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Research
continues to show that $.71 of every dollar spent on medical claims is either
directly or indirectly related to lifestyle. That means that those expenses can
either be eliminated or reduced with proper management and programs. To
evaluate the numbers further, 3% of the plan participants will create 56% of
the claims and 20% will be responsible for 80%. The 3% will remain somewhat
static, while the other 17% will vary from year to year. Predictability is a
big issue to contend with and having the ability to predict or identify future
claimants will allow a plan to be better managed with a lower cost.
Employees are the ultimate capital for a company. In many ways, they are the
same as expensive machinery or systems and one of two corporate strategies has
to be adopted early on:
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Maintenance - this is the most cost effective approach with the assurance that
the company can continue to be at peak for productivity and most efficient for
finances.
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Repair - if a program of maintenance is not adopted, the alternative is to
continue to fix broken machinery at a high cost and with reduced productivity.
If relative value and financial accountability are important issues to your
firm, no less should be expected from your medical plan. It is your plan, your
money and your data. There is no reasonable excuse for a firm not to know these
factors when needed versus being at the whim of a carrier or administrator.
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