The International Federation of Employee Benefits Plans (IFEBP) recently shared their findings from a national survey of U.S. employers that indicate broad concern for increased healthcare costs in 2023 among corporate employees and plan sponsors.
Survey results show that corporate employers project a median increase of 7.5% for medical plan costs; some of the primary factors that survey respondents identified as contributing to this increase include:
- Utilization due to chronic health conditions—15%
- Utilization due to delayed preventive/elective care during the pandemic—12%
- Specialty/costly prescription drugs—7%
The results also suggest that employers are open to a wide range of options to best manage costs. When asked what types of initiatives would be most helpful, 12% of employers indicated that utilization control initiatives (e.g., prior authorization, case management, disease management, nurse advice lines) would make the most impact.
Given these findings, it’s clear that the time is now to expand the discourse around how value-based arrangements can enhance health outcomes while lowering costs for patients and payors. While the industry has been moving in the direction of value-based care, a much stronger push is needed. PBMs have an exceptional opportunity to do their part, by making a fundamental shift from volume-based, condition-oriented care models to tailored population health management with whole-person care at its core. Simply put, better healthcare is the only way to truly lower costs. EmpiRx Health is shifting the focus to where it belongs―getting people to a healthier state where they consume less healthcare dollars. A clinically advanced population health management strategy and a financially-aligned pay-for-performance model are how we drive improved health outcomes and sustainable savings for our clients.
Says Nada Nicholas, SVP of Business Development: “EmpiRx Health is a trusted partner among many in Labor due to our shared values of high-quality service and clinical care backed by guaranteed cost savings. Our highest priority is to produce the best member health outcomes and we intrinsically understand the priority placed on healthcare value. Our Labor partners’ expectations are essentially core to who we are and what we value as a company.”
The survey findings come just weeks before the employee benefits community will gather for the IFEBP’s annual Employee Benefits Conference, October 23-26th in Las Vegas. The conference, now in its 68th year, is the premier learning event of its kind, bringing together 5,000 employee benefits peers from across the country to continue their education and find solutions for their day-to-day benefits’ challenges.
EmpiRx Health is a proud sponsor of this year’s IFEBP Employee Benefits Conference. To learn how our value-based approach to pharmacy benefits delivers guaranteed savings and flawless service that Labor Unions and their members demand, stop by booth 832, or reach out to Nada Nicholas, email@example.com.