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2 of 2 people found the following review helpful:
5.0 out of 5 stars
Finally, A Value-based Health Benefit Strategy for Individual and Organizational Health - Centered Around Wellness,
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This review is from: Total Value, Total Return: Seven Rules For Optimizing Employee Health Benefits for a Healthier and More Productive Workforce (Paperback)
To meet and exceed continuously evolving customer, shareholder, and employee expectations, and cope with a variety of forces continuously shaping industry competition, every organization - including the Fortune 500, the middle market, privately held, and the public sector - must focus on sustainable value creation.
In almost all instances, the source of value creation is people, and industry research has shown there is a direct correlation between health and productivity. In the Total Rewards arena, and more specifically in employee benefits, average healthcare costs have increased at least 50 percent over the past five years. Employers can no longer accept the standard practice of absorbing the increases or reducing the costs by increased employee contributions and/or reducing benefits. Facts show these standard practices only provide for short term cost relief, increased employee dissatisfaction, deterioration of the plan experience, and reductions in health and employee productivity. Good health is vital for employee productivity and organizational effectiveness, and employer's focus should be on managing health instead of disease. To increase health and productivity, new healthcare strategies have evolved to improve bottom line results, increase employee productivity, enhance employee satisfaction and improve retention. A value-based health benefit strategy for individual and organizational health - centered around wellness - has emerged for a healthier and more productive workforce. In this seminal work by Jack Mahoney, M.D., and David Hom, the authors present a value-based health benefit strategy for individual and organizational health - centered around wellness - leveraging strategies and results already proven from Fortune 500 organizations to the mid market. The value-based design approach brings superior results over the traditional approach in a number of meaningful ways, through three fundamental sources of success, and seven core principles. The three fundamental sources are: 1. A healthy corporation 2. A healthy work environment, and 3. Personal responsibility. The seven core principles of the value-based design are: 1. The Health of your organization begins with your people 2. To realize total value, you must understand total cost 3. Higher costs don't always mean higher value 4. Health begins and ends with the individual 5. Avoid barriers to effective treatment 6. Carrots are valued over sticks. 7. Total value demands total teamwork For execution, the best results occur with a sound benefit design that is Fact based, Integrated, and Targeted to need (FIT). The authors lay out the approach to help employers design benefits that provide incentives that change employee behavior, resulting in reduced risk that will improve health. Improved health will impact medical costs which can translate into enhanced worker productivity. Education and utilization by employees and their dependents may ultimately be the best solution to rising health care costs.
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