It’s now reality. Employers can significantly reduce health plan costs, streamline administration, reduce what employees are paying, increase choice of quality providers, improve health outcomes and achieve 98% employee satisfaction. The benefit plans usually have low deductibles and no co-insurance requirement. It’s possible because medical providers are now publishing the prices.
The No Surprises Act of 2022 requires providers to provide patients with a good faith cost estimate, ahead of the service. More than 60% of hospitals were publishing cash prices before it became a requirement. In many instances cash prices are significantly below those charged insurance carriers and self-funded employers. Many providers report cash payment improves their bottom line due to lower billing costs, faster payment and higher patient satisfaction. Ironically, research indicates high quality providers are usually the most affordable.
New cash-pay solutions are now available for employers. Primary care can be purchased directly from providers who offered same-day appointments and 500+ common generic prescriptions at no additional charge. This care delivery model reduces total medical costs by 12%. Another cash-pay program offers 80% of surgeries at a savings of 30%, below what insurance companies pay.
Employers, as the purchasers of health care, now have a fiduciary responsibility to know how their health plan dollars are spent, because in most instances they’re decisions impact how the employee’s contribution is spent. In the words of the president of a national health care purchasing group, “employers not only have the right, but a responsibility as plan fiduciaries, to pay fair prices”. NBG Benefits is glad to provide employers with a cash-driven health benefits proposal.
