Telemedicine: Healthcare Cost Savings that Make Employees Happy
Several recent surveys indicate that U.S. employers expect healthcare costs to increase between 5.0% and 6.5% in 2018. As compared to the past several years, these projections reflect an upward increase in the rate of growth of healthcare costs:
As brokers and benefit consultants consider the recommendations they will bring clients in 2018, it’s essential to recognize that not all telemedicine plans are created equal.
Indeed, most large employers already offer some type of telemedicine service, primarily through an offering that is embedded through their health insurance. Yet, the average industry usage rate for these carrier embedded plans is typically 2% or kess; leading to almost no employee use or employer savings, and no real value to the employer or the employee.
Most telemedicine companies also offer direct-to-employer sold plans. Sadly, the average usage rate of these employer-direct plans is also low: Typically estimated at about 7%. With such low use, the great majority of employer-sold plans similarly offer limited, if any real benefits, to employers or employees.
But there are a very small number of providers that are able to deliver utilization substantially higher than industry average. First Stop Health’s offering falls into this category.
For employees, telemedicine is often a better treatment experience
With high quality care, conveniently avalable at any time, and an average doctor call-back of five minutes. For employers, our high usage rate means that our service brings clients an average ROI of 105%.