Efficiency vs Effectiveness

Efficiency vs. Effectiveness

There has been a lot of discussion lately about the changing nature of the CFO’s role. There are many people who write eloquently on the subject, and I am a huge fan of Peter Chisambara of ERMP Insight.

His latest blog post, Finance Transformation: From Efficiency to Effectiveness, talks about how the CFO and the finance department are helping different business units execute more strategically.

I believe this task should extend to the healthcare spend. Adding predictability and control to the healthcare spend will allow the C-Suite to have more meaningful conversations about headcount reduction, or not adding benefits, rather than taking them away, turning the healthcare spend into a capital expense with a measurable ROI rather than an operating expense

Typically, the goal of the healthcare plan is retention and recruitment. Let’s get back to that, not further away from it.  Today’s healthcare plans are a huge expense for the employer and often unusable for the employee. No wonder everyone is aggravated!!!

Sounds great, right? But, how?

As a CFO with P&L responsibility, you manage every department’s expenses.. except the benefits spend. It’s time to change that.  You have probably been told that your plan is a “black budget” do to privacy issues and that you are “receiving the best possible discounts.”

When I hear that, I think I am paying the best price. That is not necessarily true. And what about the quality of care? Historically, it was nearly impossible to predict and control a company’s healthcare budget.

Today, due to new solutions, strategies, technology, and a wealth of data, business leaders can (and are) taking back control of their healthcare budgets to reclaim trapped profits while delivering a benefits package that leads to healthier, happier, more engaged employees that are more fulfilled and more productive.

We call the solution the BenefitsAdvantage Roadmap

1. Uncover the hidden cost drivers – Do you know what commissions you are actually paying? What diagnoses are driving your costs? Are your employees really receiving quality care? All these questions are answerable now.

2. Uncover the hidden savings opportunities – Who offers the best care at the most effective cost (EASY to find out)? Do your vendors have a fiduciary responsibility to you, rather than each other? If not, you are missing out on substantial savings.

3. Design your customized roadmap to savings, cost control and predictability – Every employer is a bit different. Design a plan that works for you.

4. Roll it out – Communicate the h@ll out of it! Employees have budgets too. If they no how to extract the maximum value from the plan, your plan will benefit

5. Refine and Optimize – Make it more effective, year after year

You wouldn’t let your employee go off and buy their own computer or desk or supplies on your dime without knowing what it costs. Why let them do it with your medical plan dollars?


Next Generation Benefits Advising

The Difference Between a “Status Quo” Insurance Broker and a Next-Generation Benefits Adviser

Delivering healthcare to your employees is a growing business challenge. Not only do annual premiums rise year-after-year, but more employees are making career decisions based on benefits plans, especially as pressure on consumer healthcare costs increase as well.

Your benefits plan is more than a simple line-item expense, and you do not have to sink into benefits quicksand with each rate increase.

With the right approach and the right insights, your benefits plan can be a strategic advantage that not only preserves your budget but also drives other key performance factors like employee retention and morale.

To realize this potential, however, you need an expert that does more than the “status quo” insurance broker. You need a next-generation benefits adviser.


Breaking Through the Status Quo VIDEO


High Tech – High Touch Benefits Solution

How do you deliver fast, round the clock access to a physician along with 24-hour advocacy to help your employees find a provider, understand an invoice or EOB and help find the best price for a prescription?  By using a benefits app, of course!


Enrollment Solutions


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