HEALTHCARE SPEND BUSINESS OBJECTIVES AUDIT

What is a healthcare spend business objectives audit?

A healthcare spend business objectives audit is a study of how well an organization’s annual investment in employee healthcare achieves the leadership’s business objectives for spending that money. As most organizations’ second largest operating expense, healthcare represents a significant investment. The goal of the audit is for leadership to understand the level of ROI for each objective and for the results to help inform their next steps.

What is NextGen Benefits’ Healthcare Spend Business Objectives Audit Tool?

NextGen Benefits developed the Healthcare Spend Business Objectives Audit tool to offer business owners, executives, and HR leaders a way to begin conducting a healthcare spend business objectives audit. This tool was designed to help business leaders:

Develop a more concrete understanding of why their organization makes such a significant investment in employee healthcare; and

Measure whether their current health plan is generating the expected ROI by achieving their business objectives.

Your NextGen Benefits’ “Healthcare Spend ROI Report”

Once you complete the Healthcare Spend Business Objectives Audit and submit your responses, the NextGen Benefits team will produce a customized “Healthcare Spend ROI Report” based on your audit with an analysis and recommendations for higher ROI. The NextGen Benefits team will contact you to schedule a 15-minute briefing to deliver your ROI Report and discuss the results and recommendations.

An important reminder is that your “Healthcare Spend ROI Report” will provide a starting point in evaluating your organization’s current health plan. It will provide a valuable measurement of the ROI from your healthcare spend. Once you receive your ROI Report, it might be necessary to investigate your health plan further to better understand why it isn’t producing sufficient ROI and how it can be redesigned to better achieve your organization’s business objectives for your healthcare spend.

For more information on the audit or the revolutionary NextGen Benefits model for employer-sponsored health plans, please contact NextGen Benefits at nextgenbenefits.networks.

Name

First NameLast Name

Email

example@example.com

QUESTIONS

(1) Business Objective: RETENTION

If we are honest with ourselves, is your retention where you would like it to be, given how much you're spending each year on your employees’ healthcare?

YesNo

(2) Business Objective: RECRUITMENT

Again, being brutally honest about it, are you as competitive when recruiting top talent as you think you should be, given the large investment that you're spending each year on your employees’ healthcare?

YesNo

(3) Business Objective: MORALE/PRODUCTIVITY

Is employee morale and productivity, which is largely a function of morale, as high as you would like it, given what you're spending every year on your employees’ healthcare?

YesNo

(4) Business Objective: TAKING CARE OF EMPLOYEES

Here’s a different type of question since this objective goes to your personal desire to take care of your employees: If you personally were designing the healthcare plan to take care of your employees the way you would want to take care of them, would you require them to pay a deductible before their insurance paid a penny? And, on top of the premiums they pay, make them pay from their own funds a maximum out-of-pocket expense of $9,400 (federal maximum allowed), before insurance pays 100 percent?

YesNo