In today’s data-driven world, businesses have access to an array of valuable information that can shape their strategies and decision-making. One such potential resource that businesses are now tapping into thanks to HealthNow’s employer aid platform is health medical spending data, which tracks how individuals spend their allocated employer aid funds on health and medical services.
For businesses, harnessing this data can provide profound insights into their employees’ health and well-being, enabling them to take a more proactive approach in supporting their workforce the right way, according to their actual – not hypothesised – needs.
Understanding Health Utilisation Patterns
By analysing health medical spending data obtained through the employer aid platform, businesses gain a comprehensive understanding of their employees’ health utilisation patterns. They can identify the most frequently accessed health services, such as doctor visits, specialist consultations, and preventive screenings. This knowledge allows businesses to discern the primary health concerns of their workforce and tailor additional wellness programs and other health initiatives to further address those specific needs in a helpful, wanted and appreciated way.
For example, if data shows a significant number of employees accessing mental health services, the company may consider implementing company-wide stress-reduction programs, offering counselling services, or promoting work-life balance to support better mental health.
Assessing Preventive Care Adherence
Preventive care plays a crucial role in maintaining overall health and preventing chronic illnesses. Health medical spending data can shed light on whether employees are choosing to access preventive care practices, such as health screenings, mole maps, eye and hearing tests, and other routine check-ups. This information empowers businesses to encourage employees to prioritise preventive measures and take a proactive stance on their health – potentially providing further access to preventative services if they find the funds are being spent on more reactive and essential health services.
If certain services are infrequently accessed but can be of great benefit to the employee, such as vision screening when office and computer work is a large part of the role, then an employer may also choose to launch awareness campaigns to help further benefit their employees in this area.
Identifying High-Cost Services and Cost Drivers
Health medical spending data can also highlight high-cost medical services or treatment plans that employees frequently utilise. By identifying cost drivers, businesses can explore opportunities to further support their employees in these areas so they have more funds available to spend on other health services and proactive and preventative care.
For example, if the data reveals that a significant portion of healthcare expenses is related to chronic conditions like diabetes or in helping with personal goals like weight loss, this will provide the employer with the opportunity to implement programs to better support employees in these areas, and potentially reduce their health costs so they have more funds to spend on the other services they’d like to access.
Tailoring Additional Benefits
With health medical spending data in hand, businesses can also make informed decisions about the type of additional benefits they offer to their employees – especially in a time of record low unemployment rates where employee benefits can make the difference between a prospective employee accepting a role or turning it down. This data-driven approach ensures that the coverage provided aligns with the actual health needs and preferences of the workforce, promoting higher employee satisfaction and loyalty.
For example, analysing spending data might reveal a need for specialised health support services that may be additionally incorporated into a company’s benefits package, thereby demonstrating a commitment to employee well-being and helping attract top talent.
Employer Aid: Spending Data And So Much More
Aside from the data it provides an organisation, employer aid works by giving employees an annual financial contribution – the sum of which is set by their employer – to be used exclusively for health services and products. While health-focused monetary ‘bonuses’ cannot be tracked in terms of how they are spent, employer aid payments are delivered to an employee’s digital card on their phone, accessed via the HealthNow platform.
The employer aid digital health wallet is used by an employee in much the same way they use a digital card on their phone, working at any eftpos terminal where Mastercard is accepted. Employees have control over which health services to spend their funds on within the health service categories approved by the employer, and available within HealthNow’s service suite. Businesses are not charged for any funds that are unused by their employees at the end of their annual period.
And the benefits to businesses are plenty, for those who have a long-term focus. Improved health and employee satisfaction typically translates to improved employee productivity, higher retention rates, greater leverage for new employee acquisition in today’s competitive market, reduced absenteeism and presenteeism rates – and much more.