Employers are expected to face rising healthcare costs in 2023 as a result of pent-up demand for medical services and economic inflation. To combat surging healthcare costs, employers will have a greater focus on affordability in the coming year. Some key solutions to address rising costs include addressing chronic conditions, focusing on preventive care, and encouraging screening engagement to offset the cost of deferred care during the pandemic.
Here’s how LetsGetChecked’s at-home healthcare solutions can help employers meet workforce needs, improve outcomes, and combat rising healthcare costs.
Rising healthcare costs in 2023
Although employers saw far lower medical claims costs during the COVID-19 pandemic, costs have returned to more typical growth levels over the past year. This, and the addition of economic inflation, have played a role in the surge in healthcare costs. According to an analysis from Aon, employer healthcare costs could increase by 6.5% in 2023 [1]. The same analysis found that the average cost per employee will reach $13,800 next year, which is more than double the 3% increase that employers say in 2022 but below the current inflation index.
Addressing chronic conditions
One key solution for employers looking to address rising healthcare costs is finding ways to address chronic health conditions. Chronic conditions such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States. Preventable chronic conditions are major contributors to the costs of health insurance premiums and employee medical claims, which are at an all-time high and continuing to rise in the United States. Helping employees prevent chronic conditions is crucial as it’s not uncommon to see 1% of an employer's plan membership driving 40% of healthcare costs [2].
The effect of chronic conditions reaches beyond healthcare costs, impacting other aspects of a business, including absences and productivity, disability, and worker's compensation. The top five chronic diseases or risk factors cost US employers $36.4 billion a year due to missed days of work [3]. Focusing on chronic conditions can help improve workforce health and well-being while enhancing how employees live and work.
Focus on preventive care and screenings
The COVID-19 pandemic took a toll on patient care access, resulting in many patients delaying and missing crucial preventive screenings. More employers are also focusing on preventive care and early intervention to offset the economic burden of preventable chronic conditions.
Screenings fell as much as 80% during the beginning of the pandemic. And although some caught up on screenings later in 2020, overall, the COVID-19 pandemic kept screenings down. With the cost of deferred care exacerbating an already challenging cost environment, employers must communicate and encourage the use of screening tests.
How at-home healthcare testing can help combat rising costs
It pays to get employees screened for chronic diseases, especially as many have pushed off preventive medical appointments during the COVID-19 pandemic. At-home healthcare benefits are a simple and cost-effective way for employers to reach their employees with the care they need and identify costly conditions early when they are easier and less expensive to treat.
LetsGetChecked’s modular solutions enable organizations to customize screening programs to their workforce’s unique needs, ensuring the provision of relevant, high-quality, and competitive offerings. Investing in accessible at-home healthcare benefits for your workforce will help combat rising healthcare costs while empowering employees with the actionable health information they need.
