The cost of healthcare in the United States is projected to compound at 5.4% annually through 2031. This presents a huge challenge to employers and insurers who provide health insurance to employees.
In response, employers are more aggressively seeking new ways to reduce medical costs so they can maintain health benefits for their employees.
Healthcare Costs Are Rising
According to an article in Becker’s, the average costs for insurance for an employee and their family in 2023-2024 will total $24,000 per family. When compounded at 5.4% compounded increase, it will exceed $40,000 annually by 2031. Most of that is paid by the employer, but many have passed on 20% or more of the cost to the employee.
We spoke to one individual who shared that his deductible is $8,000, and he also has copays. This deters him from visiting the doctor regularly because it is so expensive. He feels he needs to be very sick before he will go.
He’s just one example, but stories such as these have been happening all over the country. Because of it, employees and their dependents delay visiting their doctors and therefore they don’t get the care they need when they need it.
They must be desperate before they see their doctor. At that point, the condition will be more serious, harder to treat, and even more expensive.
Employers Can Stop This Cycle!
As an employer, you can stop this cycle by incentivizing the adoption of MedKaz® by your employees and their doctors. MedKaz is a portable personal health record that contains the patient’s complete medical record from all his or her providers and the application to manage it.
With MedKaz, when your employees need care, they give their MedKaz to their provider, who can search its contents to read the records from all their providers and coordinate their care. This enables care providers to avoid medical errors and unnecessary tests, visits, and procedures, thereby reducing the number of health insurance claims and costs. This reduces your health insurance premiums and helps your bottom line.
At the same time, your employees are healthier and receive better care. As a result, they are happier and more likely to stay with your company — and you enjoy less turnover.
Incentives can take the form of giving the MedKaz as a benefit and paying them an incentive for using it with their doctors, and paying incentives to doctors to upload a copy of their progress notes and other documents to the MedKaz server and for using the MedKaz with their patients.
If you are intrigued by the potential savings and benefits you and your employees can enjoy from MedKaz, please visit our website – https://medkaz.com. Then, contact us to discuss specifically to how you can embrace it.
