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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

Recent Posts

Leading Trends in Prescription Plan Management

It’s no secret that healthcare costs are on the rise. In fact, they have consistently risen over the last several years, with employee benefits comprising nearly 1/3 of total employee compensation-spending, according to the U.S. Department of Labor. In this blog post, we take a deep dive into the 2019 Drug Trend Report to offer insight into the cost of prescription drugs in today’s market.

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Improving Your Employees' Experience Without Breaking the Bank

Though trends often come and go, cost-saving movements tend to gain momentum and stick around—particularly for businesses. One area frequently targeted for savings by employers is employee benefits. It’s easy to see why companies are trying to reduce costs: according to the U.S. Department of Labor, employee benefits account for about 1/3 of total spending on employee compensation.

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5 Employee Benefits You Are Legally Required to Provide

Running a company is no easy task, especially in our ever-changing business landscape. The law is constantly evolving, and with the myriad of options for providing employee benefits, it can be difficult for business owners to keep up! Between health benefits, tuition reimbursement, paternity leave, and retirement savings plans, how are business owners supposed to keep track of what benefits are required by law?

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How to Save Up to 15% on Employee Healthcare Costs

Running a small businesses can be tough. Between staffing, compliance, policy creation, managing payroll, financial reports, and the 2,000 other things you have on your plate, sometimes the time you have “left over” (if there’s even such a thing) is marginal, at best. Consider the ins and outs of your responsibilities as an employer which include ever-changing regulations as they pertain to employee benefits, and well, you have yourself a recipe for stressed-out-losing-sleep-can’t-concentrate-on the-big-picture disaster. Welcome to running your own business!

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Is Value-Based Care Right for Your Company?

The United States spends over 18% of Gross Domestic Product (GDP) a year on health care. The rate of growth in healthcare costs has become unsustainable and employers are now searching for innovative ways to reduce costs while providing competitive benefit programs for their employees.

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Three Customer Service Trends to Replicate in Your Business This Year

Great customer service is something that every business should emphasize. Companies that put customer service at the forefront of their business are notably more successful and able to retain their customers longer than those who don’t. When you think of great customer service, what are some of the brands that automatically come to mind?

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Is Self-Insuring your Health Plan Right for your Business?

Many businesses that offer health insurance plans to their employees may think that purchasing a traditional, fully-insured plan from an insurance carrier is their only option. But depending on your situation, a self-insured plan can reduce your health care costs and provide the flexibility to tailor your plan to the needs of your employee population.

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The Evolving Health Insurance Marketplace

2017 was an interesting year for the health insurance marketplace to say the least. Insurers dealing with the continuing financial impacts of the Affordable Care Act (ACA) found themselves positioned as either the hunter or the hunted in the new game of health care mergers and acquisitions. Indeed, some industry heavyweights formed new alliances aimed at strengthening their bottom line while diversifying outside the traditional health care delivery system. Others found more effective and efficient ways to operate via their merger activities.

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Your 4-Step Guide to Open Enrollment

It's that time of the year again, open enrollment. Make sure your employees understand the ins-and-outs of the open enrollment process. Check out our latest blog that can help guide you through the maze of open enrollment and ensuring your employees take advantage of all the benefits you offer.

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Making the Right Choices to Reduce Health Plan Costs

Health care costs continue to rise with new data indicating that spending on health care is growing at its fastest rate since 2007. In an attempt to mitigate this trend, many employers have been turning to consumer driven health plans (CDHPs). Consumer driven health care, or consumerism, revolves around the idea that consumers should be able to make informed choices about their medical care based on price and quality information. The goal is for knowledgeable consumers to compare prices—choosing more wisely with the end result of lowering overall health care costs for everyone.

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