans. Employees are made aware of their high deductibles and take a proactive approach to their health, avoiding expensive hospitalizations for otherwise preventable diseases, such as diabetes.
When employees are aware of the true cost of health care, their overall demeanor towards a healthy lifestyle improves. They also are more appreciative of the services and benefits their current employer offers.
Minimize Health Care Costs by Splitting or Switching Plans
Encourage employees to utilize their spouse's employer paid health insurance package if it is available. The strategy can be marketed as providing them with the maximum coverage, pointing out how their spouses program is a viable alternative. Educate employees on the open enrollment procedure, fostering communication within their family regarding the topic.
Employees can save up to $5,000 by switching to their spouse's insurance, especially if said employee was on a high deductible policy. Another option is to encourage employees to split their dependent's coverage amongst both of the health plans, minimizing financial risk to your business.
It is illegal to demand that employees switch to their spouse's plan or remove dependents from their policy. Incentive programs are unethical but may drive lower health care costs in your organization. Use this method as a last resort, as some employees may take action against the company. Insurance commissioners frown upon the incentive or spousal switching program, thus it is best to encourage the splitting of spouse and employee coverage.
Start a Healthy Living Program
The fastest and most efficient way to decrease health care costs is by encouraging your employees and management staff to live a healthy and preventative lifestyle. Preventative care costs far less than other medical procedures, which reduces the out of pocket expenses for both the business and employee. Offer awards or incentive programs for employees who quit smoking, lose weight, stop drinking, or take a proactive approach to their health.
Be careful when publicly honoring the employee in front of their coworkers, as some may be nervous or reserved, these are sensitive topics after all. Healthy living programs foster a wholesome lifestyle, in which the employee receives routine checkups and works to reduce preventable conditions, such as obesity and high cholesterol. Healthy lifestyle programs can target diet, weight loss, smoking, alcoholism, aging, and stress. Additionally, healthy employees can participate by continuing to exercise on a routine basis and reducing their stress levels.
|
Thayne Carper spent 4 years of college competing in student business plan competitions. He's never won a business plan competition and was dropped from his college's entrepreneurial program for lacking potential. Today, he is one of the youngest published experts on the topic of business turnarounds and cost reduction. Visit his website lower supply costs up to 30% for a copy of his report "The Definitive Guide to Doubling Your Profits in less than 6 Months" and learn how you can easily lower supply and service costs up to 30% without hiring a consultant. Learn more: http://www.ThayneCarper.com/
|
VOTE ON THIS ARTICLE
Needs Work >>
0 -
1 -
2 -
3 -
4 -
5
<< Excellent Article
Tell our authors what you think about their article.
|
Top-Level Category: Business Offline Articles || Related Categories: Business Online Articles and Health and Wellness Articles
10 Most Recent Articles Written by Thayne Carper
Increasing ROI by Improving Business Sustainability in a Cash-Strapped Economy
Written by: Thayne Carper |
Distributed: 2010-04-20 |
Word Count: 908 |
Page Views: 4291
| Votes: 5 |
Rating: 0.40
During times of economic uncertainty and staggering consumer
confidence levels, companies seek alternative measures to
increase business sustainability. Businesses incur
additional costs to cover operational expenses; however,
companies unintentionally waste their revenue on excess
supplies and inefficient policies.
Business Turnaround: Locate and Isolate the Root Causes of Your Company's Problems
Written by: Thayne Carper |
Distributed: 2010-04-13 |
Word Count: 529 |
Page Views: 4050
| Votes: 6 |
Rating: 1.17
When seeking business turnaround, one of the first things
you need to do is to determine the root causes of your
economic woes. Your company may have financial problems for
a plethora of reasons, which your business turnaround plan
will have to consider.
Cost Reduction: Cutbacks Are Unavoidable
Written by: Thayne Carper |
Distributed: 2010-03-15 |
Word Count: 497 |
Page Views: 5115
| Votes: 8 |
Rating: 0.75
Good cost reduction means you must slash your expenses and
costs when possible, provided that this does not affect your
product quality or harm your operations. There are numerous
approaches to cutting expenses, and you cost reduction plan
must identify where you can save money.
Business Turnaround: Stabilize Your Environment with Positive Cash Management
Written by: Thayne Carper |
Distributed: 2010-03-10 |
Word Count: 531 |
Page Views: 5066
| Votes: 4 |
Rating: 0.50
A good business turnaround requires you to stabilize your
environment; without this step, your business will likely
remain unprofitable. Maintaining both a positive cash
balance and abiding by a smart budget is vital.
Business Turnaround: Reorganize Your Company and Focus on Its Profitable Areas
Written by: Thayne Carper |
Distributed: 2010-02-25 |
Word Count: 539 |
Page Views: 4253
| Votes: 4 |
Rating: 0.50
After you have determined the root cause of your company's
problems, you must now reorganize to make your company
profitable. All companies have strengths and weaknesses, and
it would be wise to recognize which areas are assets to you
and which need improvement.
Cost Reduction for Business: How to Best Manage Your Costs
Written by: Thayne Carper |
Distributed: 2010-02-23 |
Word Count: 506 |
Page Views: 6161
| Votes: 8 |
Rating: 1.63
Companies have to use various forms of financial studies -
estimates, budgets, forecasts, analyses, and evaluations -
to report and control their costs.
Business Turnaround: An Overview of How to Best Enhance Your Company's Finances
Written by: Thayne Carper |
Distributed: 2010-02-18 |
Word Count: 539 |
Page Views: 3809
| Votes: 4 |
Rating: 1.00
A successful business turnaround requires the owner to take
certain steps to become a profitable enterprise. By taking
the following actions, you can reorganize your company and
produce positive cash flow.
All of Author's Articles on this site: Thayne Carper Articles
Most Recent "Business Offline" Articles
How To Build a Strong and Powerful Business During a Recession
Written by: Trey McMartin |
Distributed: 2011-11-10 |
Word Count: 987 |
Page Views: 6718
| Votes: 6 |
Rating: 0.83
During a recession, most business owners pull the reins on
advertising budgets, fearful of what tomorrow might bring...
Those who remain fearful have forgotten what made them the
success they are today... They have forgotten that they have
a God-given talent to overcome the incredible obstacles in
their paths.
SEO Lessons from Local Businesses
Written by: Trey McMartin |
Distributed: 2011-11-09 |
Word Count: 945 |
Page Views: 6801
| Votes: 5 |
Rating: 0.40
More than once in the six years that I have been providing
SEO services for websites, I have had the opportunity to
discuss with individual business owners their search engine
optimization needs. Now and again, I run across an
individual business owner who is quick to say that SEO is
absolutely worthless. When confronted with such an absolute
statement, I like to press for details. It has been my
experience that people who speak in negative absolutes will
have a horror story to share.
Where Will FDA Target Next? What IVD Manufacturers Should Know Before Their Next FDA Audit
Written by: Norm Howe |
Distributed: 2011-09-12 |
Word Count: 706 |
Page Views: 537
Medical device manufacturers are always interested in knowing
what FDA's next area of focus will be. Well, if you're an In
Vitro Diagnostic manufacturer you might review your measurement
systems.
Online Fax - 10 Reasons To Get An Online Fax Service
Written by: Titus Hoskins |
Distributed: 2011-09-12 |
Word Count: 560 |
Page Views: 542
Online faxing is the new more modern way to fax. If you or your
company is not using an online fax service, here are 10 good
reasons why you should get it.
Best Effort Essential for the Job Interview
Written by: Barbara Wulf MS, ACC, CPCC |
Distributed: 2011-07-30 |
Word Count: 676 |
Page Views: 632
Interviewing will determine if you are the right person for the
job. These tips will help you make the job interview a success.
Go Green With Your Career Search
Written by: Barbara Wulf MS, ACC, CPCC |
Distributed: 2011-07-28 |
Word Count: 636 |
Page Views: 5576
| Votes: 4 |
Rating: 0.50
Many of the qualities of green living, like recycling and
sustainability, can apply to a career search, even if the
career is not directly associated with green industries.
ReCareer in the Second-half of Life
Written by: Barbara Wulf MS, ACC, CPCC |
Distributed: 2011-07-26 |
Word Count: 525 |
Page Views: 5566
| Votes: 5 |
Rating: 1.20
Many of us worked the first half of our life to "fit" the
job description. ReCareering is about finding the right fit,
being selective, being creative, being fulfilled and being
intentional about how you spend your time.
Up in the Air
Written by: Barbara Wulf MS, ACC, CPCC |
Distributed: 2011-07-24 |
Word Count: 678 |
Page Views: 598
When looking for work or changing careers, go beyond researching
on the internet and reading articles. Find out how you can learn
from the art of listening and having a conversation.
Salon and Spa Owners: Which Monk Are You?
Written by: Dan Lok |
Distributed: 2011-07-05 |
Word Count: 477 |
Page Views: 6369
| Votes: 7 |
Rating: 1.00
Too many salon and spa owners are carrying around a lot
hurts, regrets, guilt, past failures and fears about the
future. But no one is forcing you to carry these emotional
rocks, so put that sack down!
The Single Most Profitable Day You Spend on Your Spa or Salon!
Written by: Dan Lok |
Distributed: 2011-06-30 |
Word Count: 470 |
Page Views: 6682
| Votes: 5 |
Rating: 0.20
Salon and spa owners need to combine their marketing plan
with marketing systems. A marketing calendar plans out
strategies for a year, and is instrumental to the success of
your spa or salon.
Most Viewed "Business Offline" Articles
How To Write A 300 Page Book In Four Months
Written by: Mark Silver |
Distributed: 2008-07-15 |
Word Count: 821 |
Page Views: 40174
| Votes: 8 |
Rating: 1.38
There's a lot of hoopla about becoming an author of your very
own business book. The promise of fame and fortune is very
alluring. Yet your book remains perpetually 'about to be'
written. Meanwhile your business has ground to a halt. Hmmm...
might there be a better way to get a book written?
The Best Marketing Book I've Ever Read (You'll Be Surprised)
Written by: Judy Murdoch |
Distributed: 2007-05-09 |
Word Count: 1522 |
Page Views: 37316
| Votes: 17 |
Rating: 3.18
From time to time someone asks me to recommend marketing books.
Here's one of my favorite marketing books that always surprises
people. Curious? Read on.
The Bizarre History Of The HOLLYWOOD Sign
Written by: Morris Timlen |
Distributed: 2008-11-05 |
Word Count: 1211 |
Page Views: 34880
| Votes: 30 |
Rating: 2.70
The most famous sign in the history of mankind is the one that
graces the side of the hill above Hollywood, California. As
famous a landmark as the Christ the Redeemer statue in Rio De
Janeiro, the Eiffel Tower in Paris France, the Great Pyramid of
Giza in Egypt, The Church of the Savior on Blood in Saint
Petersburg Russia, and the Statue Of Liberty in New York City,
the Hollywood sign is known around the world as the symbol of the
American movie industry.
What Does It Take To Be A Successful Salesman?
Written by: Casey Moher |
Distributed: 2008-08-05 |
Word Count: 930 |
Page Views: 27515
| Votes: 84 |
Rating: 3.17
In the course of my average workweek, I meet people who tell me
that they have no sales experience, and very literally, many
will tell me that they could not sell if their lives depended on
it. Do you fit into this mold? Do you seriously believe that you
can sell me on the idea that you cannot sell things?
The Future of the Office Photocopier Industry
Written by: Jennifer Robinson |
Distributed: 2010-07-29 |
Word Count: 635 |
Page Views: 15904
| Votes: 39 |
Rating: 2.00
Since Xerox first invented and sold the first commercial
photocopy machine companies and organisations have paid for
use of the machine on a cost per copy basis. This has
traditionally included full maintainance and toner supplied
under a service agreement. In-fact the office photocopier is
unique in the fact its one of the only pieces of equipment
that comes without a warranty from new. But photocopier
expert Online Connect UK claim all that is about to change.
Never Write A 'Thank You' Letter Again
Written by: Perry Maisin |
Distributed: 2008-08-12 |
Word Count: 971 |
Page Views: 14948
| Votes: 22 |
Rating: 2.09
When I was in graduate school, I had a friend who interviewed at
fortune 500 companies and succeeded at landing a great job. One
day, I saw him sitting in the student union with a stack of
cards. The cards said 'thank you'. He opened each card and
signed his name. The inside of the card was blank. I asked him
what he was doing and he told me that it was important to send a
'thank you' to every person you interviewed with. He believed
that that was the difference between getting the job and being
passed over.
Selecting Between a 401(k) And 403(b) For a Nonprofit
Written by: Daniel Lamaute |
Distributed: 2007-10-11 |
Word Count: 333 |
Page Views: 14621
| Votes: 22 |
Rating: 2.27
Newly released IRS regulations impose several new requirements
and fiduciary responsibilities on employers with 403(b) plans.
While the regulations generally don't take effect until January
1, 2009, there are some provisions that apply sooner.
Conducting Effective Career Aspiration Discussions with Employees
Written by: Andria L. Corso |
Distributed: 2010-03-10 |
Word Count: 690 |
Page Views: 13644
| Votes: 12 |
Rating: 1.33
Enhance your talent management and development programs
through conducting career aspiration discussions with your
employees. Find out where they want to grow their career to
determine if it matches your business needs. This will
enable you to differentiate your employee development to
grow the future leaders of your company.
Top Ten Personal Habits
Written by: Laurel Vespi |
Distributed: 2009-09-08 |
Word Count: 427 |
Page Views: 13356
| Votes: 12 |
Rating: 2.08
Successful people have a regular routine of daily or weekly
habits that reinforce the things that are most important to
them. By practicing a set of personal success habits, they
maintain a positive outlook, keep focused on their
priorities, have more energy, and a greater sense of
satisfaction with life.
Pitch A No-Hitter With Baseball-Themed Flower Gifts
Written by: Wesley Berry, AAF |
Distributed: 2007-12-25 |
Word Count: 413 |
Page Views: 11863
| Votes: 27 |
Rating: 1.74
Want to send a gift to the baseball fan in your life that's sure
to knock one out of the park? Send flowers with a baseball
theme! Everyone loves flowers and when you personalize them to
include the recipient's favorite hobbies, like baseball,
they're sure to make an even greater impression.
Highest Ranked "Business Offline" Articles
Equal Opportunity Pizza Ordering
Written by: Rudy Vener |
Distributed: 2007-10-19 |
Word Count: 629 |
Page Views: 5381
| Votes: 10 |
Rating: 3.60
With online ordering, your menu and restaurant suddenly become
accessible to both the deaf and blind customers in your
community.
Lone Wolf --- Lead Wolf: The Evolution of Leadership
Written by: Rick Johnson |
Distributed: 2006-07-20 |
Word Count: 1826 |
Page Views: 4464
| Votes: 19 |
Rating: 3.47
Family owned organizations, both small and large, with succession
issues, family preparation and second and third generation
leadership issues have been subjected to the evolution of
leadership. These organizations are often founded by an
aggressive, highly talented entrepreneur. Many of the principles
of leadership that helped build the success that the organization
enjoyed in the past is not the type of leadership that will
maintain that success through generations of ownership.
Get the Balance Right
Written by: Rich Thawley |
Distributed: 2009-01-28 |
Word Count: 638 |
Page Views: 4009
| Votes: 15 |
Rating: 3.33
Do you build your business around your family or your family
around your business? The choice is yours.
Delegate Or Die: 6 Steps For Business Growth
Written by: Rick Sloboda |
Distributed: 2007-05-08 |
Word Count: 366 |
Page Views: 3720
| Votes: 24 |
Rating: 3.29
To achieve business growth, you need to focus on your strengths
and hire others to take care of the rest. Unfortunately,
entrepreneurs often fail to employ this fundamental business
growth strategy. Here are six steps to help you delegate
successfully.
Whose Restaurant Can You Find Online?
Written by: Rudy Vener |
Distributed: 2007-07-09 |
Word Count: 640 |
Page Views: 5102
| Votes: 7 |
Rating: 3.29
What is so significant about Pizza Hut's latest TV commercial?
Why Businesses Need Receivable Factoring In Cash Flow Management
Written by: Toby Seibert |
Distributed: 2007-08-08 |
Word Count: 866 |
Page Views: 7484
| Votes: 7 |
Rating: 3.29
In today's business environment, many businesses need to
fine-tune the process of getting paid on invoices, in order to
improve their cash on hand. Improving cash flow can be an ongoing
challenge for businesses of all sizes, and it is an issue that
must be addressed to ensure the long-term viability of the
business.
Boost Retention And Referrals In Your Insurance Agency
Written by: Stephanie Cunningham |
Distributed: 2007-10-23 |
Word Count: 707 |
Page Views: 2684
| Votes: 7 |
Rating: 3.29
If you have ever stayed at a nice hotel, then you have probably
seen the hotel's Concierge. The role of the Concierge is to
assist guests with information and service to enhance their stay.
What would happen if you took the idea of the Concierge and
applied it to the way you service your agency clients?
Business School for Non-Business Minds: Got a NAICS Number?
Written by: Melissa Mashtonio |
Distributed: 2008-04-15 |
Word Count: 423 |
Page Views: 5209
| Votes: 7 |
Rating: 3.29
I’m a journalist. I spent a lot of my career in the news
business. As my career has progressed, I’ve spent time at small
and large companies, and I have sat through dozens of business
meetings wondering what the heck the “money” people are talking
about. They used acronyms as if they were a foreign language.
The Problem With Swiping Sales Copy
Written by: Scott Bywater |
Distributed: 2009-12-03 |
Word Count: 480 |
Page Views: 5198
| Votes: 7 |
Rating: 3.29
This is what people miss when they try to simply "swipe"
sales copy from another advertisement.
Why 'Closing' Is Not The Most Important Part Of Making A Sale
Written by: Scott Bywater |
Distributed: 2006-08-29 |
Word Count: 553 |
Page Views: 6421
| Votes: 31 |
Rating: 3.26
If you ever thought that 'closing' was the single most
important key to sales success, then pay close attention, because
what I'm about to share may surprise you. Let me explain:
|
|
|
|
|
|
|
Article Reprint Rights
|
This work is
licensed under a
Creative Commons
License
You are not required to show the creative commons license notice when you reprint this work.
|
|
Article Statistics
|
Word Count: 920
Total Views: 4617
Article Rating: 0.40 of 5
Votes Cast: 5
More Articles By Author:
Articles On This Website
Last Distribution Date:
2010-07-27 11:30:00
Internal ID: #7487
|
|
|
Home