Navigating the landscape of healthcare finance can be daunting, especially for Florida self-funded employers who are responsible for their own insurance claims.
If that sounds like you, and you’re wondering how you can make the most of your wellness budget for your team, you’re not alone.
At Medical Screenings Unlimited, we’ve been helping companies prioritize employee health through biometric screenings for over twenty years. We’ve seen firsthand just how quickly the industry changes, whether it’s in terms of pricing, technology, or services offered. We’ve adapted throughout the years to meet the needs of our customers, and now, we’re sharing that experience so self-funded groups can plan and prepare accordingly.
In this article, we’ll explain how self-funded groups can efficiently allocate their wellness budgets, and cover the steps needed to maximize their return on investment while enhancing the health of their employee populations.
We’ll be covering:
- The financial concerns of self-funded groups
- How to allocate wellness dollars
- Maximizing ROI through health
By the end of the article, you’ll have a clear idea of what you can put in place at your organization to motivate your team to embrace continuous health and wellness initiatives.
Financial Concerns and Priorities of Florida Self-Funded Groups
- Rising Costs: Self-funded groups grapple with the continuous escalation of healthcare and insurance costs.
- Claim Management: Reducing the number and magnitude of claims is paramount to ensure fiscal sustainability.
- Optimal Use of Wellness Budgets: It’s vital for these groups to use their wellness budgets strategically, which requires careful planning and periodic assessment.
- Measuring Wellness ROI: HR benefit managers and decision-makers need to gauge the efficacy and return of their wellness initiatives to ensure that they are truly delivering value.
Allocating Wellness Dollars: What Are the Options?
- Yearly Employee Assessments: Initiating with a needs assessment can provide valuable insights into employee health requirements. Following up with yearly questionnaires can help track the effectiveness of wellness initiatives and tailor them accordingly.
- Wellness Portals: If the budget permits, investing in a wellness portal can offer immense benefits. These platforms allow employees to track and manage their health and rewards. For instance, by uploading receipts of healthy food purchases, attending gym sessions, or other health-related activities, employees can earn points. These incentives not only motivate employees but also provide a centralized platform to manage their wellness journey.
Maximizing ROI and Improving Population Health for Florida Self-Funded Groups
- Continuous Reassessment: To maximize ROI, it’s crucial to continually reassess not only the needs of the employees but also the effectiveness and efficiency of the vendors employed.
- Engagement Through Incentives: Using platforms that offer rewards or points for healthy behaviors can be a powerful motivator for employees, ultimately leading to better health outcomes and reduced claims.
- Feedback Loop: Encourage employees to provide feedback on wellness initiatives. Understanding what works and what doesn’t ensures the initiatives remain relevant and effective.
What to Do Next
As you move forward, consider reassessing your wellness strategies annually, engage with platforms that offer both employee incentives and centralized management, and continually seek feedback to adapt and grow.
For a deeper dive into wellness strategies and how biometric screenings can fit into your larger wellness plans, reach out to our team or explore our range of resources designed to empower employers in their healthcare journey.
Medical Screenings Unlimited offers customized biometric screening services designed to keep your employees’ health top of mind. We recommend partnering with a screening service year over year so they have a benchmark of health as time goes on, and will know immediately when something changes or needs to be looked into by a medical professional. You can start this process by reaching out to your health insurance broker to help navigate a comprehensive wellness solution.
Biometric screening services include:
- Cholesterol and Glucose Fingerstick Screenings
- Blood Pressure Screenings
- Body Mass Index & Body Composition Screenings
- And additional services as requested
How to Schedule Your Screening
Keep it simple when you’re scheduling your biometric screening event using the EMA, your event management assistant. You’ll have one central location for all your biometric screening event information.
- Enter your screening event request details directly into the EMA
- Securely submit your eligibility file directly to the EMA for ease in scheduling eligible employee appointments and managing data uploads
- Get access to a custom marketing flyer to promote your event
- Get your own custom scheduling portal for participant registration to include your logo
- Receive automated real-time updates on program registration and event details
Ready to schedule your event? Contact us for a custom quote and we’ll work with you to determine the needs, budget, and goals of your biometric screening event.
