In today’s competitive employer landscape, a comprehensive benefits package is crucial to attracting and retaining top talent. Among the many options companies can offer, an integrated hospital financial assistance (HFA) program is an often-overlooked benefit that can have a profound impact on both employee satisfaction and organizational efficiency.
Let’s dive into the advantages of integrating HFA programs into your benefits strategy for both you and your employees.
Cost savings for your employees (and company!)
In a recent Goodroot survey, 40% of people with private insurance said that medical debt has impacted their ability to cover daily living expenses like rent and food. Furthermore, according to the Kaiser Family Foundation, over 80% of adults with medical debt, including those with health insurance, attribute their financial burden to emergency care or hospitalization. As an employer, integrating HFA into your benefits can significantly lower your employees’ out-of-pocket hospital expenses and overall healthcare costs, preventing medical debt and the productivity-limiting stress that comes with it.
Cost savings are not only experienced by employees, but employers too. In that same Goodroot survey, a staggering 74% of individuals have avoided medical care due to cost concerns. When employers offer solutions that limit out-of-pocket expenses, this translates into a healthier workforce that is less likely to defer necessary care, ultimately reducing long-term healthcare expenditures.
Improved employee satisfaction, productivity, and retention
The integration of HFA programs elevates employee satisfaction by reducing the stress associated with navigating healthcare expenses. A 2022 MetLife study underscores this, revealing that employees who are satisfied with their benefits packages are 2x more likely to report being satisfied with their jobs and 70% more likely to remain loyal to their current employer. This satisfaction translates into increased productivity and reduced turnover costs, as employees can be more focused, engaged and efficient in their roles.
Compliance with regulatory requirements
Navigating healthcare regulations is a multifaceted challenge for employers. By integrating HFA into your benefits package, you are not only assisting employees with healthcare expenses but also aligning your company with the fiduciary requirements of the Consolidated Appropriations Act. Offering HFA not only helps your company meet these regulatory expectations, but also enhances your reputation by demonstrating a commitment to employee well-being and healthcare affordability.
Incorporating HFA into your benefits is more than a strategy: it’s a powerful step to provide financial relief and long-term health benefits to your employees and position your company as a leader in a competitive market. This commitment to employee wellbeing reflects a positive workplace culture that values the health and wellness of its workforce. Moreover, offering HFA underscores a company’s adaptability and responsiveness to the evolving needs of its employees.
Want to learn more about hospital financial assistance programs and how your company can start leveraging these resources today? Check out our new insight guide, No More Medical Debt: An Employer’s Guide to Leveraging Care Navigation & Hospital Financial Assistance to Craft Affordable Benefits.
